Asia-Pacific: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Asia-Pacific

The Asia-Pacific petroleum bitumen market totaled $X in 2023, picking up by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2023 and is expected to retain growth in the near future.

Petroleum Bitumen Production in Asia-Pacific

In value terms, petroleum bitumen production rose slightly to $X in 2023 estimated in export price. In general, production saw a slight shrinkage. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Petroleum Bitumen Exports

Exports in Asia-Pacific

In 2023, overseas shipments of petroleum bitumen increased by X% to X tons for the first time since 2017, thus ending a five-year declining trend. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports failed to regain momentum.

In value terms, petroleum bitumen exports fell to $X in 2023. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Singapore (X tons) and South Korea (X tons) prevails in exports structure, together mixing up X% of total exports. It was distantly followed by Malaysia (X tons), China (X tons) and Thailand (X tons), together mixing up a X% share of total exports. The following exporters - Taiwan (Chinese) (X tons) and India (X tons) - each resulted at a X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), South Korea ($X) and China ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Among the main exporting countries, China, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Asia-Pacific amounted to $X per ton, declining by X% against the previous year. In general, the export price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2022 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was China ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the other leaders experienced a decline in the export price figures.

Petroleum Bitumen Imports

Imports in Asia-Pacific

After two years of decline, purchases abroad of petroleum bitumen increased by X% to X tons in 2023. Total imports indicated a buoyant increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by X%. Over the period under review, imports attained the maximum at X tons in 2020; afterwards, it flattened through to 2023.

In value terms, petroleum bitumen imports shrank to $X in 2023. Total imports indicated noticeable growth from 2012 to 2023: its value 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then dropped in the following year.

Imports by Country

India (X tons) and China (X tons) represented roughly X% of total imports in 2023. Australia (X tons) ranks next in terms of the total imports with an X% share, followed by Malaysia (X%), Indonesia (X%) and Vietnam (X%). Thailand (X tons) held a relatively small share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen importing markets in Asia-Pacific were China ($X), India ($X) and Australia ($X), with a combined X% share of total imports.

Among the main importing countries, India, 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 more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2023, dropping by X% against the previous year. Over the period under review, the import price continues to indicate a perceptible decrease. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Australia ($X per ton) and Thailand ($X per ton), while India ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Australia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform