Eastern Asia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Eastern Asia

The East Asian lubricating oil additive market amounted to $X in 2021, remaining stable against the previous year. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +60.8% against 2013 indices. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in the immediate term.

Lubricating Oil Additive Production in Eastern Asia

In value terms, lubricating oil additive production stood at $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in Eastern Asia

In 2021, exports of additives for lubricating oils in Eastern Asia soared to X tons, picking up by 21% on the previous year's figure. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of 44% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, lubricating oil additive exports skyrocketed to $X in 2021. In general, exports recorded a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the main exporting country with an export of around X tons, which accounted for 53% of total exports. It was distantly followed by South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons), together comprising a 46% share of total exports.

China was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of +26.8% from 2012 to 2021. At the same time, South Korea (+26.1%) and Japan (+4.0%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-2.6%) illustrated a downward trend over the same period. China (+31 p.p.) and South Korea (+14 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and Japan saw its share reduced by -16.4% and -25.6% from 2012 to 2021, respectively.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2021, with a combined 94% share of total exports.

In terms of the main exporting countries, China, with a CAGR of +23.1%, saw 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 export price in Eastern Asia amounted to $X per ton, rising by 3.5% against the previous year. Overall, the export price, however, showed a perceptible setback. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.5%), while the other leaders experienced a decline in the export price figures.

Lubricating Oil Additive Imports

Imports in Eastern Asia

In 2021, after three years of decline, there was significant growth in supplies from abroad of additives for lubricating oils, when their volume increased by 15% to X tons. The total import volume increased at an average annual rate of +3.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports surged to $X in 2021. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the major importer of additives for lubricating oils, creating 60% of total imports. Japan (X tons) ranks second in terms of the total imports with an 18% share, followed by South Korea (16%). The following importers - Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 6.5% of total imports.

China was also the fastest-growing in terms of the additives for lubricating oils imports, with a CAGR of +5.8% from 2012 to 2021. At the same time, Taiwan (Chinese) (+1.4%) displayed positive paces of growth. South Korea, Hong Kong SAR and Japan experienced a relatively flat trend pattern. China (+13 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Japan saw its share reduced by -4.1% and -7.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported additives for lubricating oils in Eastern Asia, comprising 58% of total imports. The second position in the ranking was taken by Japan ($X), with an 18% share of total imports. It was followed by South Korea, with an 18% share.

In China, lubricating oil additive imports increased at an average annual rate of +4.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-2.7% per year) and South Korea (-0.1% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, rising by 2.6% against the previous year. Over the period under review, the import price, however, saw a slight decline. The pace of growth appeared the most rapid in 2018 when the import price increased by 4.3% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and Japan ($X per ton), while Hong Kong SAR ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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