Asphalt or Bitumen Article Market

The global asphalt or bitumen article market is forecasted to experience a slight increase in performance, with a projected CAGR of +1.0% for consumption volume and +3.4% for market value from 2022 to 2030. The United States leads in both consumption and production of asphalt or bitumen articles, with the market showing modest growth trends in various countries. Import and export prices have also shown variations, with the industry expected to retain growth in the coming years.

Market Forecast

Driven by rising demand for asphalt or bitumen article worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 35M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $31B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Asphalt or Bitumen Articles

Global asphalt or bitumen article consumption shrank modestly to 33M tons in 2022, waning by -3.6% against 2021. In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak volume of 36M tons. From 2019 to 2022, the growth of the global consumption failed to regain momentum.

The global asphalt or bitumen article market revenue dropped modestly to $23.8B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $24.8B. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The country with the largest volume of asphalt or bitumen article consumption was the United States (14M tons), comprising approx. 42% of total volume. Moreover, asphalt or bitumen article consumption in the United States exceeded the figures recorded by the second-largest consumer, China (6.6M tons), twofold. Brazil (1.2M tons) ranked third in terms of total consumption with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States totaled -1.3%. In the other countries, the average annual rates were as follows: China (+2.4% per year) and Brazil (-0.4% per year).

In value terms, the United States ($8.5B), China ($5.9B) and Brazil ($1.2B) were the countries with the highest levels of market value in 2022, with a combined 66% share of the global market. Germany, Mexico, Turkey, South Korea, Canada, Saudi Arabia and Iran lagged somewhat behind, together comprising a further 14%.

In terms of the main consuming countries, Germany, with a CAGR of +7.7%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of asphalt or bitumen article per capita consumption was registered in the United States (41 kg per 1000 persons), followed by Saudi Arabia (17 kg per 1000 persons), Canada (14 kg per 1000 persons) and South Korea (14 kg per 1000 persons), while the world average per capita consumption of asphalt or bitumen article was estimated at 4.2 kg per 1000 persons.

In the United States, asphalt or bitumen article per capita consumption decreased by an average annual rate of -1.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+6.0% per year) and Canada (-2.5% per year).

Production

World Production of Asphalt or Bitumen Articles

In 2022, approx. 33M tons of asphalt or bitumen articles were produced worldwide; which is down by -3.5% on 2021 figures. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 11% against the previous year. As a result, production attained the peak volume of 37M tons. From 2019 to 2022, global production growth remained at a somewhat lower figure.

In value terms, asphalt or bitumen article production reduced to $23.5B in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 13%. Global production peaked at $24.8B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The United States (14M tons) remains the largest asphalt or bitumen article producing country worldwide, accounting for 42% of total volume. Moreover, asphalt or bitumen article production in the United States exceeded the figures recorded by the second-largest producer, China (6.7M tons), twofold. Brazil (1.2M tons) ranked third in terms of total production with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume in the United States amounted to -1.4%. The remaining producing countries recorded the following average annual rates of production growth: China (+2.4% per year) and Brazil (-0.4% per year).

Imports

World Imports of Asphalt or Bitumen Articles

In 2022, purchases abroad of asphalt or bitumen articles decreased by -2.4% to 3.4M tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw a modest expansion. The pace of growth appeared the most rapid in 2013 with an increase of 7.4% against the previous year. Over the period under review, global imports attained the maximum at 3.5M tons in 2021, and then declined modestly in the following year.

In value terms, asphalt or bitumen article imports expanded remarkably to $2.5B in 2022. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 14%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States (497K tons) and Canada (426K tons) were the largest importers of asphalt or bitumen articles in 2022, amounting to near 15% and 13% of total imports, respectively. It was distantly followed by the Netherlands (260K tons), achieving a 7.7% share of total imports. The following importers - Belgium (94K tons), the UK (90K tons), the Czech Republic (79K tons), France (74K tons), Poland (74K tons), Germany (73K tons), Kazakhstan (69K tons), Iraq (63K tons), Slovakia (58K tons) and the United Arab Emirates (54K tons) - together made up 21% of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +22.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest asphalt or bitumen article importing markets worldwide were the United States ($428M), Canada ($334M) and the Netherlands ($150M), with a combined 36% share of global imports. The UK, France, Belgium, the Czech Republic, Germany, Poland, Kazakhstan, Slovakia, the United Arab Emirates and Iraq lagged somewhat behind, together accounting for a further 21%.

Among the main importing countries, Iraq, with a CAGR of +11.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average asphalt or bitumen article import price amounted to $752 per ton, rising by 16% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($1,239 per ton), while Iraq ($307 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Asphalt or Bitumen Articles

In 2022, overseas shipments of asphalt or bitumen articles decreased by -1.7% to 3.4M tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 8%. The global exports peaked at 3.6M tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, asphalt or bitumen article exports totaled $2.6B in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 16%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

The United States (516K tons), Russia (499K tons), Canada (395K tons) and Italy (359K tons) represented roughly 52% of total exports in 2022. Germany (130K tons), Saudi Arabia (113K tons), Belgium (94K tons), Spain (85K tons), Poland (85K tons), Iran (84K tons), Belarus (78K tons), Turkey (77K tons) and Oman (74K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +95.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the United States ($414M), Canada ($372M) and Italy ($300M) appeared to be the countries with the highest levels of exports in 2022, with a combined 42% share of global exports. Russia, Germany, Belgium, Poland, Saudi Arabia, Spain, Turkey, Belarus, Iran and Oman lagged somewhat behind, together accounting for a further 32%.

Among the main exporting countries, Oman, with a CAGR of +72.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average asphalt or bitumen article export price stood at $772 per ton in 2022, increasing by 13% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The global export price peaked at $786 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($1,567 per ton), while Oman ($214 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+7.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform