Malaysia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Malaysia

The Malaysian natural bitumen and asphalt market expanded remarkably to $X in 2021, increasing by 6.7% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.0% 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 -2.7% against 2019 indices. Natural bitumen and asphalt consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in Malaysia

In value terms, natural bitumen and asphalt production expanded significantly to $X in 2021 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 -2.2% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 23% against the previous year. Natural bitumen and asphalt production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Malaysia

In 2021, the amount of natural bitumen and asphalt exported from Malaysia fell to X tons, with a decrease of -11.4% against the previous year's figure. In general, exports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 95%. Over the period under review, the exports attained the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, natural bitumen and asphalt exports declined to $X in 2021. Over the period under review, exports, however, enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2017 with an increase of 98% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then reduced in the following year.

Exports by Country

Thailand (X tons), Vietnam (X tons) and Cambodia (X tons) were the main destinations of natural bitumen and asphalt exports from Malaysia, with a combined 48% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +137.6%), while the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X), Thailand ($X) and Vietnam ($X) appeared to be the largest markets for natural bitumen and asphalt exported from Malaysia worldwide, together comprising 44% of total exports.

In terms of the main countries of destination, Vietnam, with a CAGR of +132.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, surging by 7.1% against the previous year. Overall, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2019 an increase of 7.9% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a 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 South Africa ($X per ton), while the average price for exports to Cambodia ($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 Singapore (+0.8%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into Malaysia

After two years of growth, supplies from abroad of natural bitumen and asphalt decreased by -27.4% to X tons in 2021. Overall, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 623% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then fell significantly in the following year.

In value terms, natural bitumen and asphalt imports fell markedly to $X in 2021. In general, imports, however, showed a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 410%. Over the period under review, imports attained the peak figure at $X in 2020, and then declined markedly in the following year.

Imports by Country

Singapore (X tons), China (X tons) and Iran (X tons) were the main suppliers of natural bitumen and asphalt imports to Malaysia, with a combined 98% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +104.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X), China ($X) and Iran ($X) constituted the largest natural bitumen and asphalt suppliers to Malaysia, together comprising 96% of total imports.

China, with a CAGR of +100.4%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, picking up by 11% against the previous year. Over the period under review, the import price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2018 when the average import price increased by 39% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Singapore ($X per ton) and China ($X per ton), while the price for the United Arab Emirates ($X per ton) and Iran ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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