MENA: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in MENA

In 2021, the MENA's natural bitumen and asphalt market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw slight growth. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in MENA

In value terms, natural bitumen and asphalt production amounted to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 19% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports in MENA

In 2021, the amount of natural bitumen and asphalt exported in MENA reduced to X tons, which is down by -9.4% on the previous year. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 43% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports stood at $X in 2021. In general, exports continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2014 with an increase of 45%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) and Turkey (X tons) represented roughly 72% of total exports in 2021. Bahrain (X tons) took the next position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together held approx. 22% share of total exports. Iran (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +80.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Bahrain ($X) were the countries with the highest levels of exports in 2021, with a combined 93% share of total exports.

Among the main exporting countries, Turkey, with a CAGR of +78.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, surging by 24% against the previous year. In general, the export price, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2014 an increase of 26% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, 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 Turkey ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (-0.3%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in MENA

Natural bitumen and asphalt imports dropped dramatically to X tons in 2021, waning by -35.7% compared with 2020. Overall, imports saw a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of 52% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports fell rapidly to $X in 2021. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 74% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Oman (X tons), distantly followed by Turkey (X tons), the United Arab Emirates (X tons), Algeria (X tons) and Kuwait (X tons) were the largest importers of natural bitumen and asphalt, together generating 80% of total imports. The following importers - Yemen (X tons) and Libya (X tons) - each accounted for a 7.7% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Algeria (with a CAGR of +18.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Oman ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2021, with a combined 60% share of total imports. The United Arab Emirates, Algeria, Libya and Yemen lagged somewhat behind, together comprising a further 24%.

Libya, with a CAGR of +12.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, growing by 13% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2018 an increase of 22%. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Libya (+11.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform