Asia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Asia

The Asian lubricating oil additive market expanded to $X in 2021, surging by 1.7% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +55.4% against 2012 indices. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Lubricating Oil Additive Production in Asia

In value terms, lubricating oil additive production totaled $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 18% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in Asia

In 2021, approx. X tons of additives for lubricating oils were exported in Asia; with an increase of 13% compared with the previous year. The total export volume increased at an average annual rate of +5.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 14% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, lubricating oil additive exports soared to $X in 2021. The total export value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore represented the major exporter of additives for lubricating oils in Asia, with the volume of exports resulting at X tons, which was approx. 69% of total exports in 2021. It was distantly followed by China (X tons) and South Korea (X tons), together generating a 19% share of total exports. Japan (X tons), India (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to lubricating oil additive exports from Singapore stood at +3.3%. At the same time, China (+26.8%), South Korea (+26.1%), the United Arab Emirates (+15.8%), India (+15.4%) and Japan (+4.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +26.8% from 2012-2021. China (+11 p.p.), South Korea (+4.9 p.p.) and India (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by -12.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest lubricating oil additive supplier in Asia, comprising 71% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by Japan, with a 6.6% share.

In Singapore, lubricating oil additive exports expanded at an average annual rate of +1.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (+23.1% per year) and Japan (+2.9% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, increasing by 2.4% against the previous year. Overall, the export price, however, recorded a perceptible curtailment. 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.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.5%), while the other leaders experienced a decline in the export price figures.

Lubricating Oil Additive Imports

Imports in Asia

In 2021, supplies from abroad of additives for lubricating oils was finally on the rise to reach 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 +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons), distantly followed by Singapore (X tons), Japan (X tons), South Korea (X tons), the United Arab Emirates (X tons), Indonesia (X tons) and Thailand (X tons) were the largest importers of additives for lubricating oils, together comprising 77% of total imports. India (X tons), Saudi Arabia (X tons), Turkey (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +6.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2021, together comprising 51% of total imports. These countries were followed by South Korea, the United Arab Emirates, India, Thailand, Indonesia, Turkey, Saudi Arabia, Malaysia, Taiwan (Chinese) and Vietnam, which together accounted for a further 43%.

Among the main importing countries, Vietnam, with a CAGR of +5.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, rising by 2.1% against the previous year. Over the period under review, the import price, however, showed a mild descent. The most prominent rate of growth was recorded in 2018 an increase of 4.2% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while Saudi Arabia ($X per ton) was 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

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