Colombia: Market for Natural Bitumen and Asphalt 2025

Market Size for Natural Bitumen and Asphalt in Colombia

The Colombian natural bitumen and asphalt market expanded significantly to $X in 2021, growing by 14% against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% 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 decreased by -2.1% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in Colombia

In value terms, natural bitumen and asphalt production rose notably to $X in 2021 estimated in export price. Overall, the total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.7% against 2019 indices. The growth pace was the most rapid in 2015 when the production volume increased by 37% against the previous year. Natural bitumen and asphalt production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Colombia

In 2021, overseas shipments of natural bitumen and asphalt decreased by -62.3% to X tons for the first time since 2016, thus ending a four-year rising trend. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 650%. Over the period under review, the exports attained the peak figure at X tons in 2020, and then declined significantly in the following year.

In value terms, natural bitumen and asphalt exports declined notably to $X in 2021. Overall, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 666%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for natural bitumen and asphalt exports from Colombia, accounting for a 90% share of total exports. Moreover, natural bitumen and asphalt exports to the United States exceeded the volume sent to the second major destination, India (X tons), more than tenfold. The third position in this ranking was taken by France (X tons), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +44.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+91.8% per year) and France (+13.2% per year).

In value terms, the United States ($X) remains the key foreign market for natural bitumen and asphalt exports from Colombia, comprising 89% of total exports. The second position in the ranking was taken by India ($X), with a 4% share of total exports. It was followed by France, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +49.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+94.7% per year) and France (+14.2% per year).

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, jumping by 34% against the previous year. Over the period under review, the export price, however, recorded a abrupt shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Antigua and Barbuda ($X per ton), while the average price for exports to India ($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 Antigua and Barbuda (+70.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into Colombia

In 2021, purchases abroad of natural bitumen and asphalt decreased by -72.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports saw a deep downturn. The pace of growth was the most pronounced in 2014 when imports increased by 398% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports declined dramatically to $X in 2021. Overall, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 236% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest natural bitumen and asphalt supplier to Colombia, accounting for a 86% share of total imports. Moreover, natural bitumen and asphalt imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled -11.7%.

In value terms, the United States ($X) constituted the largest supplier of natural bitumen and asphalt to Colombia, comprising 88% of total imports. The second position in the ranking was taken by Argentina ($X), with a 10% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States totaled -16.6%.

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, growing by 101% against the previous year. In general, the import price, however, showed a pronounced curtailment. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-1.2%).

Source: IndexBox Platform

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