Asia: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Asia

After two years of decline, the Asian petroleum bitumen market increased by X% to $X in 2022. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Petroleum Bitumen Production in Asia

In value terms, petroleum bitumen production shrank modestly to $X in 2022 estimated in export price. Overall, production, however, saw a pronounced slump. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports in Asia

In 2022, overseas shipments of petroleum bitumen decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, petroleum bitumen exports fell dramatically to $X in 2022. Total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then shrank significantly in the following year.

Exports by Country

Singapore (X tons), South Korea (X tons), Iraq (X tons) and Turkey (X tons) represented roughly X% of total exports in 2022. Malaysia (X tons) held the next position in the ranking, followed by Iran (X tons) and China (X tons). All these countries together held approx. X% share of total exports.

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

In value terms, Singapore ($X), South Korea ($X) and Iraq ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

In terms of the main exporting countries, Iraq, with a CAGR of X%, 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 export price in Asia stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, showed a pronounced decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced a decline in the export price figures.

Petroleum Bitumen Imports

Imports in Asia

In 2022, the amount of petroleum bitumen imported in Asia expanded to X tons, picking up by X% on 2021 figures. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, petroleum bitumen imports surged to $X in 2022. Total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by X%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) and India (X tons) were the key importers of petroleum bitumen in Asia, together mixing up X% of total imports. Turkey (X tons) ranks next in terms of the total imports with an X% share, followed by Malaysia (X%), Indonesia (X%), Vietnam (X%) and the United Arab Emirates (X%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United Arab Emirates (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen importing markets in Asia were China ($X), India ($X) and Indonesia ($X), with a combined X% share of total imports. Vietnam, Turkey, Malaysia and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Among the main importing countries, the United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, rising by X% against the previous year. Overall, the import price, however, continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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