Asia: Lubricant Additives Market 2024

Lubricant Additives Market Size in Asia

In 2021, the Asian lubricant additives market increased by 1.9% 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 hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Lubricant Additives Production in Asia

In value terms, lubricant additives production dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 8% against the previous year. The level of production peaked at $X in 2020, and then reduced in the following year.

Lubricant Additives Exports

Exports in Asia

In 2021, shipments abroad of prepared additives for mineral oils was finally on the rise to reach X tons after two years of decline. 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 appeared the most rapid in 2013 when exports increased by 14%. 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 +3.2% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed 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 was the key exporting country with an export of around X tons, which resulted at 64% of total exports. It was distantly followed by China (X tons) and India (X tons), together committing a 21% share of total exports. South Korea (X tons), Japan (X tons) and the United Arab Emirates (X tons) held a relatively small 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%), the United Arab Emirates (+9.8%), South Korea (+9.7%) and Japan (+4.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +22.3% from 2012-2021. From 2012 to 2021, the share of China and India increased by +9.1 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest lubricant additives supplier in Asia, comprising 66% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by Japan, with a 7.3% share.

In Singapore, lubricant additives exports increased at an average annual rate of +1.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: China (+19.0% per year) and Japan (+3.3% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, rising by 2.8% against the previous year. Over the period under review, the export price, however, saw a noticeable decline. 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 failed to regain momentum.

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 ($X per ton), while the United Arab Emirates ($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 (+0.9%), while the other leaders experienced mixed trends in the export price figures.

Lubricant Additives Imports

Imports in Asia

In 2021, after three years of decline, there was significant growth in supplies from abroad of prepared additives for mineral oils, when their volume increased by 11% to X tons. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at X tons in 2017; afterwards, it flattened through to 2021.

In value terms, lubricant additives imports rose rapidly to $X in 2021. Overall, imports recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

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), Thailand (X tons) and India (X tons) were the main importers of prepared additives for mineral oils, together generating 78% of total imports. The following importers - Saudi Arabia (X tons), Turkey (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) - together made up 14% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +5.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and South Korea ($X) were the countries with the highest levels of imports in 2021, together comprising 48% of total imports. These countries were followed by Japan, the United Arab Emirates, India, Thailand, Indonesia, Turkey, Saudi Arabia, Malaysia, Taiwan (Chinese) and Vietnam, which together accounted for a further 43%.

In terms of the main importing countries, Vietnam, with a CAGR of +5.6%, saw 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, increasing by 2.6% against the previous year. Overall, the import price, however, recorded a slight descent. The most prominent rate of growth was recorded in 2018 an increase of 3.1% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 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 South Korea ($X per ton) and Vietnam ($X per ton), while Saudi Arabia ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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