GCC: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in GCC

The GCC lubricating oil additive market surged to $X in 2021, picking up by 21% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in years to come.

Lubricating Oil Additive Production in GCC

In value terms, lubricating oil additive production declined remarkably to $X in 2021 estimated in export price. Overall, production saw a perceptible decrease. The pace of growth was the most pronounced in 2020 when the production volume increased by 188% against the previous year. As a result, production reached the peak level of $X, and then reduced notably in the following year.

Lubricating Oil Additive Exports

Exports in GCC

In 2021, the amount of additives for lubricating oils exported in GCC fell to X tons, dropping by -9.9% against the previous year's figure. Overall, exports showed a perceptible decrease. The pace of growth was the most pronounced in 2017 with an increase of 94%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricating oil additive exports contracted remarkably to $X in 2021. In general, exports saw a pronounced downturn. The pace of growth was the most pronounced in 2020 with an increase of 88% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was near 96% of total exports in 2021. Saudi Arabia (X tons) held a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of +15.8% from 2012 to 2021. Saudi Arabia (-14.4%) illustrated a downward trend over the same period. The United Arab Emirates (+77 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -7% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest lubricating oil additive supplier in GCC, comprising 92% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 7.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +16.4%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, with a decrease of -18.6% against the previous year. In general, the export price continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2014 when the export price increased by 16%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.7%).

Lubricating Oil Additive Imports

Imports in GCC

In 2021, the amount of additives for lubricating oils imported in GCC rose notably to X tons, growing by 14% against the previous year. The total import volume increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 19% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, lubricating oil additive imports surged to $X in 2021. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the major importer of additives for lubricating oils, making up 64% of total imports. It was distantly followed by Saudi Arabia (X tons), creating a 32% share of total imports. Oman (X tons) held a little share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the additives for lubricating oils imports, with a CAGR of +6.0% from 2012 to 2021. At the same time, Saudi Arabia (+5.3%) displayed positive paces of growth. By contrast, Oman (-2.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+7.4 p.p.) and Saudi Arabia (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Oman (-2.5 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported additives for lubricating oils in GCC, comprising 68% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 28% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +5.6%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+0.9% per year) and Oman (-4.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 10% against the previous year. Over the period under review, the import price, however, saw a mild shrinkage. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($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 United Arab Emirates (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform