Finland: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Finland

The Finnish lubricating oil additive market totaled $X in 2021, surging by 9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a mild descent. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Lubricating Oil Additive Exports

Exports from Finland

In 2021, overseas shipments of additives for lubricating oils increased by 4.3% to X tons, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +64.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 57% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, lubricating oil additive exports rose to $X in 2021. Overall, total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +109.3% against 2018 indices. The pace of growth appeared the most rapid in 2019 with an increase of 46% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Russia (X tons) was the main destination for lubricating oil additive exports from Finland, accounting for a 91% share of total exports. Moreover, lubricating oil additive exports to Russia exceeded the volume sent to the second major destination, the Netherlands (X tons), more than tenfold. The third position in this ranking was taken by France (X tons), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia stood at +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+684.0% per year) and France (+19.1% per year).

In value terms, Russia ($X) remains the key foreign market for additives for lubricating oils exports from Finland, comprising 89% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 4.5% share of total exports. It was followed by France, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value to Russia amounted to +18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+686.0% per year) and France (+15.0% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, remaining constant against the previous year. Overall, the export price, however, recorded a slight setback. The growth pace was the most rapid in 2019 when the average export price increased by 50%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to France ($X per ton) and Sweden ($X per ton), while the average price for exports to Russia ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+5.5%), while the prices for the other major destinations experienced mixed trend patterns.

Lubricating Oil Additive Imports

Imports into Finland

In 2021, lubricating oil additive imports into Finland expanded to X tons, increasing by 4.1% on the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 20%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, lubricating oil additive imports rose sharply to $X in 2021. Overall, imports, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 28%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of lubricating oil additive to Finland, with a 48% share of total imports. Moreover, lubricating oil additive imports from Italy exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. The third position in this ranking was taken by Belgium (X tons), with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy totaled +49.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+0.6% per year) and Belgium (+23.7% per year).

In value terms, Italy ($X) constituted the largest supplier of additives for lubricating oils to Finland, comprising 46% of total imports. The second position in the ranking was held by France ($X), with a 22% share of total imports. It was followed by Belgium, with a 17% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at +45.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-0.8% per year) and Belgium (+18.4% per year).

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2021, rising by 6% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 11% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Belgium ($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 Netherlands (+5.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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