Eastern Asia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Eastern Asia

The East Asian natural bitumen and asphalt market surged to $X in 2021, increasing by 16% against the previous year. Over the period under review, consumption recorded a strong increase. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Natural Bitumen and Asphalt in Eastern Asia

In value terms, natural bitumen and asphalt production skyrocketed to $X in 2021 estimated in export price. In general, production enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 27%. Over the period under review, production reached the peak level in 2021 and is likely to continue growth in the near future.

Exports of Natural Bitumen and Asphalt

Exports in Eastern Asia

For the sixth consecutive year, Eastern Asia recorded decline in shipments abroad of natural bitumen and asphalt, which decreased by -4.6% to X tons in 2021. Overall, exports showed a deep contraction. The pace of growth was the most pronounced in 2013 with an increase of 19% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports expanded modestly to $X in 2021. Over the period under review, exports showed a deep contraction. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) prevails in exports structure, accounting for X tons, which was approx. 95% of total exports in 2021. China (X tons) and South Korea (X tons) held a minor share of total exports.

Taiwan (Chinese) was also the fastest-growing in terms of the natural bitumen and asphalt exports, with a CAGR of -5.8% from 2012 to 2021. China (-13.7%) and South Korea (-28.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Taiwan (Chinese) increased by +18 percentage points.

In value terms, Taiwan (Chinese) ($X) remains the largest natural bitumen and asphalt supplier in Eastern Asia, comprising 95% of total exports. The second position in the ranking was held by China ($X), with a 2.8% share of total exports.

In Taiwan (Chinese), natural bitumen and asphalt exports contracted by an average annual rate of -3.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: China (-12.9% per year) and South Korea (-24.8% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, growing by 8.1% against the previous year. Export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, natural bitumen and asphalt export price increased by +75.0% against 2015 indices. The pace of growth appeared the most rapid in 2017 when the export price increased by 14% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.8%), while the other leaders experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports in Eastern Asia

In 2021, purchases abroad of natural bitumen and asphalt increased by 64% to X tons, rising for the fourth year in a row after five years of decline. In general, imports, however, continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 with an increase of 118% against the previous year. 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 surged to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons) represented roughly 99% of total imports in 2021.

China was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of -3.7% from 2012 to 2021. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported natural bitumen and asphalt in Eastern Asia.

In China, natural bitumen and asphalt imports increased at an average annual rate of +1.0% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, picking up by 40% against the previous year. Import price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, natural bitumen and asphalt import price decreased by -5.1% against 2017 indices. The pace of growth was the most pronounced in 2017 an increase of 74% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +4.9% per year.

Source: IndexBox Platform

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