Pakistan: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Pakistan

In 2021, the Pakistani natural bitumen and asphalt market decreased by -51.6% to $X, falling for the fourth year in a row after three years of growth. Overall, consumption recorded a slight reduction. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Pakistan

In 2021, shipments abroad of natural bitumen and asphalt increased by 269% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports saw a mild expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, natural bitumen and asphalt exports skyrocketed to $X in 2021. Overall, exports, however, recorded a pronounced shrinkage. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X tons), the United Arab Emirates (X tons) and Djibouti (X tons) were the main destinations of natural bitumen and asphalt exports from Pakistan, together accounting for 86% of total exports. Afghanistan, China and India lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +15.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for natural bitumen and asphalt exported from Pakistan were Afghanistan ($X), Djibouti ($X) and the United Arab Emirates ($X), with a combined 66% share of total exports. South Africa, China and India lagged somewhat behind, together comprising a further 26%.

India, with a CAGR of +24.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, shrinking by -19.3% against the previous year. In general, the export price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2013 an increase of 23% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Afghanistan ($X per ton), while the average price for exports to South Africa ($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 Afghanistan (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into Pakistan

In 2021, supplies from abroad of natural bitumen and asphalt decreased by -11% to X tons, falling for the fourth year in a row after four years of growth. Over the period under review, imports showed a pronounced slump. The pace of growth was the most pronounced in 2014 with an increase of 303%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports expanded notably to $X in 2021. Overall, imports, however, continue to indicate perceptible growth. The pace of growth appeared the most rapid in 2014 with an increase of 314%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest natural bitumen and asphalt supplier to Pakistan, with a 50% share of total imports. Moreover, natural bitumen and asphalt imports from Indonesia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), twofold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia amounted to +38.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+4.9% per year) and the United Arab Emirates (+11.6% per year).

In value terms, Argentina ($X), Indonesia ($X) and the United Arab Emirates ($X) were the largest natural bitumen and asphalt suppliers to Pakistan, with a combined 75% share of total imports.

Indonesia, with a CAGR of +36.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, surging by 20% against the previous year. Over the period under review, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, natural bitumen and asphalt import price increased by +80.4% against 2017 indices. The most prominent rate of growth was recorded in 2013 an increase of 33%. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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