Croatia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Croatia

The Croatian lubricating oil additive market shrank slightly to $X in 2021, waning by -4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a deep slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Lubricating Oil Additive Exports

Exports from Croatia

In 2021, overseas shipments of additives for lubricating oils were finally on the rise to reach X tons after two years of decline. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2013 with an increase of 475% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, lubricating oil additive exports soared to $X in 2021. In general, exports showed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 122%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for lubricating oil additive exports from Croatia, accounting for a 36% share of total exports. Moreover, lubricating oil additive exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Slovenia (X tons), twofold. Serbia (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Bosnia and Herzegovina totaled +42.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+293.2% per year) and Serbia (+43.1% per year).

In value terms, Bosnia and Herzegovina ($X), Slovenia ($X) and Serbia ($X) constituted the largest markets for lubricating oil additive exported from Croatia worldwide, with a combined 65% share of total exports. These countries were followed by the Netherlands, Italy, Hungary, Kosovo, France, Austria, Romania and Bulgaria, which together accounted for a further 26%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +658.2%, 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

The average lubricating oil additive export price stood at $X per ton in 2021, growing by 12% against the previous year. Overall, the export price, however, faced a deep setback. The pace of growth was the most pronounced in 2020 when the average export price increased by 19%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Serbia ($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 France (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Croatia

After five years of decline, supplies from abroad of additives for lubricating oils increased by 3.4% to X tons in 2021. Overall, imports, however, recorded a slight setback. The most prominent rate of growth was recorded in 2015 with an increase of 46%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, lubricating oil additive imports skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

France (X tons), Belgium (X tons) and the Netherlands (X tons) were the main suppliers of lubricating oil additive imports to Croatia, with a combined 79% 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 the Netherlands (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricating oil additive suppliers to Croatia were France ($X), Belgium ($X) and Germany ($X), with a combined 76% share of total imports. The Netherlands, the United States, Slovenia and Italy lagged somewhat behind, together comprising a further 19%.

Among the main suppliers, the Netherlands, with a CAGR of +18.1%, saw 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 lubricating oil additive import price stood at $X per ton in 2021, surging by 23% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lubricating oil additive import price increased by +74.4% against 2016 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 Slovenia ($X per ton), while the price for Italy ($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 (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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