Eastern Asia: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Eastern Asia

In 2022, the East Asian market for petroleum lubricating oil and grease decreased by X% to $X, falling for the fourth year in a row after four years of growth. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in Eastern Asia

In value terms, petroleum lubricating oil and grease production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports in Eastern Asia

In 2022, the amount of petroleum lubricating oil and grease exported in Eastern Asia fell to X tons, with a decrease of X% compared with the year before. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports fell to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

Japan was the key exporting country with an export of about X tons, which finished at X% of total exports. China (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (X%) and Taiwan (Chinese) (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest petroleum lubricating oil and grease supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Japan amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: China (X% per year) and South Korea (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Japan ($X per ton) and Hong Kong SAR ($X per ton), while South Korea ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

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

Imports of Petroleum Lubricating Oil And Grease

Imports in Eastern Asia

Petroleum lubricating oil and grease imports declined remarkably to X tons in 2022, dropping by X% compared with 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports shrank to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

China represented the major importer of petroleum lubricating oil and grease in Eastern Asia, with the volume of imports recording X tons, which was near X% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons) and South Korea (X tons), together mixing up an X% share of total imports. Hong Kong SAR (X tons) and Japan (X tons) took a relatively small share of total imports.

China was also the fastest-growing in terms of the petroleum lubricating oil and grease imports, with a CAGR of X% from 2012 to 2022. Japan experienced a relatively flat trend pattern. Hong Kong SAR (X%), South Korea (X%) and Taiwan (Chinese) (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported petroleum lubricating oil and grease in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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