ASEAN: Lubricant Additives Market 2024

Lubricant Additives Market Size in ASEAN

The ASEAN lubricant additives market rose modestly to $X in 2021, surging by 1.7% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 8.4%. The level of consumption peaked at $X in 2018; afterwards, it flattened through to 2021.

Lubricant Additives Production in ASEAN

In value terms, lubricant additives production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 10% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Lubricant Additives Exports

Exports in ASEAN

After two years of decline, shipments abroad of prepared additives for mineral oils increased by 17% to X tons in 2021. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricant additives exports soared to $X in 2021. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore prevails in exports structure, amounting to X tons, which was approx. 96% of total exports in 2021. Thailand (X tons) held a minor share of total exports.

Exports from Singapore increased at an average annual rate of +3.1% from 2012 to 2021. At the same time, Thailand (+21.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +21.6% from 2012-2021. From 2012 to 2021, the share of Singapore decreased by -1.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest lubricant additives supplier in ASEAN, comprising 97% of total exports. The second position in the ranking was taken by Thailand ($X), with a 0.7% share of total exports.

In Singapore, lubricant additives exports expanded at an average annual rate of +1.2% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price, however, saw a mild reduction. The most prominent rate of growth was recorded in 2019 when the export price increased by 2.7% against the previous year. Over the period under review, the export prices attained the peak figure 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, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-1.9%).

Lubricant Additives Imports

Imports in ASEAN

In 2021, purchases abroad of prepared additives for mineral oils increased by 16% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, lubricant additives imports totaled $X in 2021. Overall, imports showed a relatively flat trend pattern. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) represented the main importer of prepared additives for mineral oils, committing 50% of total imports. It was distantly followed by Indonesia (X tons), Thailand (X tons), Malaysia (X tons) and Vietnam (X tons), together achieving a 47% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

Imports into Singapore increased at an average annual rate of +1.1% from 2012 to 2021. At the same time, Vietnam (+4.3%), Indonesia (+3.8%), Thailand (+3.7%) and the Philippines (+3.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +4.3% from 2012-2021. By contrast, Malaysia (-3.5%) illustrated a downward trend over the same period. While the share of Indonesia (+3.2 p.p.) and Thailand (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Singapore (-2 p.p.) and Malaysia (-5.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported prepared additives for mineral oils in ASEAN, comprising 46% of total imports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total imports. It was followed by Indonesia, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+2.5% per year) and Indonesia (+1.9% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, declining by -1.7% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 4% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the Philippines ($X per ton) and Vietnam ($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 the Philippines (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform