Benelux: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Benelux

In 2022, the Benelux market for processed petroleum oils and distillates increased by 4.4% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a perceptible setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Benelux

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. 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 Benelux

In 2022, processed petroleum oils and distillates exports in Benelux skyrocketed to X tons, rising by 48% against 2021 figures. Overall, exports showed a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 54% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

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 mild decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 55%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands represented the key exporter of processed petroleum oils and distillates in Benelux, with the volume of exports finishing at X tons, which was near 76% of total exports in 2022. It was distantly followed by Belgium (X tons), constituting a 24% share of total exports.

The Netherlands was also the fastest-growing in terms of the processed petroleum oils and distillates exports, with a CAGR of +7.5% from 2012 to 2022. At the same time, Belgium (+3.6%) displayed positive paces of growth. From 2012 to 2022, the share of the Netherlands increased by +7.4 percentage points.

In value terms, the Netherlands ($X) remains the largest processed petroleum oils and distillates supplier in Benelux, comprising 74% of total exports. The second position in the ranking was taken by Belgium ($X), with a 25% share of total exports.

In the Netherlands, processed petroleum oils and distillates exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

The export price in Benelux 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 most prominent rate of growth was recorded in 2017 when the export price increased by 14% against the previous year. 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 remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the Netherlands totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (-6.6%).

Imports of Processed Petroleum Oils and Distillates

Imports in Benelux

In 2022, overseas purchases of processed petroleum oils and distillates increased by 48% to X tons, rising for the second year in a row after four years of decline. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +129.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 54%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports, however, continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2021 with an increase of 54%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) was the largest importer of processed petroleum oils and distillates, generating 67% of total imports. It was distantly followed by Belgium (X tons), committing a 31% share of total imports. Luxembourg (X tons) followed a long way behind the leaders.

Imports into the Netherlands increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Belgium (+10.7%) and Luxembourg (+5.5%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in Benelux, with a CAGR of +10.7% from 2012-2022. While the share of Belgium (+12 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-12.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest processed petroleum oils and distillates importing markets in Benelux were the Netherlands ($X), Belgium ($X) and Luxembourg ($X), together accounting for 99.9% of total imports.

In terms of the main importing countries, Belgium, with a CAGR of +2.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Benelux amounted to $X per ton, flattening at the previous year. In general, the import price showed a abrupt decline. The pace of growth appeared the most rapid in 2017 when the import price increased by 31%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Luxembourg ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Luxembourg (-7.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform