Latin America and the Caribbean: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Latin America and the Caribbean

The Latin American natural bitumen and asphalt market reached $X in 2023, growing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2015 to 2023, the growth of the market remained at a lower figure.

Production of Natural Bitumen and Asphalt in Latin America and the Caribbean

In value terms, natural bitumen and asphalt production rose to $X in 2023 estimated in export price. The total production indicated a modest increase from 2012 to 2023: its value 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, production decreased by X% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, production reached the peak level of $X. From 2015 to 2023, production growth remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports in Latin America and the Caribbean

In 2023, the amount of natural bitumen and asphalt exported in Latin America and the Caribbean shrank to X tons, falling by X% against the previous year's figure. Over the period under review, exports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2022 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports shrank modestly to $X in 2023. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Colombia represented the main exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by Venezuela (X tons), Guatemala (X tons) and Trinidad and Tobago (X tons), together achieving a X% share of total exports. Saint Lucia (X tons), Argentina (X tons) and Mexico (X tons) followed a long way behind the leaders.

Exports from Colombia increased at an average annual rate of X% from 2012 to 2023. At the same time, Saint Lucia (X%), Mexico (X%), Argentina (X%) and Guatemala (X%) displayed positive paces of growth. Moreover, Saint Lucia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Trinidad and Tobago (X%) and Venezuela (X%) illustrated a downward trend over the same period. While the share of Colombia (X p.p.), Guatemala (X p.p.), Saint Lucia (X p.p.), Mexico (X p.p.) and Argentina (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Trinidad and Tobago (X p.p.) and Venezuela (X p.p.) displayed negative dynamics.

In value terms, Colombia ($X) remains the largest natural bitumen and asphalt supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with a X% share of total exports. It was followed by Saint Lucia, with a X% share.

In Colombia, natural bitumen and asphalt exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Venezuela (X% per year) and Saint Lucia (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, growing by X% against the previous year. Overall, the export price, however, showed a mild descent. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

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

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

Imports of Natural Bitumen and Asphalt

Imports in Latin America and the Caribbean

In 2023, approx. X tons of natural bitumen and asphalt were imported in Latin America and the Caribbean; increasing by X% compared with 2022 figures. Overall, imports showed a pronounced increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports soared to $X in 2023. In general, imports, however, continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Costa Rica (X tons) was the main importer of natural bitumen and asphalt, creating X% of total imports. Uruguay (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Guyana (X%) and the Dominican Republic (X%). The following importers - Honduras (X tons) and Bahamas (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to natural bitumen and asphalt imports into Costa Rica stood at X%. At the same time, Uruguay (X%), Guyana (X%), Honduras (X%), Bahamas (X%) and the Dominican Republic (X%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Uruguay (X p.p.), Costa Rica (X p.p.), Guyana (X p.p.) and Honduras (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Costa Rica ($X) constitutes the largest market for imported natural bitumen and asphalt in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Uruguay ($X), with a X% share of total imports. It was followed by Guyana, with a X% share.

In Costa Rica, natural bitumen and asphalt imports declined by an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Uruguay (X% per year) and Guyana (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a abrupt contraction. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahamas ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahamas (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform