Thailand: Petroleum Bitumen Market 2025

Petroleum Bitumen Market Size in Thailand

After two years of growth, the Thai petroleum bitumen market decreased by -0.2% to $X in 2022. In general, consumption, however, showed a relatively flat trend pattern. Petroleum bitumen consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Petroleum Bitumen Production in Thailand

In value terms, petroleum bitumen production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2017 when the production volume increased by 49%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports from Thailand

Petroleum bitumen exports from Thailand contracted sharply to X tons in 2022, reducing by -18% compared with 2021 figures. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 28% against the previous year. As a result, the exports reached 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 skyrocketed to $X in 2022. In general, exports showed a pronounced slump. The most prominent rate of growth was recorded in 2017 with an increase of 69% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons), China (X tons) and Vietnam (X tons) were the main destinations of petroleum bitumen exports from Thailand, together comprising 82% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +26.0%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), China ($X) and Vietnam ($X) appeared to be the largest markets for petroleum bitumen exported from Thailand worldwide, with a combined 78% share of total exports.

Vietnam, with a CAGR of +19.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average petroleum bitumen export price amounted to $X per ton, jumping by 34% against the previous year. Over the period under review, the export price, however, saw a deep downturn. The pace of growth was the most pronounced in 2017 an increase of 50% against the previous year. Over the period under review, the average 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 for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to the Philippines ($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 Lao People's Democratic Republic (-3.7%), while the prices for the other major destinations experienced a decline.

Petroleum Bitumen Imports

Imports into Thailand

In 2022, purchases abroad of petroleum bitumen decreased by -11.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2015 with an increase of 99% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, petroleum bitumen imports rose markedly to $X in 2022. In general, imports, however, saw strong growth. The pace of growth was the most pronounced in 2017 with an increase of 56% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Singapore (X tons), Malaysia (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of petroleum bitumen imports to Thailand, with a combined 96% share of total imports. These countries were followed by China and South Korea, which together accounted for a further 3.9%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +101.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Singapore ($X) and Taiwan (Chinese) ($X) were the largest petroleum bitumen suppliers to Thailand, together accounting for 96% of total imports. These countries were followed by China and South Korea, which together accounted for a further 3.5%.

South Korea, with a CAGR of +80.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average petroleum bitumen import price amounted to $X per ton, picking up by 30% against the previous year. Overall, the import price, however, continues to indicate a noticeable contraction. The pace of growth was the most pronounced in 2017 when the average import price increased by 53%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Malaysia ($X per ton) and China ($X per ton), while the price for South Korea ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform