Australia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Australia

In 2022, the Australian market for processed petroleum oils and distillates increased by 59% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a buoyant expansion. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Production of Processed Petroleum Oils and Distillates in Australia

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. In general, production showed a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 31%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Australia

In 2022, processed petroleum oils and distillates exports from Australia skyrocketed to X tons, increasing by 27% against the previous year. Over the period under review, exports recorded a pronounced increase. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for processed petroleum oils and distillates exports from Australia, with a 32% share of total exports. Moreover, processed petroleum oils and distillates exports to Singapore exceeded the volume sent to the second major destination, Japan (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore amounted to +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+12.3% per year) and Hong Kong SAR (+5.8% per year).

In value terms, Singapore ($X), Japan ($X) and China ($X) constituted the largest markets for processed petroleum oils and distillates exported from Australia worldwide, together comprising 52% of total exports. New Zealand, Hong Kong SAR and Brunei Darussalam lagged somewhat behind, together comprising a further 6.7%.

Among the main countries of destination, Brunei Darussalam, with a CAGR of +149.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, the export price, however, recorded a abrupt decrease. The pace of growth appeared the most rapid in 2018 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-2.1%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Australia

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 91% to X tons, rising for the second consecutive year after two years of decline. In general, imports showed prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 107%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 209%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Singapore (X tons), India (X tons) and Japan (X tons) were the main suppliers of processed petroleum oils and distillates imports to Australia, together accounting for 47% of total imports. China and Brunei Darussalam lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +640.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates suppliers to Australia were Singapore ($X), India ($X) and Japan ($X), with a combined 47% share of total imports. Brunei Darussalam and China lagged somewhat behind, together comprising a further 11%.

Brunei Darussalam, with a CAGR of +406.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, stabilizing at the previous year. In general, the import price, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2017 an increase of 50%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Singapore ($X per ton), while the price for India ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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