Processed Petroleum Oils and Distillates Market

The article provides a comprehensive analysis of the processed petroleum oils and distillates market, highlighting key trends and projections for the period from 2022 to 2030. The global market is expected to see steady growth in both volume and value, with increasing demand driving consumption trends. Key insights include data on consumption volumes, production figures, import/export statistics, and price fluctuations over the past decade. The report also covers the top consuming and producing countries, as well as notable growth rates in key markets. Overall, the analysis showcases a dynamic market landscape with opportunities and challenges for industry players.

Market Forecast

Driven by increasing demand for processed petroleum oils and distillates worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 5,379M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $3,582.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Processed Petroleum Oils and Distillates

In 2022, global processed petroleum oils and distillates consumption stood at 4,962M tons, increasing by 4.7% on the previous year. The total consumption volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume in 2022 and is likely to continue growth in years to come.

The revenue of the market for processed petroleum oils and distillates worldwide expanded slightly to $2,767B in 2022, picking up by 4.1% 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). In general, consumption, however, saw a mild decrease. Global consumption peaked at $3,259B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (854M tons), China (740M tons) and Brazil (175M tons), together comprising 36% of global consumption. India, Russia, Japan, Germany, Mexico, South Korea, Australia, Iran, the UK and Saudi Arabia lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +8.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($429.8B), China ($403.6B) and Germany ($98.5B) constituted the countries with the highest levels of market value in 2022, with a combined 34% share of the global market. India, Japan, Brazil, Russia, Australia, South Korea, Mexico, the UK, Iran and Saudi Arabia lagged somewhat behind, together comprising a further 25%.

Australia, with a CAGR of +5.4%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of processed petroleum oils and distillates per capita consumption in 2022 were Australia (4.1 ton per person), the United States (2.5 ton per person) and Saudi Arabia (2.4 ton per person).

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +7.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Processed Petroleum Oils and Distillates

In 2022, approx. 4,346M tons of processed petroleum oils and distillates were produced worldwide; waning by -3% against the previous year's figure. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 6.4%. Global production peaked at 4,631M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, processed petroleum oils and distillates production reduced to $2,295.6B in 2022 estimated in export price. Overall, production showed a noticeable downturn. The pace of growth was the most pronounced in 2021 when the production volume increased by 13%. Global production peaked at $3,418B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (914M tons), China (731M tons) and Russia (289M tons), together accounting for 44% of global production. India, South Korea, Japan, Brazil, Saudi Arabia, Iran, Germany, Canada, Italy and the United Arab Emirates lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by the United Arab Emirates (with a CAGR of +10.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Processed Petroleum Oils and Distillates

In 2022, approx. 1,965M tons of processed petroleum oils and distillates were imported worldwide; surging by 28% on the year before. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +85.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, processed petroleum oils and distillates imports skyrocketed to $996.6B in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 64% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the Netherlands (149M tons), Mexico (123M tons), the United States (92M tons), Australia (87M tons), Belgium (69M tons), Brazil (69M tons), Germany (66M tons), China (63M tons), the UK (61M tons), Panama (52M tons), France (49M tons) and the Philippines (47M tons) was the key importer of processed petroleum oils and distillates in the world, generating 47% of total import. Singapore (41M tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +19.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($79.4B), the Netherlands ($54.4B) and Australia ($54.1B) appeared to be the countries with the highest levels of imports in 2022, together accounting for 19% of global imports.

Australia, with a CAGR of +13.2%, 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 global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $507 per ton, with an increase of 11% against the previous year. Over the period under review, the import price, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 26% against the previous year. Over the period under review, average import prices reached the peak figure at $912 per ton in 2012; however, from 2013 to 2022, 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 Singapore ($1,084 per ton), while Brazil ($352 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.7%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Processed Petroleum Oils and Distillates

In 2022, shipments abroad of processed petroleum oils and distillates increased by 5.4% to 1,349M tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 21%. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, processed petroleum oils and distillates exports skyrocketed to $880.8B in 2022. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 55%. Over the period under review, the global exports attained the peak figure at $946.9B in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports By Country

The biggest shipments were from the Netherlands (153M tons), the United States (151M tons), Russia (129M tons), India (95M tons) and the United Arab Emirates (91M tons), together accounting for 46% of total export. South Korea (60M tons), China (54M tons), Canada (50M tons), Spain (50M tons), Belgium (48M tons), Saudi Arabia (46M tons), Malaysia (36M tons) and Singapore (33M tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +12.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($133.8B), India ($94.3B) and the Netherlands ($67.4B) were the countries with the highest levels of exports in 2022, with a combined 34% share of global exports. Russia, China, Singapore, the United Arab Emirates, South Korea, Saudi Arabia, Belgium, Spain, Canada and Malaysia lagged somewhat behind, together accounting for a further 35%.

China, with a CAGR of +8.5%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $653 per ton, growing by 25% against the previous year. In general, the export price, however, saw a perceptible descent. The pace of growth appeared the most rapid in 2021 an increase of 28% against the previous year. Over the period under review, the average export prices reached the maximum at $898 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($1,330 per ton), while Canada ($354 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform