Asia-Pacific: Lubricant Additives Market 2024

Lubricant Additives Market Size in Asia-Pacific

In 2021, the Asia-Pacific lubricant additives market increased by 1.7% to $X, rising for the second year in a row after three years of decline. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Lubricant Additives Production in Asia-Pacific

In value terms, lubricant additives production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 8%. Over the period under review, production attained the peak level at $X in 2020, and then dropped modestly in the following year.

Lubricant Additives Exports

Exports in Asia-Pacific

Lubricant additives exports amounted to X tons in 2021, picking up by 12% compared with the previous year's figure. The total export volume increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 15% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, lubricant additives exports surged to $X in 2021. The total export value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, 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.

Exports by Country

Singapore represented the largest exporting country with an export of around X tons, which recorded 66% of total exports. It was distantly followed by China (X tons) and India (X tons), together mixing up a 21% share of total exports. The following exporters - South Korea (X tons) and Japan (X tons) - each accounted for an 8.7% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to lubricant additives exports from Singapore stood at +3.1%. At the same time, China (+22.3%), India (+14.6%), South Korea (+9.7%) and Japan (+4.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +22.3% from 2012-2021. While the share of China (+9.3 p.p.) and India (+4.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-13.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest lubricant additives supplier in Asia-Pacific, comprising 66% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by Japan, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to +1.2%. In the other countries, the average annual rates were as follows: China (+19.0% per year) and Japan (+3.3% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, with an increase of 3.5% against the previous year. In general, the export price, however, saw a perceptible decrease. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while India ($X per ton) was 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 export price figures.

Lubricant Additives Imports

Imports in Asia-Pacific

After three years of decline, overseas purchases of prepared additives for mineral oils increased by 14% to X tons in 2021. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, lubricant additives imports skyrocketed to $X in 2021. In general, imports continue to indicate a modest increase. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

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) were the major importers of prepared additives for mineral oils, together mixing up 84% of total imports. Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +5.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricant additives importing markets in Asia-Pacific were China ($X), Singapore ($X) and South Korea ($X), with a combined 56% share of total imports.

China, with a CAGR of +4.0%, saw 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

The import price in Asia-Pacific stood at $X per ton in 2021, approximately reflecting the previous year. Overall, the import price, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2018 when the import price increased by 4.1%. Over the period under review, import prices hit record highs 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 Malaysia (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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