China: Lubricant Additives Market 2024

Lubricant Additives Market Size in China

In 2021, after four years of decline, there was growth in the Chinese lubricant additives market, when its value increased by 4.7% to $X. Over the period under review, consumption, however, recorded a mild decline. Lubricant additives consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Lubricant Additives Production in China

In value terms, lubricant additives production stood at $X in 2021 estimated in export price. In general, production showed a noticeable setback. The pace of growth was the most pronounced in 2016 when the production volume increased by 12%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Lubricant Additives Exports

Exports from China

In 2021, approx. X tons of prepared additives for mineral oils were exported from China; surging by 7.2% compared with 2020 figures. Overall, exports continue to indicate a significant increase. The growth pace was the most rapid in 2017 with an increase of 92% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, lubricant additives exports skyrocketed to $X in 2021. Over the period under review, exports posted a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by 43% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

Singapore (X tons) was the main destination for lubricant additives exports from China, with a 34% share of total exports. Moreover, lubricant additives 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 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore totaled +43.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+14.8% per year) and South Korea (+54.1% per year).

In value terms, Singapore ($X) remains the key foreign market for prepared additives for mineral oils exports from China, comprising 35% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 15% share of total exports. It was followed by South Korea, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore stood at +40.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+10.1% per year) and South Korea (+47.3% per year).

Export Prices by Country

The average lubricant additives export price stood at $X per ton in 2021, increasing by 12% against the previous year. Overall, the export price, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2016 an increase of 14% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and Vietnam ($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 Thailand (+4.0%), while the prices for the other major destinations experienced mixed trend patterns.

Lubricant Additives Imports

Imports into China

Lubricant additives imports into China soared to X tons in 2021, with an increase of 17% compared with the previous year's figure. The total import volume increased at an average annual rate of +5.7% 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 28%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, lubricant additives imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 24% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Singapore (X tons), the United States (X tons) and France (X tons) were the main suppliers of lubricant additives imports to China, with a combined 76% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +19.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricant additives suppliers to China were Singapore ($X), the United States ($X) and France ($X), together accounting for 74% of total imports. These countries were followed by Germany, South Korea, Japan and Italy, which together accounted for a further 18%.

In terms of the main suppliers, South Korea, with a CAGR of +13.9%, recorded 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 average lubricant additives import price stood at $X per ton in 2021, growing by 4.2% against the previous year. Overall, the import price, however, saw a slight curtailment. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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 Singapore (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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