Europe: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Europe

In 2022, the Europe market for processed petroleum oils and distillates increased by 13% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, showed a slight slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Europe

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced slump. The pace of growth was the most pronounced in 2021 when the production volume increased by 17%. The level of 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 in Europe

In 2022, overseas shipments of processed petroleum oils and distillates increased by 17% 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 +1.9% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 24%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. Overall, exports, however, recorded a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of 59% against the previous year. 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) and Russia (X tons) represented roughly 51% of total exports in 2022. Spain (X tons) took a 9% share (based on physical terms) of total exports, which put it in second place, followed by Belgium (8.6%) and Italy (4.6%). Germany (X tons), the UK (X tons), Greece (X tons), Sweden (X tons), France (X tons) and Portugal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Portugal (with a CAGR of +13.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates supplying countries in Europe were the Netherlands ($X), Russia ($X) and Germany ($X), with a combined 45% share of total exports. Italy, Belgium, Spain, the UK, Greece, Sweden, France and Portugal lagged somewhat behind, together accounting for a further 40%.

Greece, with a CAGR of +4.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Europe amounted to $X per ton, rising by 14% against the previous year. Overall, the export price, however, continues to indicate a noticeable slump. The pace of growth appeared the most rapid in 2017 when the export price increased by 31% against the previous year. Over the period under review, the export prices attained the maximum 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 ($X per ton), while Portugal ($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 Europe

In 2022, approx. X tons of processed petroleum oils and distillates were imported in Europe; growing by 50% on 2021. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.5% 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 +123.5% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons), distantly followed by Belgium (X tons), Germany (X tons), the UK (X tons), France (X tons) and Italy (X tons) represented the largest importers of processed petroleum oils and distillates, together achieving 61% of total imports. Spain (X tons), Malta (X tons), Sweden (X tons), Poland (X tons), Switzerland (X tons), Greece (X tons) and Austria (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to processed petroleum oils and distillates imports into the Netherlands stood at +3.5%. At the same time, Poland (+18.1%), Greece (+13.8%), Sweden (+11.4%), Malta (+11.0%), Belgium (+10.7%), Spain (+9.6%), the UK (+9.0%), Germany (+8.8%), Austria (+8.7%), Italy (+8.1%) and France (+5.6%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in Europe, with a CAGR of +18.1% from 2012-2022. By contrast, Switzerland (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Belgium, Germany, the UK and Poland increased by +3.2, +1.8, +1.8 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X), Germany ($X) and Belgium ($X) constituted the countries with the highest levels of imports in 2022, with a combined 36% share of total imports. The UK, France, Italy, Spain, Sweden, Austria, Poland, Switzerland, Malta and Greece lagged somewhat behind, together accounting for a further 36%.

Poland, with a CAGR of +8.5%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Europe stood at $X per ton in 2022, surging by 7.8% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2018 when the import price increased by 29%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Switzerland (-5.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform