Report Update: Apr 1, 2024

U.S. - Petroleum Bitumen - Market Analysis, Forecast, Size, Trends And Insights

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Petroleum Bitumen Price in the United States - 2023

Petroleum Bitumen Price in the United States (CIF) - 2023

The average petroleum bitumen import price stood at $465 per ton in September 2023, falling by -2.5% against the previous month. Over the period under review, the import price showed a slight setback. The pace of growth appeared the most rapid in August 2023 an increase of 4.3% m-o-m. The import price peaked at $534 per ton in September 2022; however, from October 2022 to September 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In September 2023, the highest price was recorded for prices from Turkey ($535 per ton) and Colombia ($498 per ton), while the price for Canada ($462 per ton) and Greece ($479 per ton) were amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Greece (+1.4%), while the prices for the other major suppliers experienced a decline.

Petroleum Bitumen Price in the United States (FOB) - 2023

In September 2023, the average petroleum bitumen export price amounted to $401 per ton, increasing by 8.4% against the previous month. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in June 2023 when the average export price increased by 30% m-o-m. The export price peaked at $453 per ton in October 2022; however, from November 2022 to September 2023, the export prices failed to regain momentum.

Prices varied noticeably by the country of destination: the country with the highest price was Costa Rica ($1,182 per ton), while the average price for exports to Mexico ($325 per ton) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Petroleum Bitumen Imports in the United States

For the fourth year in a row, the United States recorded growth in purchases abroad of petroleum bitumen, which increased by 44% to 5.6M tons in 2022. Over the period under review, total imports indicated resilient growth from 2019 to 2022: its volume increased at an average annual rate of +18.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.2% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, petroleum bitumen imports surged to $3B in 2022. Overall, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Petroleum Bitumen in the United States (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Canada	1,009	750	1,290	2,656	38.1%
Turkey	46.7	38.9	89.9	192	60.2%
Colombia	19.0	23.1	40.8	60.1	46.8%
Greece	73.9	67.9	75.7	59.9	-6.8%
Spain	88.9	30.8	37.1	22.0	-37.2%
Others	34.1	44.9	30.5	59.8	20.6%
Total	1,272	955	1,564	3,049	33.8%

Top Suppliers of Petroleum Bitumen to the United States in 2022:

Canada (4956.6K tons)
Turkey (314.1K tons)
Greece (113.5K tons)
Colombia (89.7K tons)
Spain (36.8K tons)

Petroleum Bitumen Exports in the United States

In 2022, petroleum bitumen exports from the United States declined significantly to 640K tons, falling by -19.9% on 2021 figures. In general, exports recorded a abrupt downturn. The smallest decline of -15.9% was in 2020.

In value terms, petroleum bitumen exports stood at $308M in 2022. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 4.5%.

Export of Petroleum Bitumen in the United States (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Canada	77.3	44.8	67.6	76.6	-0.3%
Mexico	231	111	82.0	46.8	-41.3%
Chile	24.6	25.9	26.6	44.7	22.0%
New Zealand	N/A	2.0	27.3	40.6	350.6%
Costa Rica	N/A	11.9	27.4	29.6	57.7%
Panama	24.9	6.7	9.2	18.2	-9.9%
Dominican Republic	75.3	17.7	20.0	16.8	-39.3%
Others	49.6	71.5	44.1	34.7	-11.2%
Total	483	291	304	308	-13.9%

Top Export Markets for Petroleum Bitumen from the United States in 2022:

Canada (157.5K tons)
Mexico (117.4K tons)
Chile (85.7K tons)
New Zealand (77.1K tons)
Costa Rica (58.3K tons)
Panama (39.6K tons)
Dominican Republic (33.5K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the petroleum bitumen market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

United States

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the U.S.
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023