South-Eastern Asia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in South-Eastern Asia

In 2022, the Southeast Asian market for processed petroleum oils and distillates increased by 9.7% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a mild decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in South-Eastern Asia

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2017 with an increase of 20%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in South-Eastern Asia

In 2022, overseas shipments of processed petroleum oils and distillates increased by 2.7% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2016 with an increase of 11% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 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, however, saw a noticeable decline. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X tons) and Singapore (X tons) were the key exporters of processed petroleum oils and distillates in South-Eastern Asia, together generating 79% of total exports. Thailand (X tons) ranks next in terms of the total exports with a 14% share, followed by Indonesia (4.8%). Vietnam (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +7.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the largest processed petroleum oils and distillates supplier in South-Eastern Asia, comprising 62% of total exports. The second position in the ranking was held by Malaysia ($X), with a 24% share of total exports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at -5.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+0.8% per year) and Thailand (-5.2% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, with an increase of 47% against the previous year. In general, the export price, however, continues to indicate a mild setback. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.6%), while the other leaders experienced mixed trends in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in South-Eastern Asia

In 2022, overseas purchases of processed petroleum oils and distillates increased by 7.4% to X tons for the first time since 2016, thus ending a five-year declining trend. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 8.8%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a noticeable decrease. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Philippines (X tons), Singapore (X tons), Malaysia (X tons) and Indonesia (X tons) was the major importer of processed petroleum oils and distillates in South-Eastern Asia, committing 82% of total import. It was distantly followed by Vietnam (X tons) and Myanmar (X tons), together creating a 12% share of total imports. Thailand (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +33.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Indonesia ($X) and the Philippines ($X) were the countries with the highest levels of imports in 2022, with a combined 75% share of total imports. Malaysia, Myanmar, Vietnam and Thailand lagged somewhat behind, together accounting for a further 23%.

In terms of the main importing countries, Myanmar, with a CAGR of +15.6%, recorded the highest rates of growth with regard to 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 South-Eastern Asia amounted to $X per ton, picking up by 42% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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