Asia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Asia

The Asian natural bitumen and asphalt market stood at $X in 2021, picking up by 3.3% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +95.5% against 2013 indices. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the near future.

Production of Natural Bitumen and Asphalt in Asia

In value terms, natural bitumen and asphalt production totaled $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +98.3% against 2013 indices. The growth pace was the most rapid in 2017 when the production volume increased by 41%. Over the period under review, production reached the peak level in 2021 and is likely to see steady growth in the near future.

Exports of Natural Bitumen and Asphalt

Exports in Asia

In 2021, after three years of growth, there was significant decline in overseas shipments of natural bitumen and asphalt, when their volume decreased by -17.6% to X tons. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 45%. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports rose rapidly to $X in 2021. Over the period under review, exports saw a slight decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 24%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) and Turkey (X tons) represented roughly 54% of total exports in 2021. It was distantly followed by Bahrain (X tons), Indonesia (X tons), Taiwan (Chinese) (X tons) and Malaysia (X tons), together comprising a 35% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +80.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 74% share of total exports.

Turkey, with a CAGR of +78.8%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with an increase of 30% against the previous year. Over the period under review, the export price, however, recorded a perceptible contraction. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.8%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in Asia

In 2021, purchases abroad of natural bitumen and asphalt increased by 30% to X tons, rising for the third year in a row after six years of decline. Over the period under review, imports, however, continue to indicate a pronounced shrinkage. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports surged to $X in 2021. Overall, imports, however, continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2019 with an increase of 36% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China represented the key importer of natural bitumen and asphalt in Asia, with the volume of imports reaching X tons, which was near 41% of total imports in 2021. The Philippines (X tons) ranks second in terms of the total imports with a 20% share, followed by Cambodia (12%), Vietnam (8.4%) and Myanmar (6.6%). Malaysia (X tons) took a minor share of total imports.

Imports into China decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Malaysia (+33.3%) and Cambodia (+9.8%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia, with a CAGR of +33.3% from 2012-2021. Myanmar experienced a relatively flat trend pattern. By contrast, the Philippines (-2.2%) and Vietnam (-5.5%) illustrated a downward trend over the same period. Cambodia (+8.1 p.p.) and Malaysia (+3 p.p.) significantly strengthened its position in terms of the total imports, while Vietnam and China saw its share reduced by -2.3% and -3.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest natural bitumen and asphalt importing markets in Asia were the Philippines ($X), China ($X) and Cambodia ($X), with a combined 59% share of total imports. Vietnam, Myanmar and Malaysia lagged somewhat behind, together accounting for a further 25%.

Malaysia, with a CAGR of +25.3%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, growing by 4.2% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 15% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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