Finland: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Finland

In 2022, the Finnish market for petroleum lubricating oil and grease decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, continues to indicate a significant increase. Petroleum lubricating oil and grease consumption peaked at $X in 2021, and then dropped sharply in the following year.

Production of Petroleum Lubricating Oil And Grease in Finland

In value terms, petroleum lubricating oil and grease production declined rapidly to $X in 2022 estimated in export price. In general, production recorded a sharp setback. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Finland

Petroleum lubricating oil and grease exports from Finland shrank dramatically to X tons in 2022, which is down by X% against the previous year. Over the period under review, exports showed a deep slump. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports declined rapidly to $X in 2022. In general, exports showed a deep reduction. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sweden (X tons) was the main destination for petroleum lubricating oil and grease exports from Finland, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Sweden exceeded the volume sent to the second major destination, Russia (X tons), twofold. Estonia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Estonia (X% per year).

In value terms, the largest markets for petroleum lubricating oil and grease exported from Finland were Sweden ($X), Russia ($X) and Estonia ($X), together comprising X% of total exports. Kazakhstan, Ukraine, Lithuania, Latvia, Germany and Poland lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Latvia, with a CAGR of X%, recorded 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

The average export price for petroleum lubricating oil and grease stood at $X per ton in 2022, declining by X% against the previous year. Overall, the export price showed a slight slump. The growth pace was the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Finland

In 2022, the amount of petroleum lubricating oil and grease imported into Finland shrank modestly to X tons, remaining constant against 2021 figures. Over the period under review, imports continue to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports shrank to $X in 2022. Overall, imports recorded a perceptible downturn. The growth pace was the most rapid in 2018 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

France (X tons), Sweden (X tons) and the UK (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Finland, together accounting for X% of total imports. Germany, the Netherlands, Lithuania and Belgium lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest petroleum lubricating oil and grease suppliers to Finland were Sweden ($X), Germany ($X) and the UK ($X), together accounting for X% of total imports. France, the Netherlands, Lithuania and Belgium lagged somewhat behind, together accounting for a further X%.

Lithuania, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, flattening at the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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