Europe: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in Europe

After two years of decline, the Europe market for processed petroleum oils and distillates increased by 11% to $X in 2021. Over the period under review, consumption, however, saw a pronounced shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Europe

In value terms, processed petroleum oils and distillates production contracted markedly to $X in 2021 estimated in export price. Overall, production showed a abrupt contraction. The growth pace was the most rapid in 2017 when the production volume increased by 17% 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 Europe

In 2021, overseas shipments of processed petroleum oils and distillates increased by 26% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports saw a relatively flat trend pattern. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a pronounced shrinkage. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Russia (X tons), distantly followed by the Netherlands (X tons), Belgium (X tons), Spain (X tons) and Italy (X tons) were the largest exporters of processed petroleum oils and distillates, together making up 69% of total exports. The following exporters - Greece (X tons), Germany (X tons), Belarus (X tons), the UK (X tons), Sweden (X tons), Norway (X tons) and France (X tons) - together made up 22% of total exports.

From 2012 to 2021, the biggest increases were in Greece (with a CAGR of +6.1%), 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 Europe were Russia ($X), the Netherlands ($X) and Belgium ($X), with a combined 55% share of total exports. These countries were followed by Spain, Italy, Germany, Greece, the UK, Sweden, France, Belarus and Norway, which together accounted for a further 34%.

In terms of the main exporting countries, Greece, with a CAGR of +0.9%, 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 mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Europe amounted to $X per ton, increasing by 41% against the previous year. In general, the export price, however, showed a perceptible setback. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (-3.0%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Europe

In 2021, imports of processed petroleum oils and distillates in Europe soared to X tons, rising by 49% on 2020 figures. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2021. In general, imports, however, recorded a deep reduction. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the Netherlands (X tons), distantly followed by Belgium (X tons), Germany (X tons), France (X tons) and the UK (X tons) were the key importers of processed petroleum oils and distillates, together mixing up 55% of total imports. Italy (X tons), Spain (X tons), Malta (X tons), Gibraltar (X tons), Ukraine (X tons), Sweden (X tons), Greece (X tons) and Switzerland (X tons) took a relatively small share of total imports.

The Netherlands experienced a relatively flat trend pattern with regard to volume of imports of processed petroleum oils and distillates. At the same time, Greece (+10.5%), Malta (+9.5%), Spain (+7.4%), Belgium (+7.3%), Sweden (+6.9%), Germany (+4.6%), Italy (+3.1%), Ukraine (+2.1%) and France (+1.9%) displayed positive paces of growth. Moreover, Greece emerged as the fastest-growing importer imported in Europe, with a CAGR of +10.5% from 2012-2021. The UK experienced a relatively flat trend pattern. By contrast, Gibraltar (-4.5%) and Switzerland (-7.7%) illustrated a downward trend over the same period. While the share of Belgium (+3.7 p.p.), Germany (+1.8 p.p.) and Malta (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Gibraltar (-2.4 p.p.), Switzerland (-3.3 p.p.) and the Netherlands (-6.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X), Belgium ($X) and Germany ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 40% share of total imports. These countries were followed by France, the UK, Italy, Spain, Sweden, Gibraltar, Malta, Ukraine, Switzerland and Greece, which together accounted for a further 36%.

Greece, with a CAGR of -0.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Europe amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. 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 Sweden ($X per ton), while Malta ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (-6.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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