Turkey: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Turkey

In 2021, the Turkish natural bitumen and asphalt market increased by 4.6% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a abrupt decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in Turkey

In value terms, natural bitumen and asphalt production expanded remarkably to $X in 2021 estimated in export price. In general, production showed a abrupt descent. The pace of growth appeared the most rapid in 2018 with an increase of 15%. Natural bitumen and asphalt production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Turkey

In 2021, after four years of growth, there was significant decline in shipments abroad of natural bitumen and asphalt, when their volume decreased by -24.9% to X tons. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 899% against the previous year. The exports peaked at X tons in 2020, and then dropped notably in the following year.

In value terms, natural bitumen and asphalt exports soared to $X in 2021. Overall, exports, however, posted significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 1,054%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Egypt (X tons) was the main destination for natural bitumen and asphalt exports from Turkey, with a 96% share of total exports. It was followed by Nigeria (X tons), with a 2.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Egypt stood at +184.7%.

In value terms, Egypt ($X) emerged as the key foreign market for natural bitumen and asphalt exports from Turkey, comprising 96% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 2.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Egypt amounted to +184.6%.

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, rising by 70% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to Egypt totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+3.1%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into Turkey

In 2021, supplies from abroad of natural bitumen and asphalt increased by 317% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports showed a notable increase. 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 skyrocketed to $X in 2021. Overall, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Iran (X tons) constituted the largest supplier of natural bitumen and asphalt to Turkey, with a 47% share of total imports. Moreover, natural bitumen and asphalt imports from Iran exceeded the figures recorded by the second-largest supplier, Trinidad and Tobago (X tons), twofold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 7.9% share.

From 2012 to 2021, the average annual growth rate of volume from Iran amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Trinidad and Tobago (-2.3% per year) and the United Arab Emirates (+23.2% per year).

In value terms, Trinidad and Tobago ($X), Iran ($X) and the United Arab Emirates ($X) appeared to be the largest natural bitumen and asphalt suppliers to Turkey, together accounting for 69% of total imports. Germany, India, Russia, Hong Kong SAR and the United States lagged somewhat behind, together accounting for a further 28%.

In terms of the main suppliers, Russia, with a CAGR of +3,620.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, with an increase of 21% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 194% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a 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 States ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+63.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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