Turkey: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Turkey

The Turkish market for processed petroleum oils and distillates soared to $X in 2022, growing by 21% against the previous year. Over the period under review, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +58.9% against 2020 indices. Processed petroleum oils and distillates consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Turkey

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. Over the period under review, the total production indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -24.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 71% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Turkey

For the fourth year in a row, Turkey recorded growth in shipments abroad of processed petroleum oils and distillates, which increased by 23% to X tons in 2022. Over the period under review, exports showed a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 32%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. Overall, exports recorded resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons), Lebanon (X tons) and South Africa (X tons) were the main destinations of processed petroleum oils and distillates exports from Turkey, with a combined 27% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lebanon (with a CAGR of +42.1%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Lebanon ($X) and South Africa ($X) constituted the largest markets for processed petroleum oils and distillates exported from Turkey worldwide, together accounting for 29% of total exports.

Among the main countries of destination, Lebanon, with a CAGR of +41.5%, recorded 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, surging by 59% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Singapore ($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 Cyprus (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Turkey

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 88% to X tons, rising for the second consecutive year after three years of decline. In general, imports recorded strong growth. 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 skyrocketed to $X in 2022. Overall, imports, however, recorded a noticeable shrinkage. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of processed petroleum oils and distillates to Turkey, with a 30% share of total imports. Moreover, processed petroleum oils and distillates imports from India exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Greece (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +27.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.4% per year) and Greece (+2.3% per year).

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to Turkey, comprising 30% of total imports. The second position in the ranking was held by Italy ($X), with a 12% share of total imports. It was followed by Greece, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +16.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.2% per year) and Greece (-6.7% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the import price saw a abrupt descent. The pace of growth was the most pronounced in 2018 an increase of 32%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-7.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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