Asia-Pacific: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Asia-Pacific

For the eighth year in a row, the Asia-Pacific natural bitumen and asphalt market recorded growth in sales value, which increased by 10% to $X in 2021. Overall, consumption recorded a strong increase. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Production of Natural Bitumen and Asphalt in Asia-Pacific

In value terms, natural bitumen and asphalt production rose markedly to $X in 2021 estimated in export price. Over the period under review, production saw prominent growth. The pace of growth was the most pronounced in 2019 with an increase of 29%. Over the period under review, production hit record highs in 2021 and is expected to retain growth in the immediate term.

Exports of Natural Bitumen and Asphalt

Exports in Asia-Pacific

In 2021, the amount of natural bitumen and asphalt exported in Asia-Pacific declined sharply to X tons, waning by -34.4% on the previous year. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 58% against the previous year. As a result, the exports attained the peak of X tons, and then contracted markedly in the following year.

In value terms, natural bitumen and asphalt exports fell modestly to $X in 2021. Overall, exports saw a pronounced reduction. The most prominent rate of growth was recorded in 2013 with an increase of 15%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Indonesia (X tons), Taiwan (Chinese) (X tons) and Malaysia (X tons), together resulting at 88% of total export. It was distantly followed by Vietnam (X tons), creating a 5.4% share of total exports. India (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +56.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Malaysia ($X) and Vietnam ($X) constituted the countries with the highest levels of exports in 2021, together comprising 85% of total exports.

Among the main exporting countries, Vietnam, with a CAGR of +53.0%, recorded the highest rates of growth with regard to the value of exports, 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-Pacific amounted to $X per ton, surging by 45% against the previous year. In general, the export price, however, recorded a pronounced decrease. 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 failed to regain momentum.

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-Pacific

In 2021, supplies from abroad of natural bitumen and asphalt increased by 32% to X tons, rising for the fourth consecutive year after five years of decline. Overall, imports, however, showed a pronounced downturn. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports soared to $X in 2021. In general, imports, however, recorded a perceptible decrease. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China was the largest importing country with an import of about X tons, which amounted to 42% of total imports. The Philippines (X tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by Cambodia (12%), Vietnam (8.5%) and Myanmar (6.7%). Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to natural bitumen and asphalt imports into China stood at -3.7%. 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-Pacific, 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 (+8.2 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 -3.5% 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-Pacific were the Philippines ($X), China ($X) and Cambodia ($X), together accounting for 60% of total imports. These countries were followed by Vietnam, Myanmar and Malaysia, which together accounted for a further 26%.

Malaysia, with a CAGR of +25.3%, saw the highest rates of growth with regard to the value of imports, in terms of 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-Pacific stood at $X per ton in 2021, surging by 5.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 12%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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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