China: Petroleum Bitumen Market 2025

Petroleum Bitumen Market Size in China

The Chinese petroleum bitumen market stood at $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Petroleum Bitumen Production in China

In value terms, petroleum bitumen production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2017 with an increase of 64% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports from China

In 2022, after three years of decline, there was growth in overseas shipments of petroleum bitumen, when their volume increased by 1.9% to X tons. In general, exports saw a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 101% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum bitumen exports soared to $X in 2022. Over the period under review, exports recorded a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 139% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Australia (X tons), Vietnam (X tons) and Malaysia (X tons) were the main destinations of petroleum bitumen exports from China, together accounting for 78% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +256.4%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Vietnam ($X) and Malaysia ($X) appeared to be the largest markets for petroleum bitumen exported from China worldwide, together comprising 78% of total exports.

Malaysia, with a CAGR of +232.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average petroleum bitumen export price stood at $X per ton in 2021, surging by 24% against the previous year. Over the period under review, the export price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2017 an increase of 38% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were New Zealand ($X per ton) and the Philippines ($X per ton), while the average price for exports to Thailand ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+20.7%), while the prices for the other major destinations experienced more modest paces of growth.

Petroleum Bitumen Imports

Imports into China

In 2022, approx. X tons of petroleum bitumen were imported into China; declining by -8.6% on 2021. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 26% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, petroleum bitumen imports surged to $X in 2022. Over the period under review, imports recorded a slight shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by 48%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X tons), Singapore (X tons) and Malaysia (X tons) were the main suppliers of petroleum bitumen imports to China, with a combined 89% share of total imports. These countries were followed by Iraq, Thailand and the United Arab Emirates, which together accounted for a further 9.7%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iraq (with a CAGR of +1,408.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Singapore ($X) and Malaysia ($X) were the largest petroleum bitumen suppliers to China, together accounting for 91% of total imports. Thailand, Iraq and the United Arab Emirates lagged somewhat behind, together accounting for a further 8.6%.

Among the main suppliers, Iraq, with a CAGR of +1,399.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average petroleum bitumen import price stood at $X per ton in 2021, jumping by 23% against the previous year. Overall, the import price, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2018 an increase of 24% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform