Singapore: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Singapore

The Singaporean petroleum bitumen market fell to $X in 2023, waning by X% against the previous year. In general, consumption recorded a abrupt descent. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market failed to regain momentum.

Petroleum Bitumen Production in Singapore

In value terms, petroleum bitumen production expanded remarkably to $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. Petroleum bitumen production peaked at $X in 2014; however, from 2015 to 2023, production remained at a lower figure.

Petroleum Bitumen Exports

Exports from Singapore

In 2023, overseas shipments of petroleum bitumen increased by X% to X tons, rising for the fourth year in a row after two years of decline. The total export volume 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. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked in 2023 and are likely to see steady growth in the near future.

In value terms, petroleum bitumen exports dropped markedly to $X in 2023. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

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 and Thailand lagged somewhat behind, together accounting for a further X%.

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

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

Among the main countries of destination, Thailand, with a CAGR of X%, recorded the highest rates of growth with regard to 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 average petroleum bitumen export price amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the export price showed a perceptible decline. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Vietnam ($X per ton), while the average price for exports to Thailand ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2023, 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 2023, approx. X tons of petroleum bitumen were imported into Singapore; picking up by X% compared with the previous year. Over the period under review, imports posted a measured expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in the immediate term.

In value terms, petroleum bitumen imports surged to $X in 2023. Overall, imports, however, continue to indicate a mild decrease. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, South Korea (X tons) constituted the largest supplier of petroleum bitumen to Singapore, accounting for 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), twofold. Indonesia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, 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 Indonesia (X% per year).

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

From 2012 to 2023, the average annual rate of growth in terms of value from South Korea stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Indonesia (X% per year).

Import Prices by Country

The average petroleum bitumen import price stood at $X per ton in 2023, waning by X% against the previous year. In general, the import price saw a noticeable descent. The most prominent rate of growth was recorded in 2016 when the average import price increased by X%. The import price peaked at $X per ton in 2017; however, from 2018 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform