United Kingdom: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the UK

The UK market for processed petroleum oils and distillates surged to $X in 2022, growing by X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in the UK

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a deep reduction. The growth pace was the most rapid in 2021 with an increase of X%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from the UK

In 2022, processed petroleum oils and distillates exports from the UK soared to X tons, with an increase of X% on 2021. Over the period under review, exports, however, showed a perceptible setback. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports, however, showed a perceptible decrease. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), Ireland (X tons) and Belgium (X tons) were the main destinations of processed petroleum oils and distillates exports from the UK, together comprising X% of total exports. The United States, Nigeria, Canada, Morocco, Denmark, Colombia, Gibraltar, Spain, France and Senegal lagged somewhat behind, together accounting for a further X%.

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

In value terms, Ireland ($X), the Netherlands ($X) and the United States ($X) were the largest markets for processed petroleum oils and distillates exported from the UK worldwide, together comprising X% of total exports. Belgium, Nigeria, Canada, Morocco, Spain, Colombia, Denmark, France, Gibraltar and Senegal lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Colombia, with a CAGR of X%, recorded 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

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Denmark ($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 Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into the UK

In 2022, supplies from abroad of processed petroleum oils and distillates increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports enjoyed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), the United States (X tons) and Sweden (X tons) were the main suppliers of processed petroleum oils and distillates imports to the UK, with a combined X% share of total imports. Belgium, India, Norway, China, Greece, France, Finland, Ireland, Germany and Portugal lagged somewhat behind, together comprising a further X%.

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

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

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Sweden (X% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, approximately equating the previous year. Overall, the import price saw a abrupt setback. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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