Saudi Arabia: Petroleum Bitumen Market 2025

Petroleum Bitumen Market Size in Saudi Arabia

The Saudi petroleum bitumen market totaled $X in 2022, approximately mirroring the previous year. In general, consumption recorded a slight slump. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Petroleum Bitumen Production in Saudi Arabia

In value terms, petroleum bitumen production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2014 with an increase of 93% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Petroleum Bitumen Exports

Exports from Saudi Arabia

In 2022, overseas shipments of petroleum bitumen increased by 4.5% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of 151% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum bitumen exports stood at $X in 2022. Overall, exports, however, showed a significant decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 154% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for petroleum bitumen exports from Saudi Arabia, with a 174% share of total exports. Moreover, petroleum bitumen exports to Malaysia exceeded the volume sent to the second major destination, Yemen (X tons), ninefold. The third position in this ranking was taken by Uganda (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia stood at -6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-9.9% per year) and Uganda (+5.9% per year).

In value terms, Malaysia ($X) remains the key foreign market for petroleum bitumen exports from Saudi Arabia, comprising 78% of total exports. The second position in the ranking was held by Uganda ($X), with a 28% share of total exports. It was followed by Taiwan (Chinese), with a 26% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia stood at -17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uganda (+5.4% per year) and Taiwan (Chinese) (-12.8% per year).

Export Prices by Country

In 2021, the average petroleum bitumen export price amounted to $X per ton, approximately reflecting the previous year. In general, the export price, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2014 when the average export price increased by 42%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

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 Kenya ($X per ton), while the average price for exports to Malaysia ($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 China (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Petroleum Bitumen Imports

Imports into Saudi Arabia

In 2019, after three years of decline, there was decline in purchases abroad of petroleum bitumen, when their volume decreased by 0% to X tons. Overall, imports continue to indicate a deep downturn. The growth pace was the most rapid in 2014 with an increase of 287% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2019, imports remained at a lower figure.

In value terms, petroleum bitumen imports stood at $X in 2019. Over the period under review, imports continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2014 with an increase of 270%. As a result, imports attained the peak of $X. From 2015 to 2019, the growth of imports failed to regain momentum.

Imports by Country

Bahrain (X tons), Greece (X tons) and the United States (X tons) were the main suppliers of petroleum bitumen imports to Saudi Arabia.

From 2013 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +8.4%), while imports for the other leaders experienced a decline.

In value terms, Bahrain ($X), Greece ($X) and the United States ($X) constituted the largest petroleum bitumen suppliers to Saudi Arabia.

In terms of the main suppliers, Greece, with a CAGR of +4.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average petroleum bitumen import price amounted to less than $X per ton, flattening at the previous year. In general, the import price recorded a deep reduction. The pace of growth appeared the most rapid in 2014 a decrease of -4.3%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Bahrain ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform