Luxembourg: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Luxembourg

In 2022, the Luxembourg market for processed petroleum oils and distillates increased by 36% to $X, rising for the second year in a row after two years of decline. Overall, consumption showed a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Luxembourg

Processed petroleum oils and distillates exports from Luxembourg expanded to X tons in 2022, surging by 2.5% on the previous year's figure. Overall, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 315% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates exports shrank sharply to $X in 2022. In general, exports, however, showed a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 174%. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

Belgium (X tons), France (X tons) and Germany (X tons) were the main destinations of processed petroleum oils and distillates exports from Luxembourg, with a combined 88% share of total exports. Italy, the Netherlands, Hungary and Poland lagged somewhat behind, together accounting for a further 5.8%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +78.8%), while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), France ($X) and Germany ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Luxembourg worldwide, together comprising 66% of total exports. Italy, Hungary, the Netherlands and Poland lagged somewhat behind, together comprising a further 15%.

Among the main countries of destination, Hungary, with a CAGR of +47.5%, saw the highest rates of growth with regard to the value of exports, 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, reducing by -58.5% against the previous year. Over the period under review, the export price recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2015 an increase of 42%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

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 Poland ($X per ton), while the average price for exports to Belgium ($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 Poland (-13.6%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Luxembourg

In 2022, the amount of processed petroleum oils and distillates imported into Luxembourg skyrocketed to X tons, picking up by 36% against the previous year's figure. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.5% 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 +102.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 49% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2018 with an increase of 62%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of processed petroleum oils and distillates to Luxembourg, accounting for a 62% share of total imports. Moreover, processed petroleum oils and distillates imports from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by France (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.6% per year) and France (+27.2% per year).

In value terms, Belgium ($X) constituted the largest supplier of processed petroleum oils and distillates to Luxembourg, comprising 60% of total imports. The second position in the ranking was held by Germany ($X), with a 16% share of total imports. It was followed by France, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.3% per year) and France (+19.1% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the import price showed a abrupt slump. The pace of growth was the most pronounced in 2018 an increase of 38%. 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 the Netherlands ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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