Eastern Asia: Lubricant Additives Market 2024

Lubricant Additives Market Size in Eastern Asia

In 2021, the East Asian lubricant additives market increased by 2.9% to $X, rising for the second consecutive year after three years of decline. Overall, consumption, however, showed a mild decrease. The most prominent rate of growth was recorded in 2016 with an increase of 6.8% against the previous year. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Lubricant Additives Production in Eastern Asia

In value terms, lubricant additives production declined modestly to $X in 2021 estimated in export price. Over the period under review, production saw a mild downturn. The growth pace was the most rapid in 2016 when the production volume increased by 11% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Lubricant Additives Exports

Exports in Eastern Asia

For the seventh consecutive year, Eastern Asia recorded growth in overseas shipments of prepared additives for mineral oils, which increased by 4.8% to X tons in 2021. Over the period under review, exports recorded resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by 43%. The volume of export peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, lubricant additives exports skyrocketed to $X in 2021. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

In 2021, China (X tons) represented the main exporter of prepared additives for mineral oils, mixing up 57% of total exports. South Korea (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by Japan (20%). Taiwan (Chinese) (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the prepared additives for mineral oils exports, with a CAGR of +22.3% from 2012 to 2021. At the same time, South Korea (+9.7%) and Japan (+4.3%) displayed positive paces of growth. Taiwan (Chinese) experienced a relatively flat trend pattern. While the share of China (+30 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-3.4 p.p.), South Korea (-4.7 p.p.) and Japan (-19 p.p.) displayed negative dynamics.

In value terms, the largest lubricant additives supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together accounting for 96% of total exports.

China, with a CAGR of +19.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, the export price, however, showed a pronounced curtailment. The level of export 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 amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was 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 export price figures.

Lubricant Additives Imports

Imports in Eastern Asia

In 2021, supplies from abroad of prepared additives for mineral oils increased by 14% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricant additives imports soared to $X in 2021. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the major importing country with an import of about X tons, which accounted for 59% of total imports. Japan (X tons) took the second position in the ranking, followed by South Korea (X tons). All these countries together took near 34% share of total imports. The following importers - Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 6.7% of total imports.

China was also the fastest-growing in terms of the prepared additives for mineral oils imports, with a CAGR of +5.7% from 2012 to 2021. At the same time, Taiwan (Chinese) (+1.3%) displayed positive paces of growth. South Korea, Hong Kong SAR and Japan experienced a relatively flat trend pattern. While the share of China (+13 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-4.7 p.p.) and Japan (-6.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported prepared additives for mineral oils in Eastern Asia, comprising 57% of total imports. The second position in the ranking was held by South Korea ($X), with a 19% share of total imports. It was followed by Japan, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +4.0%. In the other countries, the average annual rates were as follows: South Korea (-0.3% per year) and Japan (-2.6% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, with an increase of 3.3% against the previous year. In general, the import price, however, recorded a slight contraction. The pace of growth was the most pronounced in 2018 when the import price increased by 3.8% against the previous year. Over the period under review, import prices reached 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 ($X per ton) and China ($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 (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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