Ireland: Petroleum Bitumen Market 2025

Petroleum Bitumen Market Size in Ireland

The Irish petroleum bitumen market contracted to $X in 2022, reducing by -10.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +59.8% against 2020 indices. As a result, consumption reached the peak level of $X, and then fell in the following year.

Petroleum Bitumen Exports

Exports from Ireland

In 2022, shipments abroad of petroleum bitumen was finally on the rise to reach X tons after two years of decline. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 37,645%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, petroleum bitumen exports skyrocketed to $X in 2022. In general, exports enjoyed significant growth. The growth pace was the most rapid in 2015 when exports increased by 25,346% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The UK (X tons) was the main destination for petroleum bitumen exports from Ireland, accounting for a 100% share of total exports. It was followed by the Netherlands (X tons), with a 0.4% share of total exports.

From 2013 to 2021, the average annual rate of growth in terms of volume to the UK stood at +153.8%.

In value terms, the UK ($X) remains the key foreign market for petroleum bitumen exports from Ireland, comprising 100% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 0.4% share of total exports.

From 2013 to 2021, the average annual rate of growth in terms of value to the UK totaled +167.4%.

Export Prices by Country

The average petroleum bitumen export price stood at $X per ton in 2021, surging by 5.6% against the previous year. In general, export price indicated a prominent expansion from 2013 to 2021: its price increased at an average annual rate of +5.4% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, petroleum bitumen export price increased by +53.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 45%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the UK stood at $X per ton.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+5.4%).

Petroleum Bitumen Imports

Imports into Ireland

In 2022, the amount of petroleum bitumen imported into Ireland dropped to X tons, which is down by -13.7% on the previous year's figure. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 42%. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, petroleum bitumen imports totaled $X in 2022. Over the period under review, imports, however, recorded a tangible increase. The growth pace was the most rapid in 2021 when imports increased by 131% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

France (X tons), the Netherlands (X tons) and the UK (X tons) were the main suppliers of petroleum bitumen imports to Ireland.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +36.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the UK ($X) and the Netherlands ($X) were the largest petroleum bitumen suppliers to Ireland, together comprising 82% of total imports.

In terms of the main suppliers, France, with a CAGR of +28.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average petroleum bitumen import price stood at $X per ton in 2021, surging by 63% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible setback. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 the UK ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (-4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform