Indonesia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Indonesia

The Indonesian natural bitumen and asphalt market stood at $X in 2021, remaining constant against the previous year. Overall, consumption posted a resilient expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in Indonesia

In value terms, natural bitumen and asphalt production dropped modestly to $X in 2021 estimated in export price. In general, production posted prominent growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 36% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports from Indonesia

In 2021, exports of natural bitumen and asphalt from Indonesia fell sharply to X tons, waning by -56.9% compared with 2020 figures. Overall, exports, however, posted strong growth. The pace of growth was the most pronounced in 2020 with an increase of 259%. As a result, the exports attained the peak of X tons, and then declined notably in the following year.

In value terms, natural bitumen and asphalt exports shrank rapidly to $X in 2021. Over the period under review, exports, however, enjoyed resilient growth. The growth pace was the most rapid in 2016 when exports increased by 160%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for natural bitumen and asphalt exports from Indonesia, with a 97% share of total exports. It was followed by Timor-Leste (X tons), with a 2.4% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China totaled +18.8%.

In value terms, China ($X) remains the key foreign market for natural bitumen and asphalt exports from Indonesia, comprising 59% of total exports. The second position in the ranking was held by Timor-Leste ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled +19.7%.

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, which is down by -9.4% against the previous year. Over the period under review, the export price saw a deep reduction. The pace of growth was the most pronounced in 2019 when the average export price increased by 35% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Timor-Leste ($X per ton), while the average price for exports to China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+0.7%).

Imports of Natural Bitumen and Asphalt

Imports into Indonesia

In 2021, overseas purchases of natural bitumen and asphalt were finally on the rise to reach X tons after five years of decline. In general, imports, however, saw a dramatic decrease. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports skyrocketed to $X in 2021. Overall, imports, however, saw a dramatic curtailment. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), Iran (X tons) and the United Arab Emirates (X tons) were the main suppliers of natural bitumen and asphalt imports to Indonesia, together accounting for 85% of total imports. Italy, China, Singapore, the United States and South Korea lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +46.4%), while purchases for the other leaders experienced a decline.

In value terms, Malaysia ($X) constituted the largest supplier of natural bitumen and asphalt to Indonesia, comprising 42% of total imports. The second position in the ranking was taken by Iran ($X), with a 19% share of total imports. It was followed by the United States, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia totaled -23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (-30.0% per year) and the United States (-26.1% per year).

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, growing by 26% against the previous year. Overall, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.8% 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 increased by +131.9% against 2016 indices. The growth pace was the most rapid in 2018 when the average import price increased by 64%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

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 South Korea ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+23.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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