Asia-Pacific: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in Asia-Pacific

In 2021, the Asia-Pacific market for processed petroleum oils and distillates decreased by -10.1% to $X, falling for the third year in a row after two years of growth. In general, consumption saw a slight decrease. The pace of growth appeared the most rapid in 2018 with an increase of 7.2%. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Asia-Pacific

In value terms, processed petroleum oils and distillates production declined remarkably to $X in 2021 estimated in export price. In general, production faced a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 15%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in Asia-Pacific

In 2021, processed petroleum oils and distillates exports in Asia-Pacific expanded rapidly to X tons, with an increase of 15% against the previous year's figure. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates exports soared to $X in 2021. Over the period under review, exports, however, saw a perceptible contraction. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from India (X tons), Singapore (X tons), South Korea (X tons) and China (X tons), together amounting to 77% of total export. It was distantly followed by Malaysia (X tons), generating a 10% share of total exports. Taiwan (Chinese) (X tons) and Japan (X tons) held a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main 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-Pacific were India ($X), Singapore ($X) and China ($X), with a combined 62% share of total exports.

China, with a CAGR of +4.7%, saw 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 2021, the export price in Asia-Pacific amounted to $X per ton, increasing by 33% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt contraction. Over the period under review, the export prices attained the maximum 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 ($X per ton) and Japan ($X per ton), while Taiwan (Chinese) ($X per ton) and Singapore ($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-Pacific

In 2021, supplies from abroad of processed petroleum oils and distillates was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by 11% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports soared to $X in 2021. In general, imports, however, recorded a deep slump. The pace of growth was the most pronounced in 2017 when imports increased by 33%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Singapore was the largest importer of processed petroleum oils and distillates in Asia-Pacific, with the volume of imports recording X tons, which was approx. 25% of total imports in 2021. Australia (X tons) ranks second in terms of the total imports with a 9.8% share, followed by Indonesia (7.4%), Japan (6.9%), South Korea (6.3%), Hong Kong SAR (6.1%), Malaysia (5.5%), the Philippines (5.3%), India (4.9%) and China (4.7%).

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%), Australia (+10.2%), South Korea (+7.8%), Japan (+3.8%) and Hong Kong SAR (+1.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +23.5% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (-2.2%) and China (-5.7%) illustrated a downward trend over the same period. While the share of Australia (+4.6 p.p.), India (+4 p.p.), the Philippines (+2.6 p.p.) and South Korea (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-1.7 p.p.), Malaysia (-3.1 p.p.), China (-5.5 p.p.) and Singapore (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported processed petroleum oils and distillates in Asia-Pacific, comprising 25% of total imports. The second position in the ranking was taken by Australia ($X), with a 10% share of total imports. It was followed by South Korea, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at -7.4%. In the other countries, the average annual rates were as follows: Australia (-0.1% per year) and South Korea (+0.7% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, increasing by 8.5% against the previous year. Overall, the import price, however, saw a abrupt slump. The growth pace was the most rapid in 2017 an increase of 40%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per ton), while India ($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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