Iran: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Iran

In 2021, after two years of decline, there was growth in the Iranian natural bitumen and asphalt market, when its value increased by 2.9% to $X. In general, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -21.7% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in Iran

In value terms, natural bitumen and asphalt production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 21%. Natural bitumen and asphalt production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports from Iran

For the fourth year in a row, Iran recorded decline in shipments abroad of natural bitumen and asphalt, which decreased by -19.8% to X tons in 2021. Overall, exports saw a dramatic setback. The pace of growth was the most pronounced in 2017 with an increase of 16% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports reduced dramatically to $X in 2021. In general, exports faced a dramatic descent. The most prominent rate of growth was recorded in 2014 when exports increased by 17% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Myanmar (X tons) was the main destination for natural bitumen and asphalt exports from Iran, accounting for a 52% share of total exports. Moreover, natural bitumen and asphalt exports to Myanmar exceeded the volume sent to the second major destination, China (X tons), sixfold. Kenya (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume to Myanmar amounted to -11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-27.2% per year) and Kenya (-16.9% per year).

In value terms, Myanmar ($X) remains the key foreign market for natural bitumen and asphalt exports from Iran, comprising 42% of total exports. The second position in the ranking was taken by Kenya ($X), with a 7.9% share of total exports. It was followed by Ethiopia, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Myanmar stood at -23.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (-22.5% per year) and Ethiopia (-28.7% per year).

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, increasing by 3.7% against the previous year. Over the period under review, the export price, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of 23%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to China ($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 India (+3.0%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into Iran

For the third consecutive year, Iran recorded decline in purchases abroad of natural bitumen and asphalt, which decreased by -11% to X tons in 2021. In general, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2018 when imports increased by 240%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports plummeted to $X in 2021. Overall, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 158%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main supplier of natural bitumen and asphalt to Iran, with a 98% share of total imports. It was followed by India (X tons), with a 1.8% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates amounted to +35.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+24.4% per year) and Turkey (-34.9% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of natural bitumen and asphalt to Iran, comprising 89% of total imports. The second position in the ranking was held by India ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +19.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+29.4% per year) and Turkey (-44.3% per year).

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, which is down by -7.9% against the previous year. In general, the import price continues to indicate a dramatic decline. The pace of growth was the most pronounced in 2015 when the average import price increased by 36%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 India ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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