MENA: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in MENA

The MENA's petroleum bitumen market dropped to $X in 2023, waning by X% against the previous year. Over the period under review, consumption saw a noticeable curtailment. The growth pace was the most rapid in 2022 when the market value increased by X%. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Petroleum Bitumen Production in MENA

In value terms, petroleum bitumen production rose remarkably to $X in 2023 estimated in export price. Overall, production continues to indicate a perceptible setback. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2023, production remained at a lower figure.

Petroleum Bitumen Exports

Exports in MENA

Petroleum bitumen exports skyrocketed to X tons in 2023, with an increase of X% compared with the year before. Overall, exports posted prominent growth. 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 maximum at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, petroleum bitumen exports expanded remarkably to $X in 2023. Over the period under review, exports showed a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons), Iran (X tons) and Iraq (X tons), together resulting at X% of total export. It was distantly followed by Turkey (X tons), creating a X% share of total exports. Bahrain (X tons) followed a long way behind the leaders.

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

In value terms, the United Arab Emirates ($X), Iran ($X) and Iraq ($X) were the countries with the highest levels of exports in 2023, together accounting for X% of total exports.

Among the main exporting countries, Iraq, 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

The export price in MENA stood at $X per ton in 2023, falling by X% against the previous year. In general, the export price saw a pronounced reduction. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Bahrain ($X per ton) and the United Arab Emirates ($X per ton), while Iran ($X per ton) and Iraq ($X per ton) were amongst the lowest.

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

Petroleum Bitumen Imports

Imports in MENA

In 2023, overseas purchases of petroleum bitumen decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, petroleum bitumen imports contracted markedly to $X in 2023. Overall, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Turkey (X tons), distantly followed by Algeria (X tons), Morocco (X tons) and Iraq (X tons) represented the key importers of petroleum bitumen, together comprising X% of total imports. The following importers - Tunisia (X tons), Egypt (X tons) and Oman (X tons) - together made up 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 Iraq (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 MENA were Turkey ($X), Algeria ($X) and Morocco ($X), with a combined X% share of total imports. Iraq, Egypt, Tunisia and Oman lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Iraq, with a CAGR of X%, recorded the highest growth rate of 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 MENA stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the import price saw a noticeable curtailment. The pace of growth was the most pronounced in 2018 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Egypt ($X per ton) and Turkey ($X per ton), while Oman ($X per ton) and Iraq ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform