Latin America and the Caribbean: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Latin America and the Caribbean

After three years of decline, the Latin American natural bitumen and asphalt market increased by 2.4% to $X in 2021. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in Latin America and the Caribbean

In value terms, natural bitumen and asphalt production expanded to $X in 2021 estimated in export price. The total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.0% against 2016 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 46%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports in Latin America and the Caribbean

After four years of growth, overseas shipments of natural bitumen and asphalt decreased by -54.6% to X tons in 2021. In general, exports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 33% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports declined rapidly to $X in 2021. Over the period under review, exports faced a abrupt contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 32%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Colombia (X tons) represented the largest exporter of natural bitumen and asphalt, mixing up 65% of total exports. Venezuela (X tons) ranks second in terms of the total exports with a 14% share, followed by Guatemala (11%). Trinidad and Tobago (X tons) and Argentina (X tons) took a relatively small share of total exports.

Colombia was also the fastest-growing in terms of the natural bitumen and asphalt exports, with a CAGR of +20.1% from 2012 to 2021. At the same time, Argentina (+5.2%) and Guatemala (+4.0%) displayed positive paces of growth. By contrast, Trinidad and Tobago (-21.8%) and Venezuela (-27.7%) illustrated a downward trend over the same period. While the share of Colombia (+62 p.p.), Guatemala (+9.3 p.p.) and Argentina (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Trinidad and Tobago (-5.5 p.p.) and Venezuela (-54 p.p.) displayed negative dynamics.

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

From 2012 to 2021, the average annual growth rate of value in Colombia stood at +9.9%. In the other countries, the average annual rates were as follows: Venezuela (-28.9% per year) and Argentina (+22.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 24% against the previous year. Overall, the export price, however, showed a noticeable decrease. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+16.1%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in Latin America and the Caribbean

In 2021, approx. X tons of natural bitumen and asphalt were imported in Latin America and the Caribbean; with an increase of 24% against 2020. Over the period under review, imports continue to indicate a noticeable increase. The pace of growth appeared the most rapid in 2017 with an increase of 99%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, natural bitumen and asphalt imports soared to $X in 2021. Overall, imports, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 74% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Costa Rica (X tons) was the largest importer of natural bitumen and asphalt, committing 67% of total imports. Uruguay (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (5.9%). The following importers - Belize (X tons), Guyana (X tons) and Bahamas (X tons) - together made up 8.3% of total imports.

From 2012 to 2021, average annual rates of growth with regard to natural bitumen and asphalt imports into Costa Rica stood at +9.0%. At the same time, Uruguay (+92.1%), Guyana (+18.3%), Bahamas (+6.5%), the Dominican Republic (+6.2%) and Belize (+5.9%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +92.1% from 2012-2021. While the share of Costa Rica (+20 p.p.), Uruguay (+13 p.p.) and Guyana (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Costa Rica ($X) constitutes the largest market for imported natural bitumen and asphalt in Latin America and the Caribbean, comprising 51% of total imports. The second position in the ranking was taken by Uruguay ($X), with an 18% share of total imports. It was followed by the Dominican Republic, with a 6.3% share.

In Costa Rica, natural bitumen and asphalt imports shrank by an average annual rate of -2.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Uruguay (+76.0% per year) and the Dominican Republic (-1.7% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 37% against the previous year. Overall, the import price, however, saw a abrupt setback. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahamas ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahamas (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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