Asia-Pacific: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Asia-Pacific

In 2022, the Asia-Pacific market for processed petroleum oils and distillates increased by 1.7% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Asia-Pacific

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production showed a pronounced decline. The pace of growth was the most pronounced in 2018 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Asia-Pacific

In 2022, exports of processed petroleum oils and distillates in Asia-Pacific expanded modestly to X tons, surging by 2.4% on 2021. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 when exports increased by 12% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, India (X tons), distantly followed by South Korea (X tons), China (X tons), Malaysia (X tons), Singapore (X tons) and Japan (X tons) represented the largest exporters of processed petroleum oils and distillates, together achieving 89% of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China (with a CAGR of +8.3%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Singapore ($X) were the countries with the highest levels of exports in 2022, together accounting for 71% of total exports.

China, with a CAGR of +8.5%, saw the highest rates of growth with regard to the value of exports, in terms of 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-Pacific amounted to $X per ton, growing by 42% against the previous year. Over the period under review, the export price, however, showed a mild reduction. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 ($X per ton), while Taiwan (Chinese) ($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-Pacific

In 2022, overseas purchases of processed petroleum oils and distillates increased by 17% to X tons, rising for the second year in a row after two years of decline. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.5% 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 +50.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 62% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Australia (X tons), China (X tons), the Philippines (X tons), Singapore (X tons), Malaysia (X tons), Hong Kong SAR (X tons), South Korea (X tons), Indonesia (X tons), Japan (X tons) and India (X tons) was the key importer of processed petroleum oils and distillates in Asia-Pacific, constituting 81% of total import.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +22.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Singapore ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, with a combined 44% share of total imports.

Among the main importing countries, Australia, with a CAGR of +13.2%, recorded the highest growth rate of the value of imports, 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-Pacific amounted to $X per ton, picking up by 16% against the previous year. Over the period under review, the import price, however, showed a pronounced downturn. The growth pace was the most rapid in 2017 an increase of 39% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 mixed trends in the import price figures.

Source: IndexBox Platform

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