Middle East: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in the Middle East

The Middle Eastern natural bitumen and asphalt market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption showed a slight curtailment. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Natural Bitumen and Asphalt in the Middle East

In value terms, natural bitumen and asphalt production expanded notably to $X in 2021 estimated in export price. In general, production continues to indicate a slight descent. The growth pace was the most rapid in 2014 with an increase of 19%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports in the Middle East

In 2021, the amount of natural bitumen and asphalt exported in the Middle East declined to X tons, reducing by -9.4% on 2020. Total exports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.0% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 52% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports rose remarkably to $X in 2021. Overall, exports recorded a mild curtailment. The pace of growth was the most pronounced in 2014 with an increase of 46% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) and Turkey (X tons) represented the largest exporters of natural bitumen and asphalt in 2021, resulting at approx. 39% and 33% of total exports, respectively. Bahrain (X tons) ranks next in terms of the total exports with a 17% share, followed by Saudi Arabia (5%). Iran (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +80.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest natural bitumen and asphalt supplying countries in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Bahrain ($X), with a combined 95% share of total exports.

Among the main exporting countries, Turkey, with a CAGR of +78.8%, recorded 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

In 2021, the export price in the Middle East amounted to $X per ton, surging by 24% against the previous year. Overall, the export price, however, recorded a noticeable curtailment. The pace of growth was the most pronounced in 2014 when the export price increased by 27%. 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 the Middle East

In 2021, the amount of natural bitumen and asphalt imported in the Middle East fell sharply to X tons, shrinking by -34.4% against the previous year's figure. In general, imports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 65%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports contracted remarkably to $X in 2021. Overall, imports showed a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of 90% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Oman (X tons), distantly followed by Turkey (X tons), the United Arab Emirates (X tons), Kuwait (X tons) and Yemen (X tons) represented the largest importers of natural bitumen and asphalt, together creating 90% of total imports. Iraq (X tons) and Israel (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Yemen (with a CAGR of +10.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Oman ($X) and Kuwait ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 72% share of total imports. These countries were followed by the United Arab Emirates, Iraq, Yemen and Israel, which together accounted for a further 22%.

Among the main importing countries, Yemen, with a CAGR of +11.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 19% against the previous year. Over the last nine years, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2018 when the import price increased by 23% against the previous year. The level of import peaked 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 ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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