East Asia:
The eastern region of Asia is called East Asia, which can include countries such as:
- China
- Hong Kong
- Japan
- Macau
- Mongolia
- North and South Korea
- Taiwan
- Singapore
- Thailand
Our company covers the bitumen supply all over East Asia, Northeast Asia, and Southeast Asia.
Southeast Asia Bitumen:
The bitumen market in Southeast Asia was in a steady condition in 2018. moreover, In Indonesia and Vietnam, the demand was stable, but the work related to roads and streets got slower after a while. The main reason for this problem was the weaker rupiah against the US dollar, which caused imports to be more expensive.
The construction projects of roads and streets decreased in Vietnam because of the wet weather in this country. Furthermore, the imports with low prices from Iran couldn’t help to make it up.
East Asia Bitumen Price in 2022:
Here there are some questions which are needed to focus on. These questions are listed below:
- How was the price of bitumen in 2022 in East Asia? Did it increase or decrease
- How was the rate of bitumen demand in 2022?
- What is the prediction for the price of bitumen in 2023?
Now, to get the answers to these questions, it’s better to pay attention to the following paragraph:
- The average price in 2022 had a clear increase. To explain more, crude oil production, of which bitumen is one of them, increased highly.
- In the past two years, we witnessed events like the Ukrain-Russia war and coronavirus, which seriously affected bitumen prices.
- Indeed, there is always demand for bitumen. But just the value of the order can be up or down.
- In 2023, we should see “the economic growth” of each country in east Asia. This is the essential factor that can control the oil price and, consequently, the bitumen price.
- In 2018, bitumen consumption was forecasted to grow 1.2-1.3 % up to 2024. Therefore, according to this statistic, we expect demand growth in the new year.
East Asia Bitumen Consumption:
Bitumen consumption will likely peak in 2023 due to pent-up demand from road construction projects hit by the coronavirus pandemic in 2022. So, we expect an increase in bitumen consumption and demand in East Asia.
Our Company:
We are a bitumen supplier company in East Asia, ready to supply the bitumen with different grades and high quality for your desired location. You can contact us whenever you want to ask questions and register your order. Our colleagues will answer you as soon as possible.