Oman: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Oman

The Omani natural bitumen and asphalt market soared to $X in 2021, with an increase of 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, faced a drastic downturn. Natural bitumen and asphalt consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Oman

In 2021, approx. X tons of natural bitumen and asphalt were exported from Oman; waning by -90.8% on 2020. Over the period under review, exports, however, continue to indicate perceptible growth. The most prominent rate of growth was recorded in 2016 when exports increased by 496%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports fell sharply to $X in 2021. In general, exports, however, showed moderate growth. The most prominent rate of growth was recorded in 2020 when exports increased by 350% against the previous year. As a result, the exports reached the peak of $X, and then shrank sharply in the following year.

Exports by Country

Ethiopia (X tons) was the main destination for natural bitumen and asphalt exports from Oman, accounting for a 91% share of total exports. Moreover, natural bitumen and asphalt exports to Ethiopia exceeded the volume sent to the second major destination, Yemen (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ethiopia stood at -89.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (+19.5% per year) and the United Arab Emirates (-31.6% per year).

In value terms, Ethiopia ($X) remains the key foreign market for natural bitumen and asphalt exports from Oman, comprising 92% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 3.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Ethiopia totaled -91.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-21.5% per year) and Yemen (+7.3% per year).

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, which is down by -15.1% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 129%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 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 the United Arab Emirates ($X per ton), while the average price for exports to Yemen ($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 the United Arab Emirates (+14.8%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into Oman

In 2021, supplies from abroad of natural bitumen and asphalt decreased by -47.3% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 45%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports reduced sharply to $X in 2021. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 65% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Bahrain (X tons), Iran (X tons) and the United Arab Emirates (X tons) were the main suppliers of natural bitumen and asphalt imports to Oman, together accounting for 96% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bahrain (with a CAGR of +37.5%), while imports for the other leaders experienced a decline.

In value terms, Bahrain ($X) constituted the largest supplier of natural bitumen and asphalt to Oman, comprising 66% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Bahrain stood at +39.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-1.7% per year) and Iran (-24.0% per year).

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, jumping by 38% against the previous year. Overall, the import price saw resilient growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 71% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Bahrain ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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