EU: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the EU

In 2022, the EU market for processed petroleum oils and distillates increased by 12% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a mild descent. 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 the EU

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible shrinkage. 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 the EU

In 2022, overseas shipments of processed petroleum oils and distillates increased by 30% to X tons, rising for the second consecutive year after four years of decline. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 31%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 60%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands was the largest exporter of processed petroleum oils and distillates in the European Union, with the volume of exports resulting at X tons, which was near 39% of total exports in 2022. Spain (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Belgium (12%), Italy (6.4%), Germany (5.6%) and Greece (4.7%). The following exporters - Sweden (X tons) and France (X tons) - each accounted for a 6% share of total exports.

Exports from the Netherlands increased at an average annual rate of +7.5% from 2012 to 2022. At the same time, Spain (+12.0%), Greece (+4.3%), Belgium (+3.6%) and Germany (+2.5%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +12.0% from 2012-2022. Sweden and Italy experienced a relatively flat trend pattern. By contrast, France (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and Spain increased by +11 and +6.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest processed petroleum oils and distillates supplier in the European Union, comprising 27% of total exports. The second position in the ranking was taken by Germany ($X), with a 10% share of total exports. It was followed by Italy, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+3.2% per year) and Italy (-0.1% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, surging by 18% against the previous year. Over the period under review, the export price, however, showed a perceptible curtailment. The pace of growth appeared the most rapid in 2021 when the export price increased by 21%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($X per ton), while Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+0.8%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in the EU

Processed petroleum oils and distillates imports skyrocketed to X tons in 2022, jumping by 50% compared with 2021. Over the period under review, imports showed a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by 53% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 54% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons), distantly followed by Belgium (X tons), Germany (X tons), France (X tons) and Italy (X tons) represented the major importers of processed petroleum oils and distillates, together committing 63% of total imports. Spain (X tons), Malta (X tons), Sweden (X tons), Poland (X tons), Greece (X tons), Austria (X tons), Denmark (X tons) and Latvia (X tons) took a relatively small share of total imports.

Imports into the Netherlands increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Poland (+18.1%), Greece (+13.8%), Denmark (+12.4%), Sweden (+11.4%), Malta (+11.0%), Belgium (+10.7%), Spain (+9.6%), Germany (+8.8%), Austria (+8.7%), Italy (+8.1%), France (+5.6%) and Latvia (+2.0%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the European Union, with a CAGR of +18.1% from 2012-2022. Belgium (+3.3 p.p.), Poland (+1.8 p.p.) and Germany (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while the Netherlands saw its share reduced by -10.9% from 2012 to 2022, respectively. 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 the European Union were the Netherlands ($X), Germany ($X) and Belgium ($X), together comprising 46% of total imports. France, Italy, Spain, Sweden, Austria, Poland, Malta, Greece, Latvia and Denmark lagged somewhat behind, together comprising a further 37%.

In terms of the main importing countries, Poland, with a CAGR of +8.5%, saw the highest rates of growth with regard to 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 the European Union amounted to $X per ton, increasing by 2.8% against the previous year. In general, the import price, however, showed a deep contraction. The growth pace was the most rapid in 2018 when the import price increased by 30%. The level of import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Austria ($X per ton), while Malta ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (-6.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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