Petroleum Bitumen Market

The global petroleum bitumen market is expected to show growth in both volume and value over the next eight years, with a forecasted CAGR of +2.9% and +5.3% respectively. Key countries driving consumption include China, the United States, and India, while major exporters include Canada, Singapore, and South Korea. The analysis provides insights into consumption, production, import, and export trends, as well as a breakdown of key market figures and growth rates.

Market Forecast

Driven by increasing demand for petroleum bitumen worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 168M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $78.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Petroleum Bitumen

In 2022, the amount of petroleum bitumen consumed worldwide rose slightly to 134M tons, picking up by 3.6% against 2021 figures. The total consumption volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 5.6% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global petroleum bitumen market revenue amounted to $51.9B in 2022, with an increase of 3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at $57B in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (33M tons), the United States (24M tons) and India (7.8M tons), together accounting for 49% of global consumption. Russia, Qatar, Iran, the United Arab Emirates, South Korea, Japan, France, Germany, Saudi Arabia and Turkey lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Qatar (with a CAGR of +78.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen markets worldwide were China ($15.7B), the United States ($8.1B) and India ($3.3B), together accounting for 52% of the global market.

India, with a CAGR of +3.4%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

In 2022, the highest levels of petroleum bitumen per capita consumption was registered in Qatar (1,545 kg per person), followed by the United Arab Emirates (353 kg per person), the United States (72 kg per person) and Saudi Arabia (63 kg per person), while the world average per capita consumption of petroleum bitumen was estimated at 17 kg per person.

In Qatar, petroleum bitumen per capita consumption expanded at an average annual rate of +72.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.7% per year) and the United States (+0.3% per year).

Production

World Production of Petroleum Bitumen

In 2022, global production of petroleum bitumen was estimated at 130M tons, standing approx. at 2021 figures. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 5.9% against the previous year. Over the period under review, global production hit record highs at 133M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, petroleum bitumen production shrank to $43.9B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable decline. The pace of growth appeared the most rapid in 2017 when the production volume increased by 37%. Over the period under review, global production hit record highs at $65.3B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (31M tons), the United States (19M tons) and Russia (6.9M tons), with a combined 44% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by China (with a CAGR of +6.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Petroleum Bitumen

After five years of growth, supplies from abroad of petroleum bitumen decreased by -7.6% to 32M tons in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% 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 +65.8% against 2012 indices. The pace of growth appeared the most rapid in 2017 with an increase of 16%. Global imports peaked at 34M tons in 2021, and then declined in the following year.

In value terms, petroleum bitumen imports soared to $16.2B in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +76.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 42%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (5.6M tons), distantly followed by China (2.9M tons) and India (2.6M tons) represented the key importers of petroleum bitumen, together comprising 35% of total imports. France (1,068K tons), Algeria (1,005K tons), Turkey (1,001K tons), Malaysia (959K tons), Indonesia (926K tons), Australia (901K tons), Vietnam (870K tons), Belgium (867K tons), the UK (840K tons) and Egypt (717K tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by India (with a CAGR of +38.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen importing markets worldwide were the United States ($3B), China ($1.5B) and India ($1.2B), with a combined 36% share of global imports.

India, with a CAGR of +37.6%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average petroleum bitumen import price stood at $513 per ton in 2022, picking up by 35% against the previous year. Overall, the import price, however, saw a slight curtailment. Global import price peaked at $617 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($581 per ton) and Indonesia ($564 per ton), while Egypt ($441 per ton) and India ($456 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+4.3%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Petroleum Bitumen

After five years of growth, shipments abroad of petroleum bitumen decreased by -18.5% to 28M tons in 2022. Over the period under review, total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. As a result, the exports reached the peak of 35M tons, and then dropped dramatically in the following year.

In value terms, petroleum bitumen exports expanded to $14.4B in 2022. In general, total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 +64.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 58% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports By Country

In 2022, Canada (4.9M tons), followed by Singapore (3.1M tons), South Korea (2.2M tons), Iraq (2M tons), Germany (1.7M tons) and Turkey (1.4M tons) represented the key exporters of petroleum bitumen, together constituting 53% of total exports. Greece (1,209K tons), Italy (1,194K tons), Spain (1,077K tons), the Netherlands (913K tons), Russia (715K tons), the United States (709K tons) and Malaysia (689K tons) followed a long way behind the leaders.

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 +67.4%), while the other global leaders experienced more modest paces of growth.

In value terms, Canada ($2.7B), Singapore ($1.5B) and South Korea ($1.1B) constituted the countries with the highest levels of exports in 2022, together accounting for 37% of global exports. Iraq, Germany, Turkey, Italy, Spain, Greece, the Netherlands, Malaysia, Russia and the United States lagged somewhat behind, together accounting for a further 39%.

Iraq, with a CAGR of +63.4%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average petroleum bitumen export price amounted to $504 per ton, with an increase of 27% against the previous year. In general, the export price, however, showed a slight descent. The most prominent rate of growth was recorded in 2021 an increase of 35%. Over the period under review, the average export prices attained the peak figure at $591 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Canada ($546 per ton) and Malaysia ($542 per ton), while Iraq ($438 per ton) and Turkey ($451 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+2.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform