Latin America and the Caribbean: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Latin America and the Caribbean

The Latin American petroleum bitumen market rose significantly to $X in 2023, surging by X% against the previous year. Overall, consumption, however, showed a perceptible downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Petroleum Bitumen Production in Latin America and the Caribbean

In value terms, petroleum bitumen production rose significantly to $X in 2023 estimated in export price. In general, production, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Petroleum Bitumen Exports

Exports in Latin America and the Caribbean

In 2023, overseas shipments of petroleum bitumen decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports showed a pronounced decline. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum bitumen exports dropped to $X in 2023. Over the period under review, exports recorded a pronounced contraction. The growth pace was the most rapid in 2013 with an increase of X%. The level of export peaked at $X in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Brazil (X tons), Guatemala (X tons) and Venezuela (X tons) was the major exporter of petroleum bitumen in Latin America and the Caribbean, generating X% of total export. It was distantly followed by Peru (X tons), constituting a X% share of total exports. The Dominican Republic (X tons), Argentina (X tons) and Honduras (X tons) held a minor share of total exports.

From 2012 to 2023, the biggest increases were recorded for the Dominican Republic (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen supplying countries in Latin America and the Caribbean were Brazil ($X), Guatemala ($X) and Venezuela ($X), together comprising X% of total exports. Peru, Argentina, the Dominican Republic and Honduras lagged somewhat behind, together accounting for a further X%.

The Dominican Republic, with a CAGR of X%, saw the highest growth rate of 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 2023, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the other leaders experienced more modest paces of growth.

Petroleum Bitumen Imports

Imports in Latin America and the Caribbean

In 2023, supplies from abroad of petroleum bitumen increased by X% to X tons, rising for the second year in a row after two years of decline. Total imports indicated moderate growth from 2012 to 2023: its volume 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 2021 indices. Over the period under review, imports reached the peak figure at X tons in 2019; afterwards, it flattened through to 2023.

In value terms, petroleum bitumen imports skyrocketed to $X in 2023. Total imports indicated a noticeable expansion from 2012 to 2023: its value 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. Based on 2023 figures, imports increased by X% against 2021 indices. The pace of growth was the most pronounced in 2018 when imports increased by X%. Over the period under review, imports attained the maximum in 2023 and are likely to continue growth in the near future.

Imports by Country

In 2023, Mexico (X tons), distantly followed by Argentina (X tons), Uruguay (X tons), Brazil (X tons), Costa Rica (X tons), Paraguay (X tons), the Dominican Republic (X tons) and Panama (X tons) represented the key importers of petroleum bitumen, together creating X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Argentina (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 Latin America and the Caribbean were Mexico ($X), Argentina ($X) and Uruguay ($X), with a combined X% share of total imports.

In terms of the main importing countries, Argentina, with a CAGR of X%, saw 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

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, which is down by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Uruguay ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform