GCC: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in GCC

In 2021, the GCC natural bitumen and asphalt market increased by 19% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.3% 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 increased by +33.0% against 2019 indices. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Natural Bitumen and Asphalt in GCC

In value terms, natural bitumen and asphalt production skyrocketed to $X in 2021 estimated in export price. The total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +21.5% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 61% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to see gradual growth in the near future.

Exports of Natural Bitumen and Asphalt

Exports in GCC

In 2021, the amount of natural bitumen and asphalt exported in GCC was estimated at X tons, almost unchanged from the previous year's figure. Over the period under review, exports posted prominent growth. The most prominent rate of growth was recorded in 2013 when exports increased by 170%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports amounted to $X in 2021. In general, exports saw a slight increase. The pace of growth was the most pronounced in 2014 when exports increased by 83%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the key exporter of natural bitumen and asphalt, committing 64% of total exports. Bahrain (X tons) took the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together held near 36% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to natural bitumen and asphalt exports from the United Arab Emirates stood at +4.1%. At the same time, Bahrain (+35.8%) and Saudi Arabia (+16.8%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +35.8% from 2012-2021. Bahrain (+24 p.p.) and Saudi Arabia (+4 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -27.7% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest natural bitumen and asphalt supplier in GCC, comprising 72% of total exports. The second position in the ranking was held by Bahrain ($X), with a 23% share of total exports.

In the United Arab Emirates, natural bitumen and asphalt exports decreased by an average annual rate of -1.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (+35.3% per year) and Saudi Arabia (-1.1% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, rising by 2.3% against the previous year. Overall, the export price, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2014 when the export price increased by 59% against the previous year. The level of export 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 origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (-0.3%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in GCC

Natural bitumen and asphalt imports declined notably to X tons in 2021, waning by -35% on the previous year's figure. Overall, imports recorded a deep slump. The growth pace was the most rapid in 2016 when imports increased by 53%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports fell remarkably to $X in 2021. In general, imports saw a pronounced setback. The pace of growth appeared the most rapid in 2013 when imports increased by 45% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Oman was the largest importing country with an import of about X tons, which accounted for 52% of total imports. The United Arab Emirates (X tons) held a 28% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (19%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of +7.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Oman ($X), Kuwait ($X) and the United Arab Emirates ($X) were the countries with the highest levels of imports in 2021, with a combined 96% share of total imports.

Among the main importing countries, Kuwait, with a CAGR of +4.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 6.6% against the previous year. Import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.4% 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 -0.7% against 2019 indices. The pace of growth was the most pronounced in 2018 when the import price increased by 43%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform