Kuwait: Petroleum Bitumen Market 2025

Petroleum Bitumen Market Size in Kuwait

The Kuwaiti petroleum bitumen market totaled $X in 2022, picking up by 4.8% against the previous year. Over the period under review, consumption continues to indicate resilient growth. Petroleum bitumen consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Petroleum Bitumen Production in Kuwait

In value terms, petroleum bitumen production expanded modestly to $X in 2022 estimated in export price. Overall, production showed resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 114% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports from Kuwait

In 2022, the amount of petroleum bitumen exported from Kuwait skyrocketed to X tons, with an increase of 55% against the previous year's figure. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 1,891% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, petroleum bitumen exports skyrocketed to $X in 2022. In general, exports showed significant growth. The growth pace was the most rapid in 2013 when exports increased by 1,628% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for petroleum bitumen exports from Kuwait, with a 294% share of total exports. Moreover, petroleum bitumen exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. Kenya (X tons) ranked third in terms of total exports with a 40% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-10.9% per year) and Kenya (0.0% per year).

In value terms, China ($X) remains the key foreign market for petroleum bitumen exports from Kuwait, comprising 222% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 39% share of total exports. It was followed by Kenya, with a 27% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-9.0% per year) and Kenya (0.0% per year).

Export Prices by Country

The average petroleum bitumen export price stood at $X per ton in 2021, growing by 28% against the previous year. Over the period under review, the export price continues to indicate a strong increase. The growth pace was the most rapid in 2014 when the average export price increased by 135% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

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 China ($X per ton), while the average price for exports to India ($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 (+2.1%), while the prices for the other major destinations experienced a decline.

Petroleum Bitumen Imports

Imports into Kuwait

Petroleum bitumen imports into Kuwait reduced notably to X tons in 2022, falling by -29.6% compared with the previous year's figure. Over the period under review, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 560% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, petroleum bitumen imports shrank dramatically to $X in 2022. Overall, imports saw a pronounced descent. The most prominent rate of growth was recorded in 2013 with an increase of 525%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Bahrain (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main suppliers of petroleum bitumen imports to Kuwait, with a combined 70% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +30.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) constituted the largest supplier of petroleum bitumen to Kuwait, comprising 51% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-11.8% per year) and Bahrain (-16.0% per year).

Import Prices by Country

The average petroleum bitumen import price stood at $X per ton in 2021, which is down by -33.8% against the previous year. Overall, the import price showed a abrupt contraction. The growth pace was the most rapid in 2020 an increase of 47% against the previous year. 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 remained at a 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 United States ($X per ton), while the price for Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-4.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform