Eastern Asia: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Eastern Asia

The East Asian natural bitumen and asphalt market totaled $X in 2023, rising by X% against the previous year. Over the period under review, consumption showed prominent growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in Eastern Asia

In value terms, natural bitumen and asphalt production expanded to $X in 2023 estimated in export price. In general, production saw a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports in Eastern Asia

In 2023, overseas shipments of natural bitumen and asphalt increased by X% to X tons, rising for the second consecutive year after six years of decline. Overall, exports, however, recorded a noticeable descent. The volume of export peaked at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports surged to $X in 2023. In general, exports, however, saw a noticeable descent. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) was the main exporting country with an export of around X tons, which resulted at X% of total exports. It was distantly followed by South Korea (X tons), mixing up a X% share of total exports. China (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to natural bitumen and asphalt exports from Taiwan (Chinese) stood at X%. South Korea experienced a relatively flat trend pattern. China (X%) illustrated a downward trend over the same period. While the share of South Korea (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of China (X p.p.) and Taiwan (Chinese) (X p.p.) displayed negative dynamics.

In value terms, Taiwan (Chinese) ($X) remains the largest natural bitumen and asphalt supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Taiwan (Chinese) totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (X% per year) and China (X% per year).

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, declining by X% against the previous year. Export price indicated a slight increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, natural bitumen and asphalt export price decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. The level of export peaked at $X per ton in 2021; however, from 2022 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in Eastern Asia

In 2023, purchases abroad of natural bitumen and asphalt decreased by X% to X tons, falling for the second year in a row after four years of growth. In general, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports declined rapidly to $X in 2023. Overall, imports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of natural bitumen and asphalt imports in 2023 were China (X tons), together finishing at X% of total import.

China was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of X% from 2012 to 2023. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported natural bitumen and asphalt in Eastern Asia.

From 2012 to 2023, the average annual rate of growth in terms of value in China totaled X%.

Import Prices by Country

In 2023, the import price in Eastern Asia amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price continues to indicate a pronounced slump. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, import prices reached the peak figure at $X per ton in 2022, and then shrank remarkably in the following year.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2023, the rate of growth in terms of prices for China amounted to X% per year.

Source: IndexBox Platform