Asia-Pacific: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Asia-Pacific

In 2022, the Asia-Pacific petroleum bitumen market decreased by X% to $X for the first time since 2016, thus ending a five-year rising trend. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Petroleum Bitumen Production in Asia-Pacific

In value terms, petroleum bitumen production reduced to $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced setback. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports in Asia-Pacific

After four years of decline, shipments abroad of petroleum bitumen increased by X% to X tons in 2022. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern 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%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum bitumen exports soared to $X in 2022. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) and South Korea (X tons) dominates exports structure, together making up X% of total exports. Malaysia (X tons) took the next position in the ranking, followed by China (X tons) and Thailand (X tons). All these countries together took approx. X% share of total exports. Taiwan (Chinese) (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), South Korea ($X) and China ($X) were the countries with the highest levels of exports in 2022, together accounting for X% of total exports.

China, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2017 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($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-Pacific

After three years of growth, overseas purchases of petroleum bitumen decreased by X% to X tons in 2022. Total imports 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 appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced sharply in the following year.

In value terms, petroleum bitumen imports skyrocketed to $X in 2022. Total imports indicated a pronounced 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%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) and India (X tons) were the major importers of petroleum bitumen in Asia-Pacific, together generating X% of total imports. Malaysia (X tons) ranks next in terms of the total imports with an X% share, followed by Indonesia (X%), Australia (X%) and Vietnam (X%). Thailand (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen importing markets in Asia-Pacific were China ($X), India ($X) and Indonesia ($X), with a combined X% share of total imports.

India, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decline. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($X per ton) and Indonesia ($X per ton), while India ($X per ton) and Malaysia ($X per ton) were 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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