Croatia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Croatia

The Croatian market for processed petroleum oils and distillates surged to $X in 2022, with an increase of 20% against the previous year. Over the period under review, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +110.1% against 2016 indices. Processed petroleum oils and distillates consumption peaked in 2022 and is likely to see gradual growth in years to come.

Production of Processed Petroleum Oils and Distillates in Croatia

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. In general, production showed a abrupt slump. The growth pace was the most rapid in 2017 when the production volume increased by 39% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Croatia

In 2022, the amount of processed petroleum oils and distillates exported from Croatia contracted to X tons, which is down by -8.1% compared with the previous year. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 44%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, total exports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +159.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 68% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for processed petroleum oils and distillates exports from Croatia, with a 61% share of total exports. Moreover, processed petroleum oils and distillates exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Spain (X tons), ninefold. Montenegro (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina totaled +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+331.5% per year) and Montenegro (+15.4% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for processed petroleum oils and distillates exports from Croatia, comprising 63% of total exports. The second position in the ranking was held by Montenegro ($X), with a 7% share of total exports. It was followed by Spain, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bosnia and Herzegovina stood at +7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+16.2% per year) and Spain (+375.4% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, with an increase of 68% against the previous year. Over the period under review, the export price saw a slight expansion. The most prominent rate of growth was recorded in 2017 an increase of 74%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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 Morocco ($X per ton), while the average price for exports to Malta ($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 Spain (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Croatia

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Croatia; falling by -26.1% against the previous year's figure. Overall, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 when imports increased by 80% against the previous year. As a result, imports reached the peak of X tons, and then declined sharply in the following year.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports, however, showed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Italy (X tons), Slovenia (X tons) and Greece (X tons) were the main suppliers of processed petroleum oils and distillates imports to Croatia, together accounting for 89% of total imports. Bulgaria, Turkey and Hungary lagged somewhat behind, together comprising a further 7.6%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +45.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Slovenia ($X) and Greece ($X) were the largest processed petroleum oils and distillates suppliers to Croatia, together accounting for 89% of total imports. Bulgaria, Turkey and Hungary lagged somewhat behind, together accounting for a further 6.2%.

Among the main suppliers, Turkey, with a CAGR of +44.9%, saw 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 average import price for processed petroleum oils and distillates amounted to $X per ton, with an increase of 147% against the previous year. Overall, the import price continues to indicate a mild expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hungary ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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