United Kingdom: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in the UK

In 2021, the UK natural bitumen and asphalt market increased by 7.2% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, recorded significant growth. Natural bitumen and asphalt consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in the UK

In value terms, natural bitumen and asphalt production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 446% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports from the UK

In 2021, shipments abroad of natural bitumen and asphalt decreased by -84.8% to X tons, falling for the third consecutive year after two years of growth. Overall, exports saw a deep contraction. The pace of growth was the most pronounced in 2015 with an increase of 69%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports shrank sharply to $X in 2021. Over the period under review, exports faced a deep contraction. The pace of growth was the most pronounced in 2014 when exports increased by 201%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ireland (X tons) was the main destination for natural bitumen and asphalt exports from the UK, accounting for a 255% share of total exports. Moreover, natural bitumen and asphalt exports to Ireland exceeded the volume sent to the second major destination, Falkland Islands (Malvinas) (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Ireland totaled -2.6%.

In value terms, Ireland ($X) and Falkland Islands (Malvinas) ($X) constituted the largest markets for natural bitumen and asphalt exported from the UK worldwide.

Falkland Islands (Malvinas), with a CAGR of +3.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, rising by 155% against the previous year. Overall, the export price enjoyed a temperate increase. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Falkland Islands (Malvinas) ($X per ton), while the average price for exports to Ireland totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Falkland Islands (Malvinas) (-8.7%).

Imports of Natural Bitumen and Asphalt

Imports into the UK

In 2021, purchases abroad of natural bitumen and asphalt decreased by -41.9% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports recorded a abrupt descent. The pace of growth appeared the most rapid in 2015 when imports increased by 229% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports shrank significantly to $X in 2021. Overall, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2015 when imports increased by 61% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), Germany (X tons) and the United States (X tons) were the main suppliers of natural bitumen and asphalt imports to the UK, with a combined 93% share of total imports. Poland lagged somewhat behind, comprising a further 5.5%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +217.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of natural bitumen and asphalt to the UK, comprising 54% of total imports. The second position in the ranking was taken by Germany ($X), with a 20% 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 Netherlands stood at +24.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.6% per year) and the United States (-25.1% per year).

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, which is down by -18.8% against the previous year. Overall, the import price, however, recorded prominent growth. The growth pace was the most rapid in 2016 an increase of 244% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then dropped markedly in the following year.

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 ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+11.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :