Belgium: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Belgium

In 2022, the Belgian market for processed petroleum oils and distillates increased by 8% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +26.6% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Belgium

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production showed a pronounced decrease. The pace of growth was the most pronounced in 2015 with an increase of 34% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Belgium

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Belgium; increasing by 55% compared with the year before. In general, exports posted a noticeable expansion. The pace of growth was the most pronounced in 2021 when exports increased by 70% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports, however, saw a noticeable curtailment. The pace of growth was the most pronounced in 2021 with an increase of 70%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for processed petroleum oils and distillates exports from Belgium, accounting for a 35% share of total exports. Moreover, processed petroleum oils and distillates exports to the Netherlands exceeded the volume sent to the second major destination, Germany (X tons), twofold. France (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+2.6% per year) and France (+6.2% per year).

In value terms, the largest markets for processed petroleum oils and distillates exported from Belgium were the Netherlands ($X), Germany ($X) and France ($X), together accounting for 60% of total exports. The UK, Luxembourg, the United States, South Africa and Switzerland lagged somewhat behind, together comprising a further 22%.

Among the main countries of destination, South Africa, with a CAGR of +19.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other 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 $X per ton, remaining constant against the previous year. In general, the export price, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2015 when the average export price increased by 51%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to South Africa ($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 the UK (-5.5%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Belgium

In 2022, overseas purchases of processed petroleum oils and distillates increased by 50% to X tons, rising for the second year in a row after four years of decline. In general, imports saw a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 52% against the previous year. Over the period under review, imports attained the peak figure 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. Over the period under review, imports showed noticeable growth. The most prominent rate of growth was recorded in 2021 with an increase of 52% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of processed petroleum oils and distillates to Belgium, accounting for a 45% share of total imports. Moreover, processed petroleum oils and distillates imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. France (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+10.9% per year) and France (+16.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of processed petroleum oils and distillates to Belgium, comprising 45% of total imports. The second position in the ranking was held by the UK ($X), with a 10% share of total imports. It was followed by France, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+1.8% per year) and France (+6.2% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2018 an increase of 32%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while the price for Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (-2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :