Singapore: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Singapore

The Singaporean petroleum bitumen market declined notably to $X in 2022, shrinking by X% against the previous year. Overall, consumption recorded a sharp shrinkage. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Petroleum Bitumen Production in Singapore

In value terms, petroleum bitumen production dropped to $X in 2022 estimated in export price. In general, production, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Petroleum bitumen production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Petroleum Bitumen Exports

Exports from Singapore

In 2022, overseas shipments of petroleum bitumen increased by X% to X tons, rising for the third consecutive year after two years of decline. The total export volume 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. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, petroleum bitumen exports surged to $X in 2022. Overall, total exports indicated a noticeable increase 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, exports increased by X% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), Indonesia (X tons) and Malaysia (X tons) were the main destinations of petroleum bitumen exports from Singapore, together accounting for X% of total exports. Vietnam, Australia, Thailand and South Africa lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and Malaysia ($X) constituted the largest markets for petroleum bitumen exported from Singapore worldwide, with a combined X% share of total exports. Vietnam, Australia, Thailand and South Africa lagged somewhat behind, together accounting for a further X%.

Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average petroleum bitumen export price stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price, however, saw a perceptible decline. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

Petroleum Bitumen Imports

Imports into Singapore

In 2022, approx. X tons of petroleum bitumen were imported into Singapore; picking up by X% on the previous year. Overall, imports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, petroleum bitumen imports skyrocketed to $X in 2022. In general, imports, however, saw a abrupt decline. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest petroleum bitumen supplier to Singapore, with a X% share of total imports. Moreover, petroleum bitumen imports from South Korea exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Italy (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 South Korea totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Italy (X% per year).

In value terms, South Korea ($X) constituted the largest supplier of petroleum bitumen to Singapore, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

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

Import Prices by Country

The average petroleum bitumen import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, import price indicated a mild expansion from 2012 to 2022: its price 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. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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