Colombia: Lubricant Additives Market 2024

Lubricant Additives Market Size in Colombia

In 2021, the Colombian lubricant additives market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, showed a deep reduction. Lubricant additives consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Lubricant Additives Exports

Exports from Colombia

For the third consecutive year, Colombia recorded growth in overseas shipments of prepared additives for mineral oils, which increased by 40% to X tons in 2021. In general, exports recorded buoyant growth. The growth pace was the most rapid in 2017 with an increase of 111%. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, lubricant additives exports surged to $X in 2021. Overall, exports recorded strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 94% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

Guyana (X tons), Trinidad and Tobago (X tons) and Ecuador (X tons) were the main destinations of lubricant additives exports from Colombia, with a combined 89% share of total exports. Argentina, Brazil, Venezuela, Peru, Panama and the United States lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Argentina (with a CAGR of +112.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricant additives exported from Colombia were Guyana ($X), Trinidad and Tobago ($X) and Brazil ($X), together accounting for 84% of total exports. These countries were followed by Ecuador, Venezuela, Argentina, Peru, Panama and the United States, which together accounted for a further 14%.

In terms of the main countries of destination, Argentina, with a CAGR of +74.7%, recorded the highest growth rate of 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 2021, the average lubricant additives export price amounted to $X per ton, jumping by 25% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. 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 external markets. In 2021, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Colombia

In 2021, purchases abroad of prepared additives for mineral oils was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a abrupt descent. The growth pace was the most rapid in 2018 with an increase of 22% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, lubricant additives imports totaled $X in 2021. In general, imports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 29%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of lubricant additives to Colombia, accounting for a 89% share of total imports. It was followed by Belgium (X tons), with a 2.4% share of total imports. Brazil (X tons) ranked third in terms of total imports with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+2.6% per year) and Brazil (+3.0% per year).

In value terms, the United States ($X) constituted the largest supplier of prepared additives for mineral oils to Colombia, comprising 85% of total imports. The second position in the ranking was taken by Belgium ($X), with a 1.9% share of total imports. It was followed by Germany, with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to -7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+3.4% per year) and Germany (+0.4% per year).

Import Prices by Country

In 2021, the average lubricant additives import price amounted to $X per ton, waning by -4% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 26%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Brazil ($X per ton), while the price for Belgium ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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