Thailand: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Thailand

The Thai natural bitumen and asphalt market soared to $X in 2021, jumping by 54% against the previous year. In general, consumption continues to indicate a prominent increase. Over the period under review, the market reached the peak level in 2021 and is likely to see steady growth in the near future.

Production of Natural Bitumen and Asphalt in Thailand

In value terms, natural bitumen and asphalt production expanded markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 24% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to continue growth in the near future.

Exports of Natural Bitumen and Asphalt

Exports from Thailand

In 2021, shipments abroad of natural bitumen and asphalt was finally on the rise to reach X tons after three years of decline. Overall, exports, however, showed a pronounced decrease. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports skyrocketed to $X in 2021. In general, exports recorded a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for natural bitumen and asphalt exports from Thailand, with a 66% share of total exports. Moreover, natural bitumen and asphalt exports to China exceeded the volume sent to the second major destination, Myanmar (X tons), fivefold. Indonesia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-10.5% per year) and Indonesia (+1.0% per year).

In value terms, China ($X) emerged as the key foreign market for natural bitumen and asphalt exports from Thailand, comprising 70% of total exports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total exports. It was followed by Myanmar, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +675.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+1.3% per year) and Myanmar (-1.7% per year).

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, picking up by 42% against the previous year. Over the period under review, the export price showed strong growth. The pace of growth was the most pronounced in 2014 when the average export price increased by 134% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 (+9.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Natural Bitumen and Asphalt

Imports into Thailand

In 2021, imports of natural bitumen and asphalt into Thailand skyrocketed to X tons, rising by 205% against 2020. Over the period under review, imports recorded significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, natural bitumen and asphalt imports soared to $X in 2021. Overall, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2013 with an increase of 156%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest natural bitumen and asphalt supplier to Thailand, with a 75% share of total imports. Moreover, natural bitumen and asphalt imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold. The United States (X tons) ranked third in terms of total imports with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates stood at +57.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+26.4% per year) and the United States (-8.5% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of natural bitumen and asphalt to Thailand, comprising 44% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 21% share of total imports. It was followed by the United States, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +61.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+24.1% per year) and the United States (-4.7% per year).

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, with a decrease of -41.9% against the previous year. Overall, the import price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2020 when the average import price increased by 84%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the price for the United Arab Emirates ($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 States (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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