Republic of Korea: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Republic of Korea

The South Korean natural bitumen and asphalt market dropped to $X in 2022, waning by X% against the previous year. In general, consumption, however, enjoyed a prominent expansion. Natural bitumen and asphalt consumption peaked at $X in 2021, and then fell in the following year.

Production of Natural Bitumen and Asphalt in Republic of Korea

In value terms, natural bitumen and asphalt production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Natural bitumen and asphalt production peaked at $X in 2021, and then contracted in the following year.

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Exports of Natural Bitumen and Asphalt

Exports from Republic of Korea

In 2022, natural bitumen and asphalt exports from South Korea dropped notably to X tons, waning by X% against 2021 figures. Over the period under review, exports continue to indicate a significant curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports shrank sharply to $X in 2022. Overall, exports continue to indicate a precipitous contraction. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for natural bitumen and asphalt exports from South Korea, accounting for a X% share of total exports. Moreover, natural bitumen and asphalt exports to Japan exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. Indonesia (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Indonesia (X% per year).

In value terms, Japan ($X), Saudi Arabia ($X) and Indonesia ($X) were the largest markets for natural bitumen and asphalt exported from South Korea worldwide, together comprising X% of total exports.

Among the main countries of destination, Japan, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average natural bitumen and asphalt export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price recorded a prominent expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into Republic of Korea

For the sixth consecutive year, South Korea recorded decline in purchases abroad of natural bitumen and asphalt, which decreased by X% to X tons in 2022. In general, imports continue to indicate a sharp decrease. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports contracted markedly to $X in 2022. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest natural bitumen and asphalt supplier to South Korea, accounting for a X% share of total imports. Moreover, natural bitumen and asphalt imports from the United States exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and China (X% per year).

In value terms, the United States ($X) constituted the largest supplier of natural bitumen and asphalt to South Korea, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Italy (X% per year).

Import Prices by Country

In 2022, the average natural bitumen and asphalt import price amounted to $X per ton, surging by X% against the previous year. Overall, the import price continues to indicate a strong increase. The pace of growth was the most pronounced in 2020 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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