Saudi Arabia: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Saudi Arabia

In 2022, after three years of growth, there was decline in the Saudi asphalt or bitumen article market, when its value decreased by -1.4% to $X. Over the period under review, consumption, however, saw a strong increase. Asphalt or bitumen article consumption peaked at $X in 2021, and then dropped modestly in the following year.

Production of Asphalt or Bitumen Articles in Saudi Arabia

In value terms, asphalt or bitumen article production totaled $X in 2022 estimated in export price. In general, the total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.6% against 2020 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 32% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Asphalt or Bitumen Articles

Exports from Saudi Arabia

In 2022, shipments abroad of asphalt or bitumen articles increased by 16% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2015 with an increase of 23% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, asphalt or bitumen article exports amounted to $X in 2022. In general, exports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2015 with an increase of 17%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for asphalt or bitumen article exports from Saudi Arabia, accounting for a 46% share of total exports. Moreover, asphalt or bitumen article exports to the United Arab Emirates exceeded the volume sent to the second major destination, Kuwait (X tons), twofold. The third position in this ranking was held by Oman (X tons), with a 20% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-1.3% per year) and Oman (+3.1% per year).

In value terms, the largest markets for asphalt or bitumen article exported from Saudi Arabia were the United Arab Emirates ($X), Kuwait ($X) and Oman ($X), with a combined 88% share of total exports. Bahrain, Jordan and Lebanon lagged somewhat behind, together accounting for a further 7%.

Bahrain, with a CAGR of +4.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average asphalt or bitumen article export price amounted to $X per ton, falling by -7.4% against the previous year. In general, the export price continues to indicate a noticeable contraction. The growth pace was the most rapid in 2021 when the average export price increased by 14%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Kuwait ($X per ton) and Lebanon ($X per ton), while the average price for exports to Jordan ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Asphalt or Bitumen Articles

Imports into Saudi Arabia

Asphalt or bitumen article imports into Saudi Arabia stood at X tons in 2021, flattening at 2020 figures. Overall, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2014 when imports increased by 97%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, asphalt or bitumen article imports totaled $X in 2021. In general, imports saw a noticeable contraction. The pace of growth was the most pronounced in 2013 with an increase of 31%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) was the main supplier of asphalt or bitumen article to Saudi Arabia, with a approx. 95% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +43.4%.

In value terms, the United States ($X) constituted the largest supplier of asphalt or bitumen articles to Saudi Arabia.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +16.7%.

Import Prices by Country

The average asphalt or bitumen article import price stood at $X per ton in 2021, approximately reflecting the previous year. In general, the import price posted a strong expansion. The most prominent rate of growth was recorded in 2013 when the average import price increased by 28%. The import price peaked in 2021 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +17.5% per year.

Source: IndexBox Platform

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