Finland: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Finland

In 2022, the Finnish market for processed petroleum oils and distillates increased by 18% to $X, rising for the fifth consecutive year after four years of decline. Over the period under review, consumption showed a strong expansion. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Production of Processed Petroleum Oils and Distillates in Finland

In value terms, processed petroleum oils and distillates production shrank slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 27% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Finland

In 2022, overseas shipments of processed petroleum oils and distillates increased by 17% to X tons, rising for the second year in a row after four years of decline. Over the period under review, exports, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2016 when exports increased by 32%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. In general, exports, however, showed a mild decrease. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Sweden (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of processed petroleum oils and distillates exports from Finland, together comprising 56% of total exports. The UK, Latvia, Belgium, Argentina, Estonia, Denmark, Germany and France lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Argentina (with a CAGR of +878.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Finland were Sweden ($X), the United States ($X) and the Netherlands ($X), with a combined 58% share of total exports. Belgium, the UK, Argentina, Germany, Estonia, Latvia, Denmark and France lagged somewhat behind, together accounting for a further 34%.

Argentina, with a CAGR of +960.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, rising by 35% against the previous year. In general, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average export price increased by 38% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Latvia ($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 Argentina (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Finland

In 2022, purchases abroad of processed petroleum oils and distillates increased by 62% to X tons, rising for the fourth year in a row after two years of decline. Overall, imports showed prominent growth. The pace of growth appeared the most rapid in 2013 when imports increased by 72% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. In general, imports posted resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 62%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Sweden (X tons) constituted the largest supplier of processed petroleum oils and distillates to Finland, with a 69% share of total imports. Moreover, processed petroleum oils and distillates imports from Sweden exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sweden stood at +28.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+18.9% per year) and the United States (+29.1% per year).

In value terms, Sweden ($X) constituted the largest supplier of processed petroleum oils and distillates to Finland, comprising 74% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total imports. It was followed by the United States, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sweden stood at +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+7.9% per year) and the United States (+12.4% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the import price showed a deep downturn. The pace of growth appeared the most rapid in 2017 an increase of 33%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-7.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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