China: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in China

For the fourth year in a row, the Chinese lubricating oil additive market recorded growth in sales value, which increased by 0.6% to $X in 2021. In general, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +66.8% against 2012 indices. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in the immediate term.

Lubricating Oil Additive Production in China

In value terms, lubricating oil additive production reduced to $X in 2021 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +73.9% against 2012 indices. The most prominent rate of growth was recorded in 2016 with an increase of 23%. Lubricating oil additive production peaked at $X in 2020, and then declined slightly in the following year.

Lubricating Oil Additive Exports

Exports from China

For the tenth year in a row, China recorded growth in overseas shipments of additives for lubricating oils, which increased by 8.1% to X tons in 2021. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2017 with an increase of 89% against the previous year. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, lubricating oil additive exports skyrocketed to $X in 2021. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 73%. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

Singapore (X tons) was the main destination for lubricating oil additive exports from China, with a 36% share of total exports. Moreover, lubricating oil additive exports to Singapore exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore totaled +45.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+14.4% per year) and South Korea (+52.9% per year).

In value terms, Singapore ($X) remains the key foreign market for additives for lubricating oils exports from China, comprising 36% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by South Korea, with a 15% share.

From 2012 to 2021, the average annual growth rate of value to Singapore amounted to +39.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+10.2% per year) and South Korea (+46.0% per year).

Export Prices by Country

In 2021, the average lubricating oil additive export price amounted to $X per ton, picking up by 11% against the previous year. Over the period under review, the export price, however, showed a perceptible decrease. The pace of growth was the most pronounced in 2014 an increase of 13%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and Indonesia ($X per ton), while the average price for exports to Iran ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-3.1%), while the prices for the other major destinations experienced a decline.

Lubricating Oil Additive Imports

Imports into China

In 2021, imports of additives for lubricating oils into China soared to X tons, jumping by 18% on 2020 figures. The total import volume increased at an average annual rate of +5.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 28% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, lubricating oil additive imports soared to $X in 2021. The total import value increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 23%. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Singapore (X tons) constituted the largest supplier of lubricating oil additive to China, accounting for a 47% 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 an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore amounted to +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.8% per year) and France (+20.1% per year).

In value terms, Singapore ($X), the United States ($X) and France ($X) constituted the largest lubricating oil additive suppliers to China, with a combined 77% share of total imports.

France, with a CAGR of +14.5%, saw the highest growth rate of the value of imports, in terms of 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, increasing by 3.2% against the previous year. Over the period under review, the import price, however, saw a mild decline. The most prominent rate of growth was recorded in 2016 an increase of 5.8%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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