Venezuela: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Venezuela

The Venezuelan natural bitumen and asphalt market was finally on the rise to reach $X in 2021, after three years of decline. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Natural Bitumen and Asphalt in Venezuela

In value terms, natural bitumen and asphalt production totaled $X in 2021 estimated in export price. In general, the total production indicated a noticeable increase 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 -30.4% against 2014 indices. The most prominent rate of growth was recorded in 2014 with an increase of 46%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports from Venezuela

In 2021, overseas shipments of natural bitumen and asphalt decreased by -23.5% to X tons, falling for the fourth consecutive year after three years of growth. Overall, exports saw a dramatic decrease. The pace of growth appeared the most rapid in 2015 with an increase of 38% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports shrank sharply to $X in 2021. In general, exports saw a sharp curtailment. The pace of growth was the most pronounced in 2017 with an increase of 50% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Costa Rica (X tons), the United States (X tons) and Antigua and Barbuda (X tons) were the main destinations of natural bitumen and asphalt exports from Venezuela, together accounting for 99% 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 Antigua and Barbuda (with a CAGR of +3.0%), while the other leaders experienced a decline.

In value terms, the largest markets for natural bitumen and asphalt exported from Venezuela were Costa Rica ($X), the United States ($X) and Antigua and Barbuda ($X), with a combined 97% share of total exports.

In terms of the main countries of destination, Costa Rica, with a CAGR of -22.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, flattening at the previous year. Overall, the export price, however, showed a mild reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Antigua and Barbuda ($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 Costa Rica (-0.7%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into Venezuela

After three years of decline, purchases abroad of natural bitumen and asphalt increased by 26% to X tons in 2021. Overall, imports, however, saw a sharp decrease. The growth pace was the most rapid in 2016 when imports increased by 85%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports skyrocketed to $X in 2021. In general, imports, however, faced a dramatic decrease. The pace of growth was the most pronounced in 2017 with an increase of 95% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons) and Iran (X tons) were the main suppliers of natural bitumen and asphalt imports to Venezuela.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iran (with a CAGR of -35.1%).

In value terms, the United States ($X) constituted the largest supplier of natural bitumen and asphalt to Venezuela, comprising 93% of total imports. The second position in the ranking was taken by Iran ($X), with a 6.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled -40.0%.

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, with an increase of 35% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 93% against the previous year. 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 the United States ($X per ton), while the price for Iran amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.4%).

Source: IndexBox Platform

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