China: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in China

In 2022, after two years of growth, there was decline in the Chinese market for petroleum lubricating oil and grease, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in China

In value terms, petroleum lubricating oil and grease production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Petroleum lubricating oil and grease production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from China

In 2022, approx. X tons of petroleum lubricating oil and grease were exported from China; jumping by X% against 2021 figures. Overall, exports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, petroleum lubricating oil and grease exports skyrocketed to $X in 2022. In general, exports posted a prominent increase. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

South Korea (X tons), Vietnam (X tons) and Iran (X tons) were the main destinations of petroleum lubricating oil and grease exports from China, with a combined X% share of total exports. Thailand, Pakistan, Taiwan (Chinese), the United Arab Emirates, Indonesia, Russia, the Philippines, India, Malaysia and Nigeria lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for petroleum lubricating oil and grease exported from China were South Korea ($X), Vietnam ($X) and Iran ($X), together comprising X% of total exports. Russia, Thailand, Taiwan (Chinese), India, the United Arab Emirates, Indonesia, the Philippines, Malaysia, Pakistan and Nigeria lagged somewhat behind, together accounting for a further X%.

Russia, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Pakistan ($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 India (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into China

Petroleum lubricating oil and grease imports into China fell markedly to X tons in 2022, which is down by X% compared with 2021. In general, total imports indicated a notable increase from 2012 to 2022: its volume 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 most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports contracted rapidly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then reduced remarkably in the following year.

Imports by Country

Japan (X tons), Germany (X tons) and Singapore (X tons) were the main suppliers of petroleum lubricating oil and grease imports to China, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and Singapore ($X) appeared to be the largest petroleum lubricating oil and grease suppliers to China, together comprising X% of total imports.

Among the main suppliers, Singapore, 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, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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