Middle East: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in the Middle East

In 2022, the Middle Eastern natural bitumen and asphalt market increased by X% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in the Middle East

In value terms, natural bitumen and asphalt production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight curtailment. The pace of growth appeared the most rapid in 2014 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports in the Middle East

For the third year in a row, the Middle East recorded decline in shipments abroad of natural bitumen and asphalt, which decreased by X% to X tons in 2022. Over the period under review, exports saw a perceptible setback. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports dropped rapidly to $X in 2022. In general, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bahrain was the key exporting country with an export of about X tons, which finished at X% of total exports. Iraq (X tons) held the second position in the ranking, distantly followed by Saudi Arabia (X tons), Iran (X tons) and the United Arab Emirates (X tons). All these countries together took approx. X% share of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bahrain ($X), Iraq ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising X% of total exports. Oman, Saudi Arabia and Iran lagged somewhat behind, together comprising a further X%.

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

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price recorded a abrupt contraction. The growth pace was the most rapid in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 the Middle East

In 2022, approx. X tons of natural bitumen and asphalt were imported in the Middle East; growing by X% on the previous year. Over the period under review, imports enjoyed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, natural bitumen and asphalt imports surged to $X in 2022. Overall, imports enjoyed a resilient 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 largest importer of natural bitumen and asphalt, constituting X% of total imports. Oman (X tons) held the second position in the ranking, distantly followed by Kuwait (X tons). All these countries together took approx. X% share of total imports.

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. While the share of the United Arab Emirates (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported natural bitumen and asphalt in the Middle East, comprising X% of total imports. The second position in the ranking was held by Oman ($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 stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, falling by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a 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

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