Thailand: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Thailand

In 2023, the Thai petroleum bitumen market decreased by X% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption recorded a slight downturn. Over the period under review, the market attained the peak level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Petroleum Bitumen Production in Thailand

In value terms, petroleum bitumen production rose rapidly to $X in 2023 estimated in export price. In general, production, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Petroleum Bitumen Exports

Exports from Thailand

After two years of decline, shipments abroad of petroleum bitumen increased by X% to X tons in 2023. Over the period under review, total exports indicated tangible growth from 2012 to 2023: its volume 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. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2023 and are likely to see gradual growth in years to come.

In value terms, petroleum bitumen exports soared to $X in 2023. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), Australia (X tons) and China (X tons) were the main destinations of petroleum bitumen exports from Thailand, with a combined X% share of total exports. Malaysia, Indonesia, Cambodia, the Philippines and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Australia ($X) and China ($X) were the largest markets for petroleum bitumen exported from Thailand worldwide, together accounting for X% of total exports. Malaysia, Cambodia, Indonesia, Lao People's Democratic Republic and the Philippines lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average petroleum bitumen export price amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price showed a pronounced decrease. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (X%), while the prices for the other major destinations experienced a decline.

Petroleum Bitumen Imports

Imports into Thailand

In 2023, purchases abroad of petroleum bitumen decreased by X% to X tons, falling for the third year in a row after two years of growth. Overall, imports, however, showed prominent growth. The pace of growth appeared the most rapid in 2015 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, petroleum bitumen imports declined to $X in 2023. Over the period under review, imports, however, saw a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then contracted in the following year.

Imports by Country

Singapore (X tons), Malaysia (X tons) and South Korea (X tons) were the main suppliers of petroleum bitumen imports to Thailand, with a combined X% share of total imports. The United Arab Emirates and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen suppliers to Thailand were Malaysia ($X), Singapore ($X) and South Korea ($X), together accounting for X% of total imports. The United Arab Emirates and China lagged somewhat behind, together comprising a further X%.

The United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average petroleum bitumen import price amounted to $X per ton, almost unchanged from the previous year. In general, the import price showed a noticeable contraction. The growth pace was the most rapid in 2017 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and South Korea ($X per ton), while the price for China ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform