South-Eastern Asia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in South-Eastern Asia

The Southeast Asian natural bitumen and asphalt market amounted to $X in 2021, surging by 7.8% against the previous year. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -7.7% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in South-Eastern Asia

In value terms, natural bitumen and asphalt production expanded modestly to $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.0% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 27%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports in South-Eastern Asia

In 2021, the amount of natural bitumen and asphalt exported in South-Eastern Asia contracted remarkably to X tons, declining by -44.9% on the previous year. Over the period under review, exports, however, posted a strong increase. The growth pace was the most rapid in 2020 with an increase of 100% against the previous year. As a result, the exports attained the peak of X tons, and then reduced sharply in the following year.

In value terms, natural bitumen and asphalt exports reduced dramatically to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) and Malaysia (X tons) dominates exports structure, together generating 90% of total exports. It was distantly followed by Vietnam (X tons), mixing up an 8.2% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +56.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the largest natural bitumen and asphalt supplier in South-Eastern Asia, comprising 66% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Malaysia totaled +4.9%. In the other countries, the average annual rates were as follows: Vietnam (+53.0% per year) and Indonesia (+8.7% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, with an increase of 47% against the previous year. Over the period under review, the export price, however, showed a deep reduction. The pace of growth appeared the most rapid in 2017 when the export price increased by 67% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in South-Eastern Asia

In 2021, approx. X tons of natural bitumen and asphalt were imported in South-Eastern Asia; surging by 12% against 2020. Overall, imports, however, continue to indicate a mild curtailment. The growth pace was the most rapid in 2019 when imports increased by 31%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports surged to $X in 2021. Over the period under review, imports, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 44%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Philippines (X tons), distantly followed by Cambodia (X tons), Vietnam (X tons), Myanmar (X tons) and Malaysia (X tons) represented the major importers of natural bitumen and asphalt, together constituting 94% of total imports. The following importers - Lao People's Democratic Republic (X tons) and Timor-Leste (X tons) - each resulted at a 3.5% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Malaysia (with a CAGR of +33.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Cambodia ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2021, together comprising 75% of total imports. These countries were followed by Myanmar, Malaysia, Lao People's Democratic Republic and Timor-Leste, which together accounted for a further 21%.

Malaysia, with a CAGR of +25.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, increasing by 8.2% against the previous year. In general, the import price, however, showed a noticeable curtailment. The pace of growth was the most pronounced in 2019 an increase of 9.8%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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