ASEAN: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in ASEAN

In 2022, the ASEAN market for processed petroleum oils and distillates increased by 9.8% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a mild slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in ASEAN

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. Overall, production saw a perceptible setback. The pace of growth appeared the most rapid in 2017 when the production volume increased by 20% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in ASEAN

In 2022, overseas shipments of processed petroleum oils and distillates increased by 2.7% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 11%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports, however, showed a noticeable curtailment. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) and Singapore (X tons) represented roughly 79% of total exports in 2022. Thailand (X tons) ranks next in terms of the total exports with a 14% share, followed by Indonesia (4.8%). Vietnam (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Malaysia (with a CAGR of +7.5%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the largest processed petroleum oils and distillates supplier in ASEAN, comprising 62% of total exports. The second position in the ranking was held by Malaysia ($X), with a 24% share of total exports. It was followed by Thailand, with a 6.9% share.

In Singapore, processed petroleum oils and distillates exports shrank by an average annual rate of -5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+0.8% per year) and Thailand (-5.2% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by 47% against the previous year. Overall, the export price, however, recorded a mild slump. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X 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 leaders experienced mixed trends in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in ASEAN

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 7.5% to X tons for the first time since 2016, thus ending a five-year declining trend. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when imports increased by 8.9%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports, however, showed a noticeable reduction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of processed petroleum oils and distillates imports in 2022 were the Philippines (X tons), Singapore (X tons), Malaysia (X tons) and Indonesia (X tons), together accounting for 82% of total import. It was distantly followed by Vietnam (X tons) and Myanmar (X tons), together creating a 12% share of total imports. Thailand (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +33.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates importing markets in ASEAN were Singapore ($X), Indonesia ($X) and the Philippines ($X), with a combined 75% share of total imports. Malaysia, Myanmar, Vietnam and Thailand lagged somewhat behind, together accounting for a further 23%.

Myanmar, with a CAGR of +15.6%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 42% against the previous year. In general, the import price, however, recorded a perceptible contraction. Over the period under review, import prices reached the peak figure at $X 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 ($X per ton), while Malaysia ($X 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 leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform