GCC: Lubricant Additives Market 2024

Lubricant Additives Exports

Exports in GCC

In 2021, shipments abroad of prepared additives for mineral oils increased by 19% to X tons, rising for the second year in a row after two years of decline. Total exports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.1% 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 +90.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 68% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, lubricant additives exports contracted to $X in 2021. Overall, exports, however, saw a slight decline. The most prominent rate of growth was recorded in 2015 with an increase of 122% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates was the major exporter of prepared additives for mineral oils in GCC, with the volume of exports finishing at X tons, which was near 69% of total exports in 2021. Oman (X tons) held the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together took approx. 30% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the prepared additives for mineral oils exports, with a CAGR of +9.8% from 2012 to 2021. Saudi Arabia experienced a relatively flat trend pattern. Oman (-9.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +36 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest lubricant additives supplier in GCC, comprising 78% of total exports. The second position in the ranking was held by Oman ($X), with a 16% share of total exports.

In the United Arab Emirates, lubricant additives exports expanded at an average annual rate of +10.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (-13.1% per year) and Saudi Arabia (-14.2% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, reducing by -23.6% against the previous year. In general, the export price recorded a perceptible decline. The growth pace was the most rapid in 2015 when the export price increased by 47%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while Saudi Arabia ($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 (+0.9%), while the other leaders experienced a decline in the export price figures.

Lubricant Additives Imports

Imports in GCC

In 2021, purchases abroad of prepared additives for mineral oils decreased by -3.3% to X tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 31%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, lubricant additives imports rose remarkably to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 29%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the major importer of prepared additives for mineral oils, committing 55% of total imports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Oman (X tons). All these countries together held near 40% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each resulted at a 4.3% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +3.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) were the countries with the highest levels of imports in 2021, together accounting for 94% of total imports.

The United Arab Emirates, with a CAGR of +3.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 9.6% against the previous year. Overall, the import price, however, saw a mild downturn. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+4.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform