Ecuador: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Ecuador

After six years of decline, the Ecuadorian lubricating oil additive market increased by 3.8% to $X in 2021. In general, consumption recorded a pronounced downturn. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Lubricating Oil Additive Exports

Exports from Ecuador

In 2021, the amount of additives for lubricating oils exported from Ecuador dropped dramatically to X tons, falling by -29.1% compared with 2020 figures. Overall, exports continue to indicate a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 446%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, lubricating oil additive exports reduced sharply to $X in 2021. Over the period under review, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 354%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for lubricating oil additive exports from Ecuador, with a 89% share of total exports. Moreover, lubricating oil additive exports to Peru exceeded the volume sent to the second major destination, the United States (X tons), tenfold. The third position in this ranking was held by Colombia (X kg), with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Peru totaled +36.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-40.2% per year) and Colombia (-37.7% per year).

In value terms, Peru ($X) remains the key foreign market for additives for lubricating oils exports from Ecuador, comprising 86% of total exports. The second position in the ranking was held by the United States ($X), with a 7.5% share of total exports. It was followed by Colombia, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Peru stood at +41.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-38.2% per year) and Colombia (-20.3% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, waning by -8.5% against the previous year. Over the period under review, the export price showed a pronounced downturn. The pace of growth appeared the most rapid in 2019 an increase of 48% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to the United States ($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 Colombia (+27.9%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Ecuador

In 2021, supplies from abroad of additives for lubricating oils decreased by -1.2% to X tons, falling for the seventh consecutive year after three years of growth. Overall, imports showed a perceptible contraction. The most prominent rate of growth was recorded in 2014 with an increase of 4.5%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lubricating oil additive imports rose markedly to $X in 2021. Over the period under review, imports recorded a perceptible downturn. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of lubricating oil additive to Ecuador, with a 78% share of total imports. Moreover, lubricating oil additive imports from the United States exceeded the figures recorded by the second-largest supplier, France (X tons), sevenfold. The third position in this ranking was taken by Belgium (X tons), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-6.4% per year) and Belgium (+4.2% per year).

In value terms, the United States ($X) constituted the largest supplier of additives for lubricating oils to Ecuador, comprising 77% of total imports. The second position in the ranking was taken by France ($X), with a 12% share of total imports. It was followed by Belgium, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-8.4% per year) and Belgium (+1.3% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, increasing by 6.4% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 6.7%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Italy ($X per ton) and France ($X per ton), while the price for Belgium ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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