Asia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Asia

The Asian market for processed petroleum oils and distillates fell slightly to $X.7B in 2022, remaining constant against the previous year. Over the period under review, consumption, however, showed a mild curtailment. The level of consumption peaked at $X.5B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Asia

In value terms, processed petroleum oils and distillates production shrank to $X.4B in 2022 estimated in export price. Overall, production recorded a noticeable curtailment. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X.1B in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Exports of Processed Petroleum Oils and Distillates

Exports in Asia

In 2022, exports of processed petroleum oils and distillates in Asia dropped to X tons, waning by X% on 2021 figures. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, India (X tons) and the United Arab Emirates (X tons) represented the main exporters of processed petroleum oils and distillates in Asia, together resulting at near X% of total exports. South Korea (X tons) ranks next in terms of the total exports with a X% share, followed by China (X%), Saudi Arabia (X%), Malaysia (X%) and Singapore (X%). Japan (X tons) followed a long way behind the leaders.

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

In value terms, the largest processed petroleum oils and distillates supplying countries in Asia were India ($X), China ($X) and Singapore ($X), with a combined X% share of total exports.

China, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price, however, saw a perceptible descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Singapore ($X per ton), while the United Arab Emirates ($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 (X%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Asia

In 2022, purchases abroad of processed petroleum oils and distillates increased by X% to X tons, rising for the second year in a row after four years of decline. The total import volume increased at an average annual rate of X% 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 2021 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the eleven major importers of processed petroleum oils and distillates, namely China, the Philippines, Singapore, Malaysia, Turkey, Hong Kong SAR, South Korea, Indonesia, Japan, the United Arab Emirates and India, represented more than two-thirds of total import. Taiwan (Chinese) (X tons) and Saudi Arabia (X tons) held a little share of total imports.

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

In value terms, the largest processed petroleum oils and distillates importing markets in Asia were Singapore ($X), Indonesia ($X) and China ($X), with a combined X% share of total imports. The Philippines, Japan, Malaysia, South Korea, Turkey, Hong Kong SAR, Saudi Arabia, India, the United Arab Emirates and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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 Asia amounted to $X per ton, increasing by X% against the previous year. Overall, the import price, however, recorded a pronounced setback. The growth pace was the most rapid in 2017 an increase of X% against the previous year. The level of import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Hong Kong SAR ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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