Hungary: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Hungary

The Hungarian market for processed petroleum oils and distillates rose significantly to $X in 2022, surging by X% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Processed Petroleum Oils and Distillates in Hungary

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. Overall, production saw a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Hungary

In 2022, overseas shipments of processed petroleum oils and distillates decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. In general, exports saw a deep setback. The pace of growth appeared the most rapid in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons), Ukraine (X tons) and Austria (X tons) were the main destinations of processed petroleum oils and distillates exports from Hungary, together accounting for X% of total exports. Serbia, Slovakia, Slovenia, Germany, Poland, Croatia and the UK lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Romania ($X) and Serbia ($X) constituted the largest markets for processed petroleum oils and distillates exported from Hungary worldwide, with a combined X% share of total exports. Austria, Slovakia, Slovenia, Germany, Poland, Croatia and the UK lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, the UK, with a CAGR of X%, saw the highest growth rate of 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, jumping by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Austria ($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 more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Hungary

In 2022, imports of processed petroleum oils and distillates into Hungary soared to X tons, rising by X% on the previous year's figure. Over the period under review, imports saw a resilient increase. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Slovakia (X tons), Austria (X tons) and Romania (X tons) were the main suppliers of processed petroleum oils and distillates imports to Hungary, with a combined X% share of total imports. Germany, Slovenia, the Czech Republic, Bulgaria and Croatia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates suppliers to Hungary were Slovakia ($X), Austria ($X) and Germany ($X), together accounting for X% of total imports. Romania, Slovenia, the Czech Republic, Bulgaria and Croatia lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, the Czech Republic, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, the import price recorded a deep contraction. The pace of growth appeared the most rapid in 2018 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Bulgaria ($X per ton) and the Czech Republic ($X per ton), while the price for Romania ($X per ton) and Croatia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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