Southern Asia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Southern Asia

In 2021, the South Asian natural bitumen and asphalt market increased by 7.3% to $X, rising for the seventh year in a row after two years of decline. In general, consumption recorded resilient growth. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in years to come.

Production of Natural Bitumen and Asphalt in Southern Asia

In value terms, natural bitumen and asphalt production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production recorded a strong increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 40% against the previous year. Over the period under review, production reached the peak level in 2021 and is likely to continue growth in years to come.

Exports of Natural Bitumen and Asphalt

Exports in Southern Asia

In 2021, overseas shipments of natural bitumen and asphalt increased by 195% to X tons, rising for the second consecutive year after three years of decline. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 387% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports soared to $X in 2021. Overall, exports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2015 when exports increased by 338% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

India prevails in exports structure, accounting for X tons, which was approx. 95% of total exports in 2021. It was distantly followed by Pakistan (X tons), making up a 4.9% share of total exports.

India experienced a relatively flat trend pattern with regard to volume of exports of natural bitumen and asphalt. At the same time, Pakistan (+1.4%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +1.4% from 2012-2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest natural bitumen and asphalt supplier in Southern Asia, comprising 97% of total exports. The second position in the ranking was held by Pakistan ($X), with a 3% share of total exports.

From 2012 to 2021, the average annual growth rate of value in India totaled -2.8%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, with an increase of 2.7% against the previous year. Overall, the export price, however, saw a noticeable descent. The growth pace was the most rapid in 2019 when the export price increased by 32%. 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 stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while Pakistan stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-2.6%).

Imports of Natural Bitumen and Asphalt

Imports in Southern Asia

In 2021, purchases abroad of natural bitumen and asphalt increased by 209% to X tons, rising for the second consecutive year after five years of decline. Over the period under review, imports, however, recorded a abrupt setback. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports soared to $X in 2021. Overall, imports, however, continue to indicate a deep reduction. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Bangladesh represented the key importing country with an import of about X tons, which finished at 51% of total imports. India (X tons) took a 28% share (based on physical terms) of total imports, which put it in second place, followed by Nepal (11%) and Bhutan (8.3%). Pakistan (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Bangladesh (with a CAGR of +36.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), India ($X) and Nepal ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 89% share of total imports.

Bangladesh, with a CAGR of +30.9%, recorded 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

The import price in Southern Asia stood at $X per ton in 2021, reducing by -17.8% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 28%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a 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 Pakistan ($X per ton), while Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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