GCC: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in GCC

In 2022, the GCC natural bitumen and asphalt market increased by X% to $X, rising for the third year in a row after two years of decline. The total consumption indicated a resilient 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, consumption increased by X% against 2019 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Production of Natural Bitumen and Asphalt in GCC

In value terms, natural bitumen and asphalt production contracted to $X in 2022 estimated in export price. The total production indicated a pronounced 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, production increased by X% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2021, and then reduced in the following year.

Exports of Natural Bitumen and Asphalt

Exports in GCC

In 2022, the amount of natural bitumen and asphalt exported in GCC fell notably to X tons, waning by X% on the year before. In general, exports, however, showed a moderate increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports contracted sharply to $X in 2022. Overall, exports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Bahrain (X tons) was the key exporter of natural bitumen and asphalt, making up X% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a X% share, followed by the United Arab Emirates (X%) and Oman (X%).

Bahrain was also the fastest-growing in terms of the natural bitumen and asphalt exports, with a CAGR of X% from 2012 to 2022. At the same time, Oman (X%) and Saudi Arabia (X%) displayed positive paces of growth. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Bahrain (X p.p.), Saudi Arabia (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Bahrain ($X) emerged as the largest natural bitumen and asphalt supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Oman, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Bahrain stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Oman (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by X% against the previous year. In general, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in GCC

In 2022, the amount of natural bitumen and asphalt imported in GCC surged to X tons, rising by X% compared with 2021. In general, imports posted a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, natural bitumen and asphalt imports soared to $X in 2022. Overall, imports recorded a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United Arab Emirates (X tons) represented the key importer of natural bitumen and asphalt, making up X% of total imports. Oman (X tons) ranks second in terms of the total imports with a X% share, followed by Kuwait (X%).

The United Arab Emirates was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of X% from 2012 to 2022. At the same time, Kuwait (X%) and Oman (X%) displayed positive paces of growth. The United Arab Emirates (X p.p.) and Kuwait (X p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported natural bitumen and asphalt in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Oman (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by X% against the previous year. Import price indicated a noticeable increase 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. Based on 2022 figures, natural bitumen and asphalt import price decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :