Australia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Australia

In 2021, the Australian lubricating oil additive market decreased by -1.3% to $X, falling for the second year in a row after two years of growth. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.8% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Production in Australia

In value terms, lubricating oil additive production totaled $X in 2021 estimated in export price. Over the period under review, production, however, posted a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 44% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Lubricating Oil Additive Exports

Exports from Australia

In 2021, overseas shipments of additives for lubricating oils increased by 84% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, recorded a abrupt curtailment. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, lubricating oil additive exports surged to $X in 2021. Overall, exports, however, recorded a deep downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Singapore (X tons) and Papua New Guinea (X tons) were the main destinations of lubricating oil additive exports from Australia, together comprising 66% of total exports. These countries were followed by Indonesia, South Korea, New Zealand, Vietnam, Malaysia and Thailand, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +47.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X), China ($X) and Papua New Guinea ($X) constituted the largest markets for lubricating oil additive exported from Australia worldwide, with a combined 69% share of total exports. Indonesia, South Korea, New Zealand, Vietnam, Malaysia and Thailand lagged somewhat behind, together accounting for a further 23%.

Vietnam, with a CAGR of +23.6%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average lubricating oil additive export price amounted to $X per ton, rising by 4.4% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 24%. The export price peaked 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 for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Australia

In 2021, approx. X tons of additives for lubricating oils were imported into Australia; with a decrease of -6.8% compared with the previous year's figure. Over the period under review, imports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 6.9%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, lubricating oil additive imports fell to $X in 2021. Overall, imports showed a slight decline. The most prominent rate of growth was recorded in 2017 with an increase of 11%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X tons) constituted the largest lubricating oil additive supplier to Australia, with a 54% share of total imports. Moreover, lubricating oil additive imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by France (X tons), with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore amounted to -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.8% per year) and France (+7.6% per year).

In value terms, the largest lubricating oil additive suppliers to Australia were Singapore ($X), the United States ($X) and France ($X), together comprising 82% of total imports. Belgium, South Korea and China lagged somewhat behind, together comprising a further 11%.

South Korea, with a CAGR of +35.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, approximately mirroring the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 9.9%. Over the period under review, average import prices hit record highs in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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