Latin America and the Caribbean: Market for Asphalt or Bitumen Articles 2025

Market Size for Asphalt or Bitumen Articles in Latin America and the Caribbean

The Latin American asphalt or bitumen article market reduced modestly to $X in 2022, which is down by -1.9% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Asphalt or Bitumen Articles in Latin America and the Caribbean

In value terms, asphalt or bitumen article production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 16% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Asphalt or Bitumen Articles

Exports in Latin America and the Caribbean

In 2022, shipments abroad of asphalt or bitumen articles increased by 9.3% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, asphalt or bitumen article exports rose markedly to $X in 2022. Over the period under review, exports, however, continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2021 when exports increased by 13% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico was the main exporter of asphalt or bitumen articles in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was near 65% of total exports in 2022. Argentina (X tons) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by Venezuela (12%). Brazil (X tons) and Ecuador (X tons) followed a long way behind the leaders.

Exports from Mexico decreased at an average annual rate of -1.4% from 2012 to 2022. Ecuador experienced a relatively flat trend pattern. Venezuela (-1.7%), Argentina (-7.0%) and Brazil (-7.6%) illustrated a downward trend over the same period. While the share of Mexico (+8.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (-2.4 p.p.) and Argentina (-8.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest asphalt or bitumen article supplier in Latin America and the Caribbean, comprising 66% of total exports. The second position in the ranking was held by Argentina ($X), with a 15% share of total exports. It was followed by Brazil, with a 7.1% share.

In Mexico, asphalt or bitumen article exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (-10.2% per year) and Brazil (-4.2% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 2.1% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 7% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.7%), while the other leaders experienced more modest paces of growth.

Imports of Asphalt or Bitumen Articles

Imports in Latin America and the Caribbean

In 2022, approx. X tons of asphalt or bitumen articles were imported in Latin America and the Caribbean; dropping by -14.7% on the previous year's figure. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, asphalt or bitumen article imports fell to $X in 2022. In general, imports showed a slight curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 33% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Chile (X tons), distantly followed by Mexico (X tons), the Dominican Republic (X tons), Uruguay (X tons), Colombia (X tons), Cuba (X tons), Brazil (X tons) and Bahamas (X tons) represented the largest importers of asphalt or bitumen articles, together comprising 82% of total imports. The following importers - Jamaica (X tons) and Peru (X tons) - each resulted at a 4.5% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Dominican Republic (with a CAGR of +10.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constitutes the largest market for imported asphalt or bitumen articles in Latin America and the Caribbean, comprising 24% of total imports. The second position in the ranking was held by Mexico ($X), with an 11% share of total imports. It was followed by the Dominican Republic, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value in Chile amounted to +1.4%. In the other countries, the average annual rates were as follows: Mexico (+0.3% per year) and the Dominican Republic (+7.9% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 9.4% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Bahamas ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahamas (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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