Singapore: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Singapore

In 2021, after two years of decline, there was significant growth in the Singaporean natural bitumen and asphalt market, when its value increased by 236% to $X. In general, consumption showed a strong increase. Natural bitumen and asphalt consumption peaked in 2021 and is likely to see gradual growth in years to come.

Production of Natural Bitumen and Asphalt in Singapore

In value terms, natural bitumen and asphalt production surged to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 18%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Singapore

In 2021, after two years of growth, there was significant decline in shipments abroad of natural bitumen and asphalt, when their volume decreased by -93.6% to X tons. Over the period under review, exports recorded a sharp setback. The pace of growth was the most pronounced in 2013 with an increase of 64% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports reduced remarkably to $X in 2021. Overall, exports continue to indicate a sharp decline. The pace of growth appeared the most rapid in 2013 when exports increased by 52% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for natural bitumen and asphalt exports from Singapore, accounting for a 59% share of total exports. Moreover, natural bitumen and asphalt exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. Thailand (X tons) ranked third in terms of total exports with a 23% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at -19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-27.6% per year) and Thailand (+8.6% per year).

In value terms, Thailand ($X) emerged as the key foreign market for natural bitumen and asphalt exports from Singapore, comprising 44% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total exports. It was followed by Malaysia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-27.8% per year) and Malaysia (-27.4% per year).

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, surging by 198% against the previous year. In general, the export price continues to indicate a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Malaysia ($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 Myanmar (+46.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into Singapore

In 2021, supplies from abroad of natural bitumen and asphalt increased by 0.7% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2018 with an increase of 62% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports contracted to $X in 2021. Overall, imports, however, continue to indicate a sharp reduction. The pace of growth was the most pronounced in 2018 when imports increased by 160%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons), Malaysia (X tons) and the UK (X tons) were the main suppliers of natural bitumen and asphalt imports to Singapore, together comprising 70% of total imports. India, the United Arab Emirates, South Korea, Hong Kong SAR and Thailand lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +38.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Malaysia ($X) and the United Arab Emirates ($X) appeared to be the largest natural bitumen and asphalt suppliers to Singapore, together accounting for 72% of total imports.

The United Arab Emirates, with a CAGR of +56.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, declining by -12.4% against the previous year. In general, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.9% 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 decreased by -26.4% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of 60%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained 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 Arab Emirates ($X per ton), while the price for Hong Kong SAR ($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 (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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