Hungary: Petroleum Bitumen Market 2025

Petroleum Bitumen Market Size in Hungary

In 2022, the Hungarian petroleum bitumen market decreased by -12.3% to $X for the first time since 2016, thus ending a five-year rising trend. In general, consumption, however, recorded a prominent increase. Petroleum bitumen consumption peaked at $X in 2021, and then dropped in the following year.

Petroleum Bitumen Production in Hungary

In value terms, petroleum bitumen production declined to $X in 2022 estimated in export price. Overall, production, however, recorded a deep slump. The most prominent rate of growth was recorded in 2018 when the production volume increased by 27%. Petroleum bitumen production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Petroleum Bitumen Exports

Exports from Hungary

In 2022, after two years of growth, there was decline in shipments abroad of petroleum bitumen, when their volume decreased by -0.3% to X tons. In general, exports, however, showed slight growth. The growth pace was the most rapid in 2016 when exports increased by 23% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, petroleum bitumen exports surged to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 48%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Romania (X tons), Croatia (X tons) and Slovenia (X tons) were the main destinations of petroleum bitumen exports from Hungary, together accounting for 60% 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 Croatia (with a CAGR of +14.3%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Croatia ($X) and Slovenia ($X) constituted the largest markets for petroleum bitumen exported from Hungary worldwide, together comprising 61% of total exports.

In terms of the main countries of destination, Croatia, with a CAGR of +9.2%, saw 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 petroleum bitumen export price stood at $X per ton in 2021, jumping by 38% against the previous year. Overall, the export price, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2017 an increase of 41%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Serbia ($X per ton) and Austria ($X per ton), while the average price for exports to Poland ($X per ton) and the Czech Republic ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (-3.6%), while the prices for the other major destinations experienced a decline.

Petroleum Bitumen Imports

Imports into Hungary

In 2022, purchases abroad of petroleum bitumen decreased by -29.9% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 55%. As a result, imports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, petroleum bitumen imports reduced slightly to $X in 2022. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 96% against the previous year. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

In 2021, Slovakia (X tons) constituted the largest petroleum bitumen supplier to Hungary, with a 72% share of total imports. Moreover, petroleum bitumen imports from Slovakia exceeded the figures recorded by the second-largest supplier, Austria (X tons), threefold. The Czech Republic (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Slovakia amounted to +114.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+6.1% per year) and the Czech Republic (+12.8% per year).

In value terms, Slovakia ($X) constituted the largest supplier of petroleum bitumen to Hungary, comprising 65% of total imports. The second position in the ranking was held by Austria ($X), with a 27% share of total imports. It was followed by the Czech Republic, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value from Slovakia stood at +101.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+3.7% per year) and the Czech Republic (+13.7% per year).

Import Prices by Country

In 2021, the average petroleum bitumen import price amounted to $X per ton, reducing by -2.4% against the previous year. In general, the import price recorded a pronounced contraction. The pace of growth was the most pronounced in 2017 an increase of 47%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for Slovakia ($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 Czech Republic (+0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform