Dominican Republic: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in the Dominican Republic

For the third consecutive year, the Dominican lubricating oil additive market recorded growth in sales value, which increased by 197% to $X in 2021. Over the period under review, consumption saw a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lubricating Oil Additive Exports

Exports from the Dominican Republic

In 2021, after two years of decline, there was significant growth in overseas shipments of additives for lubricating oils, when their volume increased by 200% to X tons. Overall, exports showed a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 4,352% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricating oil additive exports surged to $X in 2021. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 3,071%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons), the United States (X tons) and Haiti (X tons) were the main destinations of lubricating oil additive exports from the Dominican Republic, with a combined 88% share of total exports. Jamaica and Trinidad and Tobago lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2021, the biggest increases were recorded for Jamaica (with a CAGR of +52.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricating oil additive exported from the Dominican Republic were Vietnam ($X), the United States ($X) and Haiti ($X), together comprising 79% of total exports. These countries were followed by Jamaica and Trinidad and Tobago, which together accounted for a further 21%.

In terms of the main countries of destination, Jamaica, with a CAGR of +60.0%, recorded 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

The average lubricating oil additive export price stood at $X per ton in 2021, dropping by -45.7% against the previous year. Over the period under review, the export price recorded a mild shrinkage. The most prominent rate of growth was recorded in 2019 when the average export price increased by 113%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while the average price for exports to Vietnam ($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 Trinidad and Tobago (+32.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into the Dominican Republic

In 2021, the amount of additives for lubricating oils imported into the Dominican Republic surged to X tons, growing by 329% against the year before. In general, imports posted a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports surged to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 70% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, the United States (X tons) constituted the largest lubricating oil additive supplier to the Dominican Republic, with a 60% share of total imports. Moreover, lubricating oil additive imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X tons), fivefold. The third position in this ranking was taken by Guatemala (X tons), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+54.0% per year) and Guatemala (+85.2% per year).

In value terms, the United States ($X) constituted the largest supplier of additives for lubricating oils to the Dominican Republic, comprising 66% of total imports. The second position in the ranking was taken by Mexico ($X), with an 8.8% share of total imports. It was followed by France, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+45.4% per year) and France (+14.8% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, falling by -63.4% against the previous year. Overall, the import price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 208%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :