Asia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Asia

The Asian market for processed petroleum oils and distillates fell modestly to $X in 2022, approximately reflecting the previous year. In general, consumption, however, recorded a mild slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Asia

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 15%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Asia

In 2022, exports of processed petroleum oils and distillates in Asia declined to X tons, which is down by -7.8% compared with the previous year. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 24% against the previous year. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 57% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) and the United Arab Emirates (X tons) represented roughly 36% of total exports in 2022. South Korea (X tons) ranks next in terms of the total exports with a 12% share, followed by China (10%), Saudi Arabia (8.9%), Malaysia (7.1%) and Singapore (6.4%). Japan (X tons) took a relatively small share of total exports.

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 leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, together comprising 52% of total exports.

China, with a CAGR of +8.5%, saw 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 leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of 32% against the previous year. In general, the export price, however, showed a noticeable reduction. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 ($X per ton), while the United Arab Emirates ($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 more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Asia

In 2022, purchases abroad of processed petroleum oils and distillates increased by 7% to X tons, rising for the second consecutive year after four years of decline. The total import volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 32% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 55%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons), the Philippines (X tons), Singapore (X tons), Malaysia (X tons), Turkey (X tons), Hong Kong SAR (X tons), South Korea (X tons), Indonesia (X tons), Japan (X tons), the United Arab Emirates (X tons) and India (X tons) was the major importer of processed petroleum oils and distillates in Asia, generating 73% of total import. The following importers - Taiwan (Chinese) (X tons) and Saudi Arabia (X tons) - together made up 4.8% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of +22.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Indonesia ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 34% of total imports. The Philippines, Japan, Malaysia, South Korea, Turkey, Hong Kong SAR, Saudi Arabia, India, the United Arab Emirates and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 44%.

India, with a CAGR of +10.4%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Asia amounted to $X per ton, rising by 14% against the previous year. Overall, the import price, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2017 an increase of 33%. Over the period under review, import prices hit record highs 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 ($X per ton), while Hong Kong SAR ($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 more modest paces of growth.

Source: IndexBox Platform

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