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 declined to $X in 2022, remaining relatively unchanged against the previous year. The market value 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. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

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

In value terms, natural bitumen and asphalt production shrank to $X in 2022 estimated in export price. The total production indicated a slight 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, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports in Latin America and the Caribbean

In 2022, shipments abroad of natural bitumen and asphalt decreased by X% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, exports saw a abrupt setback. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports shrank significantly to $X in 2022. Overall, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X tons) and Venezuela (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Trinidad and Tobago (X tons), constituting a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Colombia (with a CAGR of X%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest natural bitumen and asphalt supplying countries in Latin America and the Caribbean were Colombia ($X), Venezuela ($X) and Trinidad and Tobago ($X), with a combined X% share of total exports.

Colombia, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (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 2022, natural bitumen and asphalt imports in Latin America and the Caribbean surged to X tons, rising by X% compared with 2021. Over the period under review, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, natural bitumen and asphalt imports soared to $X in 2022. Overall, imports continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Costa Rica (X tons) represented the main importer of natural bitumen and asphalt, comprising X% of total imports. Uruguay (X tons) ranks second in terms of the total imports with a X% share, followed by Honduras (X%). Belize (X tons) held a minor share of total imports.

From 2012 to 2022, 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%), Honduras (X%) and Belize (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 2012-2022. From 2012 to 2022, the share of Uruguay, Costa Rica and Honduras increased by X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X), Costa Rica ($X) and Honduras ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

In terms of the main importing countries, Uruguay, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price, however, recorded a deep setback. The level of import peaked at $X per ton in 2013; however, from 2014 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 Uruguay ($X per ton), while Belize ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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