Report Update: May 1, 2024

Thailand - Processed Petroleum Oils and Distillates - Market Analysis, Forecast, Size, Trends And Insights

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Price for Processed Petroleum Oils and Distillates in Thailand - 2023

Price for Processed Petroleum Oils and Distillates in Thailand (FOB) - 2023

The average export price for processed petroleum oils and distillates stood at $744 per ton in September 2023, surging by 9.6% against the previous month. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $759 per ton in September 2022; however, from October 2022 to September 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Myanmar ($896 per ton), while the average price for exports to Japan ($525 per ton) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Processed Petroleum Oils and Distillates in Thailand (CIF) - 2022

The average import price for processed petroleum oils and distillates stood at $492 per ton in 2022, almost unchanged from the previous year. In general, the import price continues to indicate a abrupt setback. The growth pace was the most rapid in 2017 an increase of 52%. Over the period under review, average import prices reached the peak figure at $1,062 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($575 per ton), while the price for Qatar ($365 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-6.2%), while the prices for the other major suppliers experienced a decline.

Exports of Processed Petroleum Oils and Distillates in Thailand

In 2022, the amount of processed petroleum oils and distillates exported from Thailand rose remarkably to 12M tons, with an increase of 14% on 2021 figures. Overall, total exports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +14.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 67%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates exports rose sharply to $4.8B in 2022. Over the period under review, total exports indicated a modest expansion from 2019 to 2022: its value increased at an average annual rate of +1.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.2% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 67% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Export of Processed Petroleum Oils and Distillates in Thailand (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	1,285	540	902	1,723	10.3%
Cambodia	681	457	608	960	12.1%
South Korea	155	71.5	297	673	63.1%
Malaysia	479	174	308	503	1.6%
Philippines	79.9	57.0	401	279	51.7%
Myanmar	190	101	110	203	2.2%
Indonesia	40.0	27.0	45.5	134	49.6%
China	305	122	128	86.6	-34.3%
Vietnam	433	395	632	N/A	20.8%
Lao People's Democratic Republic	652	397	496	N/A	-12.8%
Others	295	179	287	257	-4.5%
Total	4,595	2,520	4,214	4,817	1.6%

Top Export Markets for Processed Petroleum Oils and Distillates from Thailand in 2022:

Singapore (5.3M tons)
Cambodia (2.2M tons)
South Korea (1.5M tons)
Malaysia (1.2M tons)
Myanmar (0.6M tons)
Philippines (0.5M tons)
Indonesia (0.2M tons)
China (0.2M tons)

Imports of Processed Petroleum Oils and Distillates in Thailand

In 2022, the amount of processed petroleum oils and distillates imported into Thailand totaled 6.1M tons, with an increase of 12% against 2021 figures. Over the period under review, imports recorded significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 63% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, processed petroleum oils and distillates imports rose notably to $3B in 2022. In general, imports, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2021 with an increase of 63%.

Import of Processed Petroleum Oils and Distillates in Thailand (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	1,250	713	914	994	-7.4%
China	880	303	295	526	-15.8%
Malaysia	408	162	171	355	-4.5%
South Korea	303	191	364	333	3.2%
Qatar	53.6	N/A	235	174	48.1%
Japan	162	101	110	170	1.6%
United Arab Emirates	4.3	3.7	35.2	168	239.3%
India	142	16.7	21.3	109	-8.4%
Saudi Arabia	N/A	N/A	354	N/A	0%
Others	151	153	178	168	3.6%
Total	3,354	1,644	2,677	2,999	-3.7%

Top Suppliers of Processed Petroleum Oils and Distillates to Thailand in 2022:

Singapore (2129.4K tons)
China (1054.5K tons)
Malaysia (754.3K tons)
South Korea (579.2K tons)
Qatar (477.9K tons)
United Arab Emirates (395.1K tons)
Japan (296.1K tons)
India (155.4K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for processed petroleum oils and distillates in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Thailand

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Thailand
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023