U.S.: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in the U.S.

In 2021, the U.S. natural bitumen and asphalt market decreased by -6.4% to $X, falling for the second consecutive year after three years of growth. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -14.7% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in the U.S.

In value terms, natural bitumen and asphalt production shrank to $X in 2021. Overall, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.0% 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 -18.2% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 24%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports from the U.S.

In 2021, approx. X tons of natural bitumen and asphalt were exported from the United States; increasing by 8.8% against the previous year. Over the period under review, total exports indicated a notable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +41.3% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 30% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, natural bitumen and asphalt exports rose sharply to $X in 2021. Overall, exports, however, saw a pronounced reduction. The pace of growth appeared the most rapid in 2018 with an increase of 41%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X tons), Mexico (X tons) and the Dominican Republic (X tons) were the main destinations of natural bitumen and asphalt exports from the United States, with a combined 88% share of total exports. These countries were followed by New Zealand, Argentina, Honduras and Chile, which together accounted for a further 7.7%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Zealand (with a CAGR of +98.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for natural bitumen and asphalt exported from the United States were Canada ($X), Mexico ($X) and Argentina ($X), with a combined 80% share of total exports. These countries were followed by New Zealand, the Dominican Republic, Chile and Honduras, which together accounted for a further 8.7%.

Among the main countries of destination, New Zealand, with a CAGR of +88.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, growing by 3.5% against the previous year. Overall, the export price, however, continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 24%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to Honduras ($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 the Dominican Republic (-2.4%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into the U.S.

In 2021, approx. X tons of natural bitumen and asphalt were imported into the United States; rising by 10% against the previous year's figure. In general, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 97% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed measured growth. The most prominent rate of growth was recorded in 2018 with an increase of 152% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Canada (X tons) was the main natural bitumen and asphalt supplier to the United States, with a 92% share of total imports. Moreover, natural bitumen and asphalt imports from Canada exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold. The third position in this ranking was taken by Colombia (X tons), with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Canada stood at +30.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+11.1% per year) and Colombia (+40.3% per year).

In value terms, Canada ($X) constituted the largest supplier of natural bitumen and asphalt to the United States, comprising 90% of total imports. The second position in the ranking was held by Spain ($X), with a 6.4% share of total imports. It was followed by Colombia, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada amounted to +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+4.9% per year) and Colombia (+29.2% per year).

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, growing by 13% against the previous year. Overall, the import price, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when the average import price increased by 54%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+27.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :