Asia-Pacific: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Asia-Pacific

In 2022, the Asia-Pacific market for processed petroleum oils and distillates increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X.7B in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Asia-Pacific

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable slump. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X.5B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

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Exports of Processed Petroleum Oils and Distillates

Exports in Asia-Pacific

Processed petroleum oils and distillates exports expanded slightly to X tons in 2022, growing by X% compared with 2021. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

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

Exports by Country

In 2022, India (X tons), distantly followed by South Korea (X tons), China (X tons), Malaysia (X tons), Singapore (X tons) and Japan (X tons) represented the main exporters of processed petroleum oils and distillates, together generating X% of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), 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 Asia-Pacific were India ($X), China ($X) and Singapore ($X), together accounting for X% of total exports.

In terms of the main exporting countries, China, 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

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing by X% against the previous year. Overall, the export price, however, showed a slight reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Asia-Pacific

In 2022, overseas purchases of processed petroleum oils and distillates increased by X% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a remarkable increase from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Australia (X tons), China (X tons), the Philippines (X tons), Singapore (X tons), Malaysia (X tons), Hong Kong SAR (X tons), South Korea (X tons), Indonesia (X tons), Japan (X tons) and India (X tons) represented roughly X% of total imports in 2022.

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

In value terms, Australia ($X), Singapore ($X) and Indonesia ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports.

Australia, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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