GCC: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in GCC

After three years of decline, the GCC petroleum bitumen market increased by X% to $X in 2022. In general, consumption, however, continues to indicate a slight decline. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Petroleum Bitumen Production in GCC

In value terms, petroleum bitumen production contracted slightly to $X in 2022 estimated in export price. The total production indicated temperate growth 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, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Petroleum Bitumen Exports

Exports in GCC

In 2022, shipments abroad of petroleum bitumen decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed temperate growth. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell notably in the following year.

In value terms, petroleum bitumen exports contracted notably to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then contracted markedly in the following year.

Exports by Country

The United Arab Emirates was the major exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Bahrain (X tons), generating a X% share of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to petroleum bitumen exports from the United Arab Emirates stood at X%. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. By contrast, Bahrain (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while Bahrain saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest petroleum bitumen supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total exports.

In the United Arab Emirates, petroleum bitumen exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Petroleum Bitumen Imports

Imports in GCC

In 2022, petroleum bitumen imports in GCC soared to X tons, growing by X% compared with 2021. In general, imports recorded a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum bitumen imports soared to $X in 2022. Over the period under review, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates dominates imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by Qatar (X tons) and Oman (X tons), together creating a X% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the petroleum bitumen imports, with a CAGR of X% from 2012 to 2022. At the same time, Qatar (X%) and Oman (X%) displayed positive paces of growth. From 2012 to 2022, the share of the United Arab Emirates increased by X percentage points.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported petroleum bitumen in GCC, comprising X% of total imports. The second position in the ranking was held by Oman ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Oman (X% per year) and Qatar (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, reducing by X% against the previous year. In general, the import price continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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