Singapore: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Singapore

The Singaporean natural bitumen and asphalt market fell slightly to $X in 2022, declining by X% against the previous year. In general, consumption continues to indicate buoyant growth. Over the period under review, the market hit record highs at $X in 2021, and then declined in the following year.

Production of Natural Bitumen and Asphalt in Singapore

In value terms, natural bitumen and asphalt production fell to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced 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.

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Exports of Natural Bitumen and Asphalt

Exports from Singapore

Natural bitumen and asphalt exports from Singapore skyrocketed to X tons in 2022, increasing by X% against the previous year's figure. In general, exports, however, faced a deep reduction. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports surged to $X in 2022. Over the period under review, exports, however, recorded a deep reduction. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for natural bitumen and asphalt exports from Singapore, accounting for a X% share of total exports. Moreover, natural bitumen and asphalt exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Myanmar (X% per year).

In value terms, Indonesia ($X) remains the key foreign market for natural bitumen and asphalt exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Indonesia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Myanmar (X% per year).

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then dropped notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia ($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 Australia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Natural Bitumen and Asphalt

Imports into Singapore

In 2022, purchases abroad of natural bitumen and asphalt increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, showed a deep contraction. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports soared to $X in 2022. In general, imports, however, continue to indicate a drastic downturn. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of natural bitumen and asphalt to Singapore, with a X% share of total imports. Moreover, natural bitumen and asphalt imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a X% share.

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

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

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

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2022, which is down by X% against the previous year. In general, the import price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($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 prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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