Australia: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Australia

The Australian market for petroleum lubricating oil and grease declined slightly to $X in 2022, leveling off at the previous year. Overall, the total consumption indicated a perceptible 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, consumption decreased by X% against 2020 indices. Petroleum lubricating oil and grease consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in Australia

In value terms, petroleum lubricating oil and grease production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong 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, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by X% against the previous year. Petroleum lubricating oil and grease production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from Australia

In 2022, exports of petroleum lubricating oil and grease from Australia skyrocketed to X tons, picking up by X% compared with 2021. Overall, exports saw a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, petroleum lubricating oil and grease exports surged to $X in 2022. Over the period under review, exports continue to indicate moderate growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

New Zealand (X tons) was the main destination for petroleum lubricating oil and grease exports from Australia, with a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to New Zealand exceeded the volume sent to the second major destination, Bangladesh (X tons), more than tenfold. The third position in this ranking was taken by South Korea (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to New Zealand stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and South Korea (X% per year).

In value terms, New Zealand ($X) remains the key foreign market for petroleum lubricating oil and grease exports from Australia, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value to New Zealand amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, declining by X% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2022: its price 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, petroleum lubricating oil and grease export price decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Papua New Guinea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Australia

In 2022, purchases abroad of petroleum lubricating oil and grease increased by X% to X tons, rising for the third consecutive year after two years of decline. In general, imports, however, continue to indicate a abrupt descent. The growth pace was the most rapid in 2021 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports skyrocketed to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X tons), Germany (X tons) and the United States (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Australia, with a combined X% share of total imports. China, India, France, Switzerland, Belgium, Canada, South Korea, Malaysia and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to Australia were the United States ($X), Germany ($X) and Singapore ($X), with a combined X% share of total imports. France, Switzerland, China, Belgium, India, Canada, the Netherlands, Malaysia and South Korea lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, India, with a CAGR of X%, saw the highest growth rate of 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 average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, surging by X% against the previous year. In general, import price indicated a resilient increase from 2012 to 2022: its price 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. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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