MERCOSUR: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in MERCOSUR

In 2021, the MERCOSUR natural bitumen and asphalt market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Natural Bitumen and Asphalt in MERCOSUR

In value terms, natural bitumen and asphalt production expanded to $X in 2021 estimated in export price. The total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -30.2% against 2014 indices. The most prominent rate of growth was recorded in 2014 with an increase of 46% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports in MERCOSUR

After four years of growth, shipments abroad of natural bitumen and asphalt decreased by -57.5% to X tons in 2021. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of 37%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports contracted remarkably to $X in 2021. Over the period under review, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 45%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia represented the largest exporter of natural bitumen and asphalt in MERCOSUR, with the volume of exports recording X tons, which was near 79% of total exports in 2021. It was distantly followed by Venezuela (X tons), generating a 17% share of total exports. Argentina (X tons) took a little 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%) displayed positive paces of growth. By contrast, Venezuela (-27.7%) illustrated a downward trend over the same period. While the share of Colombia (+75 p.p.) and Argentina (+2.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Venezuela (-77.3 p.p.) displayed negative dynamics.

In value terms, Colombia ($X) remains the largest natural bitumen and asphalt supplier in MERCOSUR, comprising 74% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Colombia totaled +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 MERCOSUR amounted to $X per ton, increasing by 34% against the previous year. In general, the export price, however, saw a mild downturn. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Colombia ($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 MERCOSUR

Natural bitumen and asphalt imports reduced to X tons in 2021, declining by -6.5% against the previous year's figure. Overall, imports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2016 when imports increased by 161% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports expanded modestly to $X in 2021. In general, imports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2016 when imports increased by 84%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Uruguay represented the main importing country with an import of around X tons, which recorded 80% of total imports. It was distantly followed by Guyana (X tons), committing a 15% share of total imports.

Uruguay was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of +92.1% from 2012 to 2021. At the same time, Guyana (+18.3%) displayed positive paces of growth. From 2012 to 2021, the share of Uruguay increased by +79 percentage points.

In value terms, Uruguay ($X) constitutes the largest market for imported natural bitumen and asphalt in MERCOSUR, comprising 70% of total imports. The second position in the ranking was taken by Guyana ($X), with a 20% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Uruguay amounted to +76.0%.

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2021, increasing by 10% against the previous year. Overall, the import price, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2018 an increase of 16% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 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 Guyana ($X per ton), while Uruguay totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guyana (-4.5%).

Source: IndexBox Platform