South-Eastern Asia: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in South-Eastern Asia

In 2023, after two years of growth, there was significant decline in the Southeast Asian petroleum bitumen market, when its value decreased by X% to $X. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined in the following year.

Petroleum Bitumen Production in South-Eastern Asia

In value terms, petroleum bitumen production rose markedly to $X in 2023 estimated in export price. In general, production, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. 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 South-Eastern Asia

In 2023, after three years of decline, there was significant growth in shipments abroad of petroleum bitumen, when their volume increased by X% to X tons. 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of export peaked at X tons in 2019; afterwards, it flattened through to 2023.

In value terms, petroleum bitumen exports fell remarkably to $X in 2023. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2022, and then shrank remarkably in the following year.

Exports by Country

Singapore represented the main exporting country with an export of about X tons, which recorded X% of total exports. Malaysia (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (X%).

Singapore was also the fastest-growing in terms of the petroleum bitumen exports, with a CAGR of X% from 2012 to 2023. At the same time, Thailand (X%) displayed positive paces of growth. By contrast, Malaysia (X%) illustrated a downward trend over the same period. While the share of Singapore (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Malaysia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest petroleum bitumen supplier in South-Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Singapore was relatively modest. In the other countries, the average annual rates were as follows: Malaysia (X% per year) and Thailand (X% per year).

Export Prices by Country

In 2023, the export price in South-Eastern Asia amounted to $X per ton, shrinking by X% against the previous year. In general, the export price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2022 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

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

Petroleum Bitumen Imports

Imports in South-Eastern Asia

In 2023, the amount of petroleum bitumen imported in South-Eastern Asia dropped to X tons, falling by X% against the previous year's figure. Total imports indicated a resilient increase from 2012 to 2023: its volume 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 most prominent rate of growth was recorded in 2015 when imports increased by X%. The volume of import peaked at X tons in 2022, and then reduced in the following year.

In value terms, petroleum bitumen imports shrank to $X in 2023. Total imports indicated a moderate 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 2020 indices. The growth pace was the most rapid in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2023, Malaysia (X tons), Indonesia (X tons) and Vietnam (X tons) was the largest importer of petroleum bitumen in South-Eastern Asia, achieving X% of total import. It was distantly followed by Thailand (X tons), achieving a X% share of total imports. Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Malaysia (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 South-Eastern Asia were Indonesia ($X), Vietnam ($X) and Malaysia ($X), together comprising X% of total imports.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries 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 South-Eastern Asia stood at $X per ton in 2023, declining by X% against the previous year. In general, the import price continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 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 Thailand ($X per ton) and Vietnam ($X per ton), while Cambodia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform