ASEAN: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in ASEAN

In 2021, the ASEAN lubricating oil additive market decreased by -2.7% to $X, falling for the second consecutive year after five years of growth. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.7% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Production in ASEAN

In value terms, lubricating oil additive production totaled $X in 2021 estimated in export price. The total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.7% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 12%. Over the period under review, production reached the peak level at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in ASEAN

In 2021, shipments abroad of additives for lubricating oils was finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive exports soared to $X in 2021. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from Singapore (X tons), together recording 99% of total export.

Singapore was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of +3.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) also remains the largest lubricating oil additive supplier in ASEAN.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to +1.3%.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, remaining constant against the previous year. Over the period under review, the export price, however, saw a mild decline. The pace of growth appeared the most rapid in 2019 an increase of 1.9%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for Singapore amounted to -1.9% per year.

Lubricating Oil Additive Imports

Imports in ASEAN

In 2021, after three years of decline, there was significant growth in supplies from abroad of additives for lubricating oils, when their volume increased by 19% to X tons. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, lubricating oil additive imports surged to $X in 2021. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X tons) was the largest importer of additives for lubricating oils, achieving 54% of total imports. Indonesia (X tons) ranks second in terms of the total imports with a 16% share, followed by Thailand (15%), Malaysia (7.6%) and Vietnam (5.2%).

Singapore experienced a relatively flat trend pattern with regard to volume of imports of additives for lubricating oils. At the same time, Indonesia (+4.9%), Thailand (+3.1%) and Vietnam (+2.6%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +4.9% from 2012-2021. Malaysia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Indonesia and Thailand increased by +4.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported additives for lubricating oils in ASEAN, comprising 50% of total imports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total imports. It was followed by Indonesia, with a 17% share.

In Singapore, lubricating oil additive imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+2.0% per year) and Indonesia (+2.6% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, approximately equating the previous year. Overall, the import price saw a slight curtailment. The growth pace was the most rapid in 2018 an increase of 3.7% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Vietnam ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform