Japan: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Japan

The Japanese market for processed petroleum oils and distillates contracted to $X in 2022, falling by -8.2% against the previous year. Overall, consumption showed a perceptible downturn. Processed petroleum oils and distillates 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 Japan

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. In general, production showed a abrupt contraction. The pace of growth appeared the most rapid in 2021 when the production volume increased by 18% against the previous year. Processed petroleum oils and distillates 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 from Japan

In 2022, processed petroleum oils and distillates exports from Japan soared to X tons, with an increase of 40% against the previous year. Overall, total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.8% 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 +41.7% against 2020 indices. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports saw a temperate expansion. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons), Singapore (X tons) and South Korea (X tons) were the main destinations of processed petroleum oils and distillates exports from Japan, with a combined 52% share of total exports. China, the United States, the Philippines, Malaysia, Chile and Hong Kong SAR lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +31.8%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), South Korea ($X) and Singapore ($X) constituted the largest markets for processed petroleum oils and distillates exported from Japan worldwide, together accounting for 50% of total exports. The United States, the Philippines, China, Chile, Malaysia and Hong Kong SAR lagged somewhat behind, together accounting for a further 36%.

The Philippines, with a CAGR of +31.0%, saw 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, growing by 45% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The export price 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 destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to China ($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 Hong Kong SAR (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Japan

In 2022, the amount of processed petroleum oils and distillates imported into Japan expanded markedly to X tons, growing by 8.5% compared with the previous year's figure. In general, total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 +65.2% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 52%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, processed petroleum oils and distillates imports rose notably to $X in 2022. Overall, imports, however, saw a slight reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 135% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Qatar (X tons) constituted the largest supplier of processed petroleum oils and distillates to Japan, with a 44% share of total imports. Moreover, processed petroleum oils and distillates imports from Qatar exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Qatar totaled +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+21.1% per year) and the United States (+16.2% per year).

In value terms, Qatar ($X) constituted the largest supplier of processed petroleum oils and distillates to Japan, comprising 43% of total imports. The second position in the ranking was taken by Singapore ($X), with a 13% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Qatar totaled +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+15.7% per year) and China (+18.7% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 54%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per ton) and Spain ($X per ton), while the price for the United States ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-3.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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