Asia-Pacific: Market for Petroleum Lubricating Oil And Grease 2025

Market Size for Petroleum Lubricating Oil And Grease in Asia-Pacific

For the third year in a row, the Asia-Pacific market for petroleum lubricating oil and grease recorded growth in sales value, which increased by X% to $X in 2022. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in Asia-Pacific

In value terms, petroleum lubricating oil and grease production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports in Asia-Pacific

In 2022, exports of petroleum lubricating oil and grease in Asia-Pacific shrank to X tons, with a decrease of X% on the previous year. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease exports declined to $X in 2022. Total exports indicated a noticeable expansion from 2012 to 2022: its value 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, Japan (X tons), distantly followed by China (X tons), Singapore (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) represented the main exporters of petroleum lubricating oil and grease, together creating X% of total exports. The following exporters - India (X tons) and Australia (X tons) - each amounted to a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease supplying countries in Asia-Pacific were Japan ($X), Singapore ($X) and China ($X), with a combined X% share of total exports.

Among the main exporting countries, China, with a CAGR of X%, saw 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, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 ($X per ton), while India ($X per ton) was amongst the lowest.

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

Imports of Petroleum Lubricating Oil And Grease

Imports in Asia-Pacific

In 2022, approx. X tons of petroleum lubricating oil and grease were imported in Asia-Pacific; with a decrease of X% compared with 2021 figures. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, petroleum lubricating oil and grease imports dropped to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) represented the main importer of petroleum lubricating oil and grease, constituting X% of total imports. India (X tons) held the second position in the ranking, followed by Vietnam (X tons) and Taiwan (Chinese) (X tons). All these countries together held near X% share of total imports. Malaysia (X tons), Indonesia (X tons), South Korea (X tons), Singapore (X tons), Thailand (X tons), Australia (X tons), Hong Kong SAR (X tons), Japan (X tons) and Bangladesh (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to petroleum lubricating oil and grease imports into China stood at X%. At the same time, Vietnam (X%), Bangladesh (X%), India (X%) and Thailand (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. Singapore, Japan and Malaysia experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (X%), South Korea (X%), Taiwan (Chinese) (X%), Australia (X%) and Indonesia (X%) illustrated a downward trend over the same period. While the share of India (X p.p.), China (X p.p.) and Vietnam (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Australia (X p.p.), South Korea (X p.p.), Taiwan (Chinese) (X p.p.) and Indonesia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported petroleum lubricating oil and grease in Asia-Pacific, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

In China, petroleum lubricating oil and grease imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 an increase of X%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

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 Japan ($X per ton), while India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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