The import of petroleum bitumen to the US is projected to increase steadily from 2024 through 2028. Compared to the actual figure in 2023, the forecast for 2024 indicates a starting value of 1.4584 billion US dollars. The subsequent years demonstrate a consistent year-on-year growth:
- 2025: 1.4986 billion US dollars, reflecting a 2.75% increase from 2024
- 2026: 1.538 billion US dollars, a 2.63% increase from 2025
- 2027: 1.5767 billion US dollars, a 2.52% increase from 2026
- 2028: 1.6145 billion US dollars, a 2.4% increase from 2027
Over the past two years, the average annual growth rate was approximately 2.65%. The Compound Annual Growth Rate (CAGR) over the five years from 2024 to 2028 averages about 2.58% per year.
Future trends to watch for include the impact of developing infrastructure projects, alternative materials adoption, and evolving regulations related to bitumen usage. Geopolitical tensions affecting supply chains and changes in oil prices may also significantly influence the import dynamics of petroleum bitumen.
