Italy: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Italy

The Italian market for processed petroleum oils and distillates was estimated at $X in 2022, picking up by 6.7% against the previous year. Overall, consumption, however, continues to indicate a pronounced decline. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Italy

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. In general, production showed a abrupt curtailment. The growth pace was the most rapid in 2021 when the production volume increased by 24% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Italy

In 2022, overseas shipments of processed petroleum oils and distillates increased by 6% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 24%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 87%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Gibraltar (X tons) and Spain (X tons) were the main destinations of processed petroleum oils and distillates exports from Italy, with a combined 28% share of total exports. France, Slovenia, Libya, Croatia, Switzerland, Turkey, Morocco, the Netherlands, Tunisia and Egypt lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the biggest increases were recorded for Morocco (with a CAGR of +26.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Gibraltar ($X) and France ($X) constituted the largest markets for processed petroleum oils and distillates exported from Italy worldwide, together comprising 27% of total exports. Slovenia, Croatia, Spain, Libya, Turkey, the Netherlands, Tunisia, Switzerland, Morocco and Egypt lagged somewhat behind, together accounting for a further 48%.

Morocco, with a CAGR of +21.8%, recorded the highest rates of growth with regard to 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

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, jumping by 53% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 60%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Switzerland ($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 Turkey (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Italy

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Italy; with an increase of 65% compared with the year before. Overall, imports saw a strong increase. 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 soared to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Greece (X tons), Spain (X tons) and Turkey (X tons) were the main suppliers of processed petroleum oils and distillates imports to Italy, together comprising 52% of total imports. Slovenia, India, Egypt, the Netherlands, Azerbaijan, Belgium, France, Germany and Romania lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +126.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X), Spain ($X) and Slovenia ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Italy, with a combined 48% share of total imports. Turkey, India, Egypt, the Netherlands, Belgium, Germany, France, Romania and Azerbaijan lagged somewhat behind, together accounting for a further 45%.

Romania, with a CAGR of +91.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, approximately equating the previous year. In general, the import price, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2018 an increase of 41%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Azerbaijan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (-5.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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