Scandinavia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Scandinavia

The Scandinavia market for processed petroleum oils and distillates soared to $X in 2022, picking up by 55% against the previous year. The total consumption indicated tangible growth from 2012 to 2022: its value 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, consumption increased by +79.4% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Scandinavia

In value terms, processed petroleum oils and distillates production dropped slightly to $X in 2022 estimated in export price. Overall, production saw a perceptible reduction. The pace of growth was the most pronounced in 2017 with an increase of 18% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in Scandinavia

In 2022, the amount of processed petroleum oils and distillates exported in Scandinavia contracted to X tons, waning by -11.5% compared with the previous year's figure. Over the period under review, exports saw a mild contraction. The pace of growth was the most pronounced in 2021 when exports increased by 9.2% against the previous year. Over the period under review, the exports reached the peak figure 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 surged to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 54%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Sweden represented the key exporting country with an export of about X tons, which amounted to 46% of total exports. Norway (X tons) held the second position in the ranking, followed by Finland (X tons). All these countries together held approx. 54% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Sweden (with a CAGR of -0.1%), while the other leaders experienced a decline in the exports figures.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) appeared to be the countries with the highest levels of exports in 2022.

Among the main exporting countries, Sweden, with a CAGR of +0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, surging by 55% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+1.1%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Scandinavia

In 2022, purchases abroad of processed petroleum oils and distillates increased by 65% to X tons, rising for the fourth year in a row after two years of decline. In general, imports saw a strong expansion. 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. Overall, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden represented the key importing country with an import of around X tons, which reached 46% of total imports. Finland (X tons) held a 29% share (based on physical terms) of total imports, which put it in second place, followed by Norway (25%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Norway (with a CAGR of +16.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), Sweden ($X) and Finland ($X) constituted the countries with the highest levels of imports in 2022.

Among the main importing countries, Norway, with a CAGR of +12.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, with an increase of 34% against the previous year. Overall, the import price, however, continues to indicate a abrupt setback. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Norway ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (-3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform