Iraq: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Iraq

In 2021, the Iraqi natural bitumen and asphalt market decreased by -22.9% to $X, falling for the second consecutive year after six years of growth. Over the period under review, the total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% 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 -23.7% against 2019 indices. Natural bitumen and asphalt consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Production of Natural Bitumen and Asphalt in Iraq

In value terms, natural bitumen and asphalt production shrank dramatically to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 24%. Natural bitumen and asphalt production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports from Iraq

Natural bitumen and asphalt exports from Iraq soared to X tons in 2021, rising by 54% against 2020. Over the period under review, exports, however, saw a abrupt contraction. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports totaled $X in 2021. In general, exports, however, showed a abrupt decrease. The pace of growth was the most pronounced in 2019 when exports increased by 13%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for natural bitumen and asphalt exports from Iraq, accounting for a 94% share of total exports. Moreover, natural bitumen and asphalt exports to the United Arab Emirates exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +71.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (0.0% per year) and Jordan (-43.7% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for natural bitumen and asphalt exports from Iraq, comprising 94% of total exports. The second position in the ranking was held by China ($X), with a 3.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates amounted to +183.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (0.0% per year) and Jordan (-47.0% per year).

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, waning by -34.4% against the previous year. Over the period under review, the export price continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 an increase of 39%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood 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 Jordan ($X per ton), while the average price for exports to China ($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 the United Arab Emirates (+65.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Natural Bitumen and Asphalt

Imports into Iraq

In 2021, the amount of natural bitumen and asphalt imported into Iraq amounted to X tons, surging by 15% on 2020 figures. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 246%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports surged to $X in 2021. Overall, imports saw a notable expansion. The pace of growth was the most pronounced in 2014 when imports increased by 398%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of natural bitumen and asphalt to Iraq, accounting for a 57% share of total imports. Moreover, natural bitumen and asphalt imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Turkey (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates stood at +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.0% per year) and Turkey (+27.3% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of natural bitumen and asphalt to Iraq, comprising 55% of total imports. The second position in the ranking was taken by China ($X), with a 27% share of total imports. It was followed by Turkey, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.1% per year) and Turkey (+8.0% per year).

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, jumping by 56% against the previous year. Over the period under review, the import price, however, saw a perceptible decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+24.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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