Based on the provided forecast data, starting from 2024 the import of petroleum bitumen to the UK is projected to see a continuous increase. The values for 2024, through to 2028 show a year-on-year incremental rise. Comparatively, for the years 2024 to 2028, an upward trend is evident with consistent annual growth in import volumes.
The year-on-year variations (YoY) for the forecasted period indicate the following: an increase of approximately 3.32% from 2024 to 2025, 3.13% from 2025 to 2026, 2.99% from 2026 to 2027, and 2.84% from 2027 to 2028. Taken together, this signifies a compound annual growth rate (CAGR) of around 3.07% over the five-year period. For context, in 2023, the import value was below the forecasted value for 2024, indicating an upward revision in imports beginning in 2024.
Future trends to monitor include potential changes in UK's infrastructure projects, ecological policies impacting bitumen use, and global oil market fluctuations which could influence the import prices and volumes of petroleum bitumen. Monitoring these factors will be crucial in adapting strategies and forecasts accordingly.
