Eastern Asia: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Eastern Asia

The East Asian asphalt or bitumen article market rose modestly to $X in 2022, increasing by 2.6% against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.8% against 2020 indices. 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.

Production of Asphalt or Bitumen Articles in Eastern Asia

In value terms, asphalt or bitumen article production stood at $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.2% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 31% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Asphalt or Bitumen Articles

Exports in Eastern Asia

In 2022, approx. X tons of asphalt or bitumen articles were exported in Eastern Asia; with an increase of 36% against the previous year's figure. In general, exports posted a perceptible expansion. The most prominent rate of growth was recorded in 2017 with an increase of 195% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, asphalt or bitumen article exports surged to $X in 2022. Total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -1.4% against 2017 indices. The pace of growth was the most pronounced in 2017 when exports increased by 83% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) and South Korea (X tons) was the key exporter of asphalt or bitumen articles in Eastern Asia, constituting 98% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by South Korea (with a CAGR of +4.7%).

In value terms, China ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2022.

China, with a CAGR of +6.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, dropping by -5.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2018 an increase of 69%. The level of export peaked at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.4%).

Imports of Asphalt or Bitumen Articles

Imports in Eastern Asia

In 2022, purchases abroad of asphalt or bitumen articles increased by 12% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 23% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, asphalt or bitumen article imports skyrocketed to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan was the largest importing country with an import of about X tons, which accounted for 66% of total imports. China (X tons) took the second position in the ranking, followed by Taiwan (Chinese) (X tons) and South Korea (X tons). All these countries together held near 30% share of total imports. Hong Kong SAR (X tons) took a minor share of total imports.

Japan was also the fastest-growing in terms of the asphalt or bitumen articles imports, with a CAGR of +4.5% from 2012 to 2022. Hong Kong SAR and Taiwan (Chinese) experienced a relatively flat trend pattern. South Korea (-6.1%) and China (-7.0%) illustrated a downward trend over the same period. While the share of Japan (+22 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-6.8 p.p.) and China (-14.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported asphalt or bitumen articles in Eastern Asia, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 22% share of total imports. It was followed by South Korea, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan stood at +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: China (-3.7% per year) and South Korea (-2.7% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, growing by 7.2% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the import price increased by 8.2% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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