Northern America: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Northern America

The North American market for processed petroleum oils and distillates declined to $X in 2022, falling by -7.7% against the previous year. Overall, consumption recorded a pronounced shrinkage. 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 Northern America

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2021 with an increase of 13% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Northern America

In 2022, overseas shipments of processed petroleum oils and distillates increased by 11% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when exports increased by 21%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Total exports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +122.1% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States represented the main exporter of processed petroleum oils and distillates in Northern America, with the volume of exports recording X tons, which was near 75% of total exports in 2022. It was distantly followed by Canada (X tons), constituting a 25% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to processed petroleum oils and distillates exports from the United States stood at +2.7%. At the same time, Canada (+9.0%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +9.0% from 2012-2022. Canada (+9.3 p.p.) significantly strengthened its position in terms of the total exports, while the United States saw its share reduced by -9.3% from 2012 to 2022, respectively.

In value terms, the United States ($X) remains the largest processed petroleum oils and distillates supplier in Northern America, comprising 88% of total exports. The second position in the ranking was taken by Canada ($X), with a 12% share of total exports.

In the United States, processed petroleum oils and distillates exports expanded at an average annual rate of +2.7% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, picking up by 40% against the previous year. Over the period under review, the export price, however, recorded a slight decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-0.0%).

Imports of Processed Petroleum Oils and Distillates

Imports in Northern America

In 2022, imports of processed petroleum oils and distillates in Northern America contracted to X tons, with a decrease of -2.2% against 2021 figures. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 23% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 70% against the previous year. 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

The United States was the major importer of processed petroleum oils and distillates in Northern America, with the volume of imports resulting at X tons, which was near 70% of total imports in 2022. It was distantly followed by Canada (X tons), generating a 29% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to processed petroleum oils and distillates imports into the United States stood at -1.2%. At the same time, Canada (+8.9%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +8.9% from 2012-2022. While the share of Canada (+16 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United States (-15.8 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported processed petroleum oils and distillates in Northern America, comprising 79% of total imports. The second position in the ranking was taken by Canada ($X), with a 20% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to -1.5%.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, picking up by 34% against the previous year. Over the period under review, the import price, however, showed a slight contraction. The most prominent rate of growth was recorded in 2021 an increase of 60% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-0.3%).

Source: IndexBox Platform

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