Asia: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in Asia

In 2021, the Asian market for processed petroleum oils and distillates decreased by -10% to $X, falling for the third year in a row after two years of growth. In general, consumption saw a mild descent. The growth pace was the most rapid in 2018 when the market value increased by 6.2%. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Asia

In value terms, processed petroleum oils and distillates production dropped notably to $X in 2021 estimated in export price. Overall, production showed a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 16% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in Asia

In 2021, processed petroleum oils and distillates exports in Asia expanded remarkably to X tons, increasing by 13% against 2020. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a perceptible decline. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the seven major exporters of processed petroleum oils and distillates, namely India, Singapore, South Korea, China, the United Arab Emirates, Malaysia and Saudi Arabia, represented more than two-thirds of total export. Taiwan (Chinese) (X tons) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +10.6%), while 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 ($X), Singapore ($X) and China ($X), with a combined 47% share of total exports.

China, with a CAGR of +4.7%, saw the highest rates of growth with regard to 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 2021, the export price in Asia amounted to $X per ton, growing by 30% against the previous year. In general, the export price, however, saw a abrupt decrease. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in India ($X per ton) and China ($X per ton), while the United Arab Emirates ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-3.8%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Asia

In 2021, overseas purchases of processed petroleum oils and distillates were finally on the rise to reach X tons after four years of decline. The total import volume increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 8% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2021. In general, imports, however, showed a deep contraction. The growth pace was the most rapid in 2017 when imports increased by 31% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Singapore (X tons) represented the largest importer of processed petroleum oils and distillates, committing 24% of total imports. Indonesia (X tons) held a 7.1% share (based on physical terms) of total imports, which put it in second place, followed by Japan (6.5%), South Korea (6%), Hong Kong SAR (5.7%), Malaysia (5.2%), the Philippines (5%) and India (4.7%). China (X tons), the United Arab Emirates (X tons), Taiwan (Chinese) (X tons), Vietnam (X tons) and Turkey (X tons) held a little share of total imports.

Singapore experienced a relatively flat trend pattern with regard to volume of imports of processed petroleum oils and distillates. At the same time, India (+23.5%), the Philippines (+10.9%), South Korea (+7.8%), Japan (+3.8%), Vietnam (+3.6%), the United Arab Emirates (+2.6%) and Hong Kong SAR (+1.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia, with a CAGR of +23.5% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.5%), Malaysia (-2.2%), China (-5.7%) and Turkey (-8.9%) illustrated a downward trend over the same period. While the share of India (+3.8 p.p.), the Philippines (+2.7 p.p.) and South Korea (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-2.3 p.p.), Turkey (-3.5 p.p.), Singapore (-3.7 p.p.) and China (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported processed petroleum oils and distillates in Asia, comprising 23% of total imports. The second position in the ranking was taken by South Korea ($X), with a 6.9% share of total imports. It was followed by Indonesia, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to -7.4%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+0.7% per year) and Indonesia (-9.3% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, rising by 10% against the previous year. In general, the import price, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 an increase of 35% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Vietnam ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-6.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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