Estonia: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Estonia

After two years of growth, the Estonian asphalt or bitumen article market decreased by -8% to $X in 2022. Overall, consumption showed a pronounced slump. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Asphalt or Bitumen Articles in Estonia

In value terms, asphalt or bitumen article production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 77%. Over the period under review, production reached the peak level at $X in 2021, and then declined in the following year.

Exports of Asphalt or Bitumen Articles

Exports from Estonia

In 2022, overseas shipments of asphalt or bitumen articles increased by 13% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, continue to indicate a deep setback. The growth pace was the most rapid in 2013 when exports increased by 176%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, asphalt or bitumen article exports fell to $X in 2022. In general, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 100% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Norway (X tons), the UK (X tons) and Poland (X tons) were the main destinations of asphalt or bitumen article exports from Estonia, with a combined 60% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +499.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for asphalt or bitumen article exported from Estonia were the UK ($X), Norway ($X) and Sweden ($X), together comprising 56% of total exports.

Among the main countries of destination, the UK, with a CAGR of +406.7%, 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

In 2022, the average asphalt or bitumen article export price amounted to $X per ton, waning by -17.7% against the previous year. Overall, the export price, however, continues to indicate a moderate expansion. The pace of growth appeared the most rapid in 2019 when the average export price increased by 82% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Asphalt or Bitumen Articles

Imports into Estonia

Asphalt or bitumen article imports into Estonia dropped markedly to X tons in 2022, declining by -38% against 2021. In general, imports saw a noticeable slump. The most prominent rate of growth was recorded in 2016 when imports increased by 12% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, asphalt or bitumen article imports shrank to $X in 2022. Over the period under review, imports showed a noticeable setback. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of asphalt or bitumen article to Estonia, accounting for a 48% share of total imports. Moreover, asphalt or bitumen article imports from Russia exceeded the figures recorded by the second-largest supplier, Finland (X tons), threefold. Poland (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia amounted to -8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+6.7% per year) and Poland (+9.4% per year).

In value terms, the largest asphalt or bitumen article suppliers to Estonia were Russia ($X), Finland ($X) and Poland ($X), together comprising 77% of total imports. Lithuania, Germany, Belgium and Belarus lagged somewhat behind, together comprising a further 17%.

In terms of the main suppliers, Lithuania, with a CAGR of +16.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average asphalt or bitumen article import price amounted to $X per ton, picking up by 43% against the previous year. Over the period under review, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, asphalt or bitumen article import price increased by +60.3% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform