Northern America: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in Northern America

In 2021, the North American market for processed petroleum oils and distillates decreased by -4.1% to $X, falling for the third year in a row after two years of growth. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the market value increased by 2.8%. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Northern America

In value terms, processed petroleum oils and distillates production fell remarkably to $X in 2021 estimated in export price. Overall, production, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2018 with an increase of 11% against the previous year. The level of production peaked 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 Northern America

In 2021, after two years of decline, there was significant growth in overseas shipments of processed petroleum oils and distillates, when their volume increased by 7.2% to X tons. Total exports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.4% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 21%. The volume of export peaked at X tons in 2018; however, from 2019 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, showed a perceptible shrinkage. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United States represented the largest exporting country with an export of around X tons, which accounted for 82% of total exports. It was distantly followed by Canada (X tons), achieving an 18% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to processed petroleum oils and distillates exports from the United States stood at +2.8%. At the same time, Canada (+5.3%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +5.3% from 2012-2021. While the share of Canada (+3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United States (-3 p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest processed petroleum oils and distillates supplier in Northern America, comprising 88% of total exports. The second position in the ranking was taken by Canada ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United States totaled -2.0%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2021, growing by 33% against the previous year. Overall, the export price, however, recorded a abrupt descent. 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 the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-4.7%).

Imports of Processed Petroleum Oils and Distillates

Imports in Northern America

In 2021, processed petroleum oils and distillates imports in Northern America totaled X tons, surging by 6.3% on 2020. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when imports increased by 23%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports surged to $X in 2021. In general, imports, however, recorded a perceptible downturn. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

The United States represented the largest importer of processed petroleum oils and distillates in Northern America, with the volume of imports accounting for X tons, which was near 81% of total imports in 2021. It was distantly followed by Canada (X tons), committing a 19% share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of processed petroleum oils and distillates. At the same time, Canada (+5.1%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +5.1% from 2012-2021. From 2012 to 2021, the share of Canada increased by +5.5 percentage points.

In value terms, the United States ($X) constitutes the largest market for imported processed petroleum oils and distillates in Northern America, comprising 82% of total imports. The second position in the ranking was taken by Canada ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States stood at -4.2%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, jumping by 60% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible descent. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (-4.3%).

Source: IndexBox Market Intelligence Platform

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