Northern America: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Northern America

The North American petroleum bitumen market was estimated at $X in 2023, picking up by X% against the previous year. In general, consumption saw a pronounced curtailment. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Petroleum Bitumen Production in Northern America

In value terms, petroleum bitumen production rose rapidly to $X in 2023 estimated in export price. In general, production, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2023, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports in Northern America

In 2023, the amount of petroleum bitumen exported in Northern America reached X tons, growing by X% on 2022. Total exports indicated perceptible growth from 2012 to 2023: its volume 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, exports increased by X% against 2015 indices. The pace of growth appeared the most rapid in 2022 with an increase of X%. The volume of export peaked in 2023 and is likely to see gradual growth in the near future.

In value terms, petroleum bitumen exports shrank sharply to $X in 2023. Overall, exports enjoyed a temperate expansion. The pace of growth was the most pronounced in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Canada was the key exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by the United States (X tons), comprising a X% share of total exports.

Canada was also the fastest-growing in terms of the petroleum bitumen exports, with a CAGR of X% from 2012 to 2023. The United States (X%) illustrated a downward trend over the same period. While the share of Canada (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the United States (X p.p.) displayed negative dynamics.

In value terms, Canada ($X) remains the largest petroleum bitumen supplier in Northern America, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports.

In Canada, petroleum bitumen exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the export price showed a slight contraction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then shrank significantly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Canada (X%).

Petroleum Bitumen Imports

Imports in Northern America

In 2023, overseas purchases of petroleum bitumen decreased by X% to X tons for the first time since 2014, thus ending a eight-year rising trend. Overall, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2022 when imports increased by X%. As a result, imports reached the peak of X tons, and then contracted modestly in the following year.

In value terms, petroleum bitumen imports reduced markedly to $X in 2023. In general, imports, however, enjoyed a temperate increase. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

The United States prevails in imports structure, accounting for X tons, which was near X% of total imports in 2023. Canada (X tons) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the petroleum bitumen imports, with a CAGR of X% from 2012 to 2023. Canada (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United States increased by X percentage points.

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

From 2012 to 2023, the average annual rate of growth in terms of value in the United States totaled X%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2023, dropping by X% against the previous year. Over the period under review, the import price recorded a noticeable descent. The growth pace was the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%).

Source: IndexBox Platform