Ecuador: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Ecuador

In 2021, the Ecuadorian natural bitumen and asphalt market decreased by -49.1% to $X, falling for the second consecutive year after two years of growth. In general, consumption showed a sharp decline. Natural bitumen and asphalt consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Ecuador

In 2021, the amount of natural bitumen and asphalt exported from Ecuador surged to X tons, rising by 23% against 2020. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 447% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, natural bitumen and asphalt exports surged to $X in 2021. Over the period under review, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 637% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Peru (X tons), Panama (X tons) and Suriname (X tons) were the main destinations of natural bitumen and asphalt exports from Ecuador, together comprising 89% 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 Panama (with a CAGR of +77.0%), while the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Panama ($X) and Suriname ($X) constituted the largest markets for natural bitumen and asphalt exported from Ecuador worldwide, together accounting for 87% of total exports.

Among the main countries of destination, Panama, with a CAGR of +81.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, increasing by 5.1% against the previous year. Over the period under review, the export price, however, saw a mild downturn. The pace of growth was the most pronounced in 2016 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Suriname ($X per ton), while the average price for exports to Peru ($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 the United States (+54.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into Ecuador

In 2021, supplies from abroad of natural bitumen and asphalt decreased by -28.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2019 when imports increased by 19%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports shrank dramatically to $X in 2021. Overall, imports continue to indicate a significant decline. The pace of growth appeared the most rapid in 2018 when imports increased by 59% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Argentina (X tons) constituted the largest supplier of natural bitumen and asphalt to Ecuador, accounting for a 38% share of total imports. Moreover, natural bitumen and asphalt imports from Argentina exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by China (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from Argentina totaled -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-23.0% per year) and China (+21.7% per year).

In value terms, the United States ($X) constituted the largest supplier of natural bitumen and asphalt to Ecuador, comprising 48% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 20% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to -23.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+5.0% per year) and China (+11.0% per year).

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, shrinking by -29% against the previous year. Overall, the import price saw a abrupt downturn. The pace of growth was the most pronounced in 2017 an increase of 109% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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