Colombia: Bituminous Mixtures Market 2024

Bituminous Mixtures Market Size in Colombia

In 2021, after three years of growth, there was decline in the Colombian bituminous mixtures market, when its value decreased by less than 0.1% to $X. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when the market value increased by 7.6%. Bituminous mixtures consumption peaked at $X in 2020, and then declined slightly in the following year.

Bituminous Mixtures Production in Colombia

In value terms, bituminous mixtures production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 8.8% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Bituminous Mixtures Exports

Exports from Colombia

In 2021, overseas shipments of bituminous mixtures increased by 576% to X tons, rising for the second consecutive year after five years of decline. In general, exports posted a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 1,380%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, bituminous mixtures exports surged to $X in 2021. Overall, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Panama (X tons) was the main destination for bituminous mixtures exports from Colombia, with a 43% share of total exports. Moreover, bituminous mixtures exports to Panama exceeded the volume sent to the second major destination, Guatemala (X tons), threefold. Ecuador (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to Panama amounted to +98.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+65.2% per year) and Ecuador (+33.4% per year).

In value terms, Panama ($X) emerged as the key foreign market for bituminous mixtures exports from Colombia, comprising 43% of total exports. The second position in the ranking was held by Ecuador ($X), with a 19% share of total exports. It was followed by Guatemala, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to Panama totaled +68.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+34.3% per year) and Guatemala (+54.0% per year).

Export Prices by Country

The average bituminous mixtures export price stood at $X per ton in 2021, growing by 69% against the previous year. Overall, the export price, however, recorded a pronounced slump. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+1.6%), while the prices for the other major destinations experienced mixed trend patterns.

Bituminous Mixtures Imports

Imports into Colombia

Bituminous mixtures imports into Colombia soared to X tons in 2021, with an increase of 340% compared with the previous year's figure. In general, imports posted a strong expansion. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, bituminous mixtures imports soared to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Venezuela (X tons) constituted the largest supplier of bituminous mixtures to Colombia, with a 76% share of total imports. Moreover, bituminous mixtures imports from Venezuela exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Venezuela stood at +51.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.6% per year) and Mexico (-9.5% per year).

In value terms, the largest bituminous mixtures suppliers to Colombia were Venezuela ($X), the United States ($X) and Mexico ($X), together accounting for 95% of total imports.

Venezuela, with a CAGR of +39.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average bituminous mixtures import price amounted to $X per ton, approximately mirroring the previous year. In general, the import price showed a deep reduction. The growth pace was the most rapid in 2016 when the average import price increased by 22% 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 country of origin: the country with the highest price was Mexico ($X per ton), while the price for Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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