India: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in India

The Indian market for processed petroleum oils and distillates shrank to $X in 2022, reducing by -8.7% against the previous year. Overall, consumption continues to indicate a perceptible descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in India

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production showed a noticeable shrinkage. The pace of growth was the most pronounced in 2018 when the production volume increased by 17% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from India

In 2022, processed petroleum oils and distillates exports from India rose remarkably to X tons, with an increase of 11% compared with 2021. In general, total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +60.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 44%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Over the period under review, exports showed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 111% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons), Singapore (X tons) and the United States (X tons) were the main destinations of processed petroleum oils and distillates exports from India, with a combined 25% share of total exports. Australia, Togo, Brazil, Israel, Indonesia, Turkey, South Korea, South Africa, China and Tanzania lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Togo (with a CAGR of +129.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from India were the Netherlands ($X), the United States ($X) and Singapore ($X), with a combined 24% share of total exports. Togo, Israel, Brazil, Australia, Indonesia, South Africa, Turkey, South Korea, Tanzania and China lagged somewhat behind, together comprising a further 42%.

Togo, with a CAGR of +125.5%, recorded the highest growth rate of the value of exports, among 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

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, increasing by 58% against the previous year. In general, the export price enjoyed a slight expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Israel ($X per ton) and South Africa ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into India

In 2022, approx. X tons of processed petroleum oils and distillates were imported into India; with an increase of 52% on the previous year. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 183%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports enjoyed prominent growth. The growth pace was the most rapid in 2021 when imports increased by 165% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Singapore (X tons) constituted the largest processed petroleum oils and distillates supplier to India, accounting for a 35% share of total imports. Moreover, processed petroleum oils and distillates imports from Singapore exceeded the figures recorded by the second-largest supplier, Qatar (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore amounted to +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (+25.1% per year) and the United States (+39.7% per year).

In value terms, Singapore ($X) constituted the largest supplier of processed petroleum oils and distillates to India, comprising 36% of total imports. The second position in the ranking was held by Qatar ($X), with a 10% share of total imports. It was followed by the United States, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (+14.8% per year) and the United States (+26.2% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the import price recorded a deep contraction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 24% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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