Colombia: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Colombia

The Colombian market for petroleum lubricating oil and grease contracted slightly to $X in 2022, reducing by X% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in Colombia

In value terms, petroleum lubricating oil and grease production rose modestly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Colombia

In 2022, approx. X tons of petroleum lubricating oil and grease were exported from Colombia; which is down by X% against the previous year's figure. Over the period under review, exports, however, recorded a perceptible expansion. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, petroleum lubricating oil and grease exports reduced rapidly to $X in 2022. Overall, exports, however, recorded a perceptible expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then contracted dramatically in the following year.

Exports by Country

Ecuador (X tons), Peru (X tons) and Panama (X tons) were the main destinations of petroleum lubricating oil and grease exports from Colombia, together comprising X% of total exports. Chile, Mexico, Venezuela and Guatemala lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Chile (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 Colombia were Peru ($X), Ecuador ($X) and Panama ($X), together comprising X% of total exports. Mexico, Venezuela, Chile and Guatemala lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Chile, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, 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, growing by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

Imports of Petroleum Lubricating Oil And Grease

Imports into Colombia

In 2022, imports of petroleum lubricating oil and grease into Colombia dropped markedly to X tons, with a decrease of X% compared with the previous year. In general, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports shrank to $X in 2022. Over the period under review, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), France (X tons) and Belgium (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Colombia, together accounting for X% of total imports. China, Spain, Italy, Germany and Canada lagged somewhat behind, together accounting for a further X%.

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

In value terms, the United States ($X), France ($X) and Germany ($X) appeared to be the largest petroleum lubricating oil and grease suppliers to Colombia, together comprising X% of total imports. Belgium, Italy, China, Spain and Canada lagged somewhat behind, together accounting for a further X%.

Italy, with a CAGR of X%, 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

The average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, import 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 import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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