Feb 22, 2025
IndexBox has just published a new report: World – Petroleum Bitumen – Market Analysis, Forecast, Size, Trends And Insights.
The global petroleum bitumen market is set to experience a continuous increase in demand, with a forecasted CAGR of +0.5% in volume and +1.9% in value from 2024 to 2035. This growth is expected to bring the market volume to 133M tons and market value to $76.6B by the end of 2035.
Market Forecast
Driven by increasing demand for petroleum bitumen worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 133M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.9% for the period from 2024 to 2035, which is projected to bring the market value to $76.6B (in nominal wholesale prices) by the end of 2035.
ConsumptionWorld’s Consumption of Petroleum Bitumen
In 2024, approx. 126M tons of petroleum bitumen were consumed worldwide; approximately reflecting the previous year’s figure. The total consumption volume increased at an average annual rate of +1.5% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations in certain years. Global consumption peaked at 128M tons in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.
The global petroleum bitumen market value rose slightly to $62.5B in 2024, picking up by 2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.1% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level in 2024 and is expected to retain growth in the immediate term.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were China (34M tons), the United States (24M tons) and India (8.5M tons), together comprising 52% of global consumption. Russia, South Korea, Germany, Japan, Saudi Arabia, Brazil and Turkey lagged somewhat behind, together accounting for a further 18%.
From 2013 to 2024, the biggest increases were recorded for South Korea (with a CAGR of +7.2%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, China ($19.9B) led the market, alone. The second position in the ranking was taken by the United States ($9.9B). It was followed by India.
From 2013 to 2024, the average annual rate of growth in terms of value in China amounted to +3.5%. In the other countries, the average annual rates were as follows: the United States (+1.0% per year) and India (+5.5% per year).
The countries with the highest levels of petroleum bitumen per capita consumption in 2024 were South Korea (77 kg per person), the United States (70 kg per person) and Saudi Arabia (61 kg per person).
From 2013 to 2024, the biggest increases were recorded for South Korea (with a CAGR of +7.0%), while consumption for the other global leaders experienced more modest paces of growth.
ProductionWorld’s Production of Petroleum Bitumen
In 2024, production of petroleum bitumen decreased by -0.7% to 127M tons for the first time since 2021, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 6%. Global production peaked at 128M tons in 2020; however, from 2021 to 2024, production failed to regain momentum.
In value terms, petroleum bitumen production rose modestly to $62.5B in 2024 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 with an increase of 16% against the previous year. As a result, production reached the peak level of $64.7B. From 2023 to 2024, global production growth failed to regain momentum.
Production By Country
The countries with the highest volumes of production in 2024 were China (31M tons), the United States (19M tons) and Russia (6.9M tons), together accounting for 45% of global production.
From 2013 to 2024, the biggest increases were recorded for China (with a CAGR of +5.0%), while production for the other global leaders experienced more modest paces of growth.
ImportsWorld’s Imports of Petroleum Bitumen
In 2024, the amount of petroleum bitumen imported worldwide declined modestly to 30M tons, approximately reflecting the previous year’s figure. The total import volume increased at an average annual rate of +3.2% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 30%. As a result, imports attained the peak of 37M tons. From 2022 to 2024, the growth of global imports remained at a lower figure.
In value terms, petroleum bitumen imports dropped modestly to $14.2B in 2024. Overall, total imports indicated a modest increase from 2013 to 2024: its value increased at an average annual rate of +1.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -9.0% against 2022 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 43% against the previous year. Global imports peaked at $15.6B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.
Imports By Country
In 2024, the United States (5.8M tons), distantly followed by China (3.5M tons) and India (3.3M tons) represented the main importers of petroleum bitumen, together comprising 42% of total imports. The following importers – Turkey (1,042K tons), Malaysia (1,037K tons), Vietnam (890K tons), the UK (857K tons), Australia (776K tons), Indonesia (637K tons) and France (604K tons) – together made up 19% of total imports.
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +31.4%), while purchases for the other global leaders experienced more modest paces of growth.
In value terms, the largest petroleum bitumen importing markets worldwide were the United States ($2.5B), China ($1.4B) and India ($1.3B), together accounting for 37% of global imports.
Among the main importing countries, India, with a CAGR of +27.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.
Import Prices By Country
In 2024, the average petroleum bitumen import price amounted to $472 per ton, with a decrease of -2.4% against the previous year. Over the period under review, the import price continues to indicate a perceptible setback. The most prominent rate of growth was recorded in 2022 an increase of 54% against the previous year. Over the period under review, average import prices attained the maximum at $589 per ton in 2013; however, from 2014 to 2024, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($552 per ton), while Indonesia ($354 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the UK (-0.8%), while the other global leaders experienced a decline in the import price figures.
ExportsWorld’s Exports of Petroleum Bitumen
In 2024, shipments abroad of petroleum bitumen decreased by -3.3% to 31M tons, falling for the third consecutive year after five years of growth. The total export volume increased at an average annual rate of +2.5% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 14%. As a result, the exports reached the peak of 35M tons. From 2022 to 2024, the growth of the global exports remained at a somewhat lower figure.
In value terms, petroleum bitumen exports contracted modestly to $14.4B in 2024. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 60%. The global exports peaked at $16.9B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.
Exports By Country
In 2024, Canada (5.4M tons), distantly followed by Singapore (2.6M tons), Iran (2.6M tons), Iraq (2.5M tons), the United Arab Emirates (2.3M tons), Turkey (1.4M tons) and Greece (1.4M tons) were the key exporters of petroleum bitumen, together constituting 59% of total exports. The United States (1.2M tons), South Korea (1.1M tons) and Germany (1M tons) followed a long way behind the leaders.
From 2013 to 2024, average annual rates of growth with regard to petroleum bitumen exports from Canada stood at +8.9%. At the same time, Turkey (+63.1%), Iraq (+50.8%), Greece (+13.7%), the United Arab Emirates (+12.9%), Singapore (+2.1%) and Iran (+1.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +63.1% from 2013-2024. The United States experienced a relatively flat trend pattern. By contrast, Germany (-1.2%) and South Korea (-8.8%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Canada, Iraq, the United Arab Emirates, Turkey and Greece increased by +8.6, +8.1, +4.8, +4.7 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest petroleum bitumen supplying countries worldwide were Canada ($2.5B), Singapore ($1.3B) and Iraq ($1.1B), together accounting for 34% of global exports.
In terms of the main exporting countries, Iraq, with a CAGR of +63.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
The average petroleum bitumen export price stood at $467 per ton in 2024, surging by 1.7% against the previous year. In general, the export price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 41%. Over the period under review, the average export prices attained the peak figure at $559 per ton in 2013; however, from 2014 to 2024, the export prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in Germany ($522 per ton) and Greece ($484 per ton), while Iran ($376 per ton) and the United States ($422 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Iraq (+8.1%), while the other global leaders experienced a decline in the export price figures.