India: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in India

In 2021, the Indian natural bitumen and asphalt market increased by 7.2% to $X, rising for the seventh year in a row after two years of decline. In general, consumption enjoyed buoyant growth. Natural bitumen and asphalt consumption peaked in 2021 and is likely to continue growth in the immediate term.

Production of Natural Bitumen and Asphalt in India

In value terms, natural bitumen and asphalt production rose notably to $X in 2021 estimated in export price. Over the period under review, production showed a strong increase. The growth pace was the most rapid in 2019 with an increase of 40% against the previous year. Natural bitumen and asphalt production peaked in 2021 and is expected to retain growth in years to come.

Exports of Natural Bitumen and Asphalt

Exports from India

In 2021, overseas shipments of natural bitumen and asphalt increased by 193% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 387%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports soared to $X in 2021. Overall, exports, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 339% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Nepal (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons) were the main destinations of natural bitumen and asphalt exports from India, with a combined 80% share of total exports. The Netherlands, Kuwait, Egypt, the United States, Papua New Guinea, Vietnam, Thailand, Malaysia and Oman lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +431.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for natural bitumen and asphalt exported from India were Nepal ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together accounting for 75% of total exports. These countries were followed by Kuwait, the Netherlands, Egypt, the United States, Vietnam, Thailand, Papua New Guinea, Malaysia and Oman, which together accounted for a further 22%.

In terms of the main countries of destination, Vietnam, with a CAGR of +449.7%, 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 2021, the average natural bitumen and asphalt export price amounted to $X per ton, surging by 3.9% against the previous year. Overall, the export price, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2019 an increase of 32% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Papua New Guinea ($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 Kuwait (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into India

In 2021, the amount of natural bitumen and asphalt imported into India skyrocketed to X tons, with an increase of 44% against the previous year's figure. Overall, imports, however, faced a sharp downturn. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a drastic downturn. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main natural bitumen and asphalt supplier to India, accounting for a 95% share of total imports. Moreover, natural bitumen and asphalt imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Colombia (X tons), more than tenfold. The United States (X tons) ranked third in terms of total imports with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-5.4% per year) and the United States (-30.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of natural bitumen and asphalt to India, comprising 91% of total imports. The second position in the ranking was taken by Colombia ($X), with a 2.8% share of total imports. It was followed by the United States, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-4.9% per year) and the United States (-26.0% per year).

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, which is down by -12.4% against the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. 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 -16.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 38%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :