Belgium: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Belgium

In 2022, the Belgian market for processed petroleum oils and distillates increased by X% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. Processed petroleum oils and distillates consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Belgium

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. In general, production showed a noticeable decrease. The growth pace was the most rapid in 2015 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Belgium

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Belgium; picking up by X% on the year before. Over the period under review, exports saw a notable increase. The pace of growth was the most pronounced in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for processed petroleum oils and distillates exports from Belgium, accounting for a X% share of total exports. Moreover, processed petroleum oils and distillates exports to the Netherlands exceeded the volume sent to the second major destination, Nigeria (X tons), twofold. Germany (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (X% per year) and Germany (X% per year).

In value terms, the Netherlands ($X), Nigeria ($X) and Germany ($X) constituted the largest markets for processed petroleum oils and distillates exported from Belgium worldwide, together comprising X% of total exports. France, the UK, Luxembourg, the United States, Cote d'Ivoire, Senegal and Switzerland lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Cote d'Ivoire, with a CAGR of X%, saw 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

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, approximately reflecting the previous year. Overall, the export price, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to the United States ($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 the UK (X%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Belgium

In 2022, supplies from 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. In general, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Over the period under review, imports recorded a perceptible expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of processed petroleum oils and distillates to Belgium, with a X% share of total imports. Moreover, processed petroleum oils and distillates imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. France (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and France (X% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of processed petroleum oils and distillates to Belgium, comprising X% of total imports. The second position in the ranking was held by the UK ($X), with a X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and France (X% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, leveling off at the previous year. Overall, the import price, however, continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Finland ($X per ton), while the price for Norway ($X per ton) and the United States ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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