Asia-Pacific: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Asia-Pacific

The Asia-Pacific lubricating oil additive market amounted to $X in 2021, almost unchanged from the previous year. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +57.8% 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-Pacific

In value terms, lubricating oil additive production stood at $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.1% 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 -0.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 19% against the previous year. Over the period under review, production attained the peak level at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in Asia-Pacific

In 2021, the amount of additives for lubricating oils exported in Asia-Pacific expanded remarkably to X tons, with an increase of 13% compared with 2020. The total export volume increased at an average annual rate of +5.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 15% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, lubricating oil additive exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. 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-Pacific, with the volume of exports amounting to X tons, which was approx. 71% of total exports in 2021. China (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (6.1%). The following exporters - Japan (X tons) and India (X tons) - each resulted at an 8% share of total exports.

Exports from Singapore increased at an average annual rate of +3.3% from 2012 to 2021. At the same time, China (+26.8%), South Korea (+26.1%), India (+15.4%) and Japan (+4.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +26.8% from 2012-2021. While the share of China (+11 p.p.), South Korea (+4.9 p.p.) and India (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-14.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest lubricating oil additive supplier in Asia-Pacific, comprising 71% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by Japan, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at +1.3%. The remaining exporting countries recorded the following average annual rates of exports growth: China (+23.1% per year) and Japan (+2.9% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, picking up by 2.9% against the previous year. Over the period under review, the export price, however, recorded a perceptible descent. Over the period under review, the export prices reached 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 Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.1%), while the other leaders experienced a decline in the export price figures.

Lubricating Oil Additive Imports

Imports in Asia-Pacific

In 2021, supplies from abroad of additives for lubricating oils was finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The volume of import peaked at X tons in 2017; afterwards, it flattened through to 2021.

In value terms, lubricating oil additive imports soared to $X in 2021. The total import value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded 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), Indonesia (X tons), Thailand (X tons) and India (X tons) represented the key importers of additives for lubricating oils, together constituting 85% of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +6.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricating oil additive importing markets in Asia-Pacific were China ($X), Singapore ($X) and Japan ($X), with a combined 58% share of total imports. South Korea, India, Thailand and Indonesia lagged somewhat behind, together accounting for a further 27%.

India, with a CAGR of +5.5%, recorded the highest growth rate of the value of imports, in terms of 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 2021, the import price in Asia-Pacific amounted to $X per ton, standing approx. at the previous year. In general, the import price, however, recorded a mild downturn. The pace of growth appeared the most rapid in 2018 when the import price increased by 4.1% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and India ($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 South Korea (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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