Greece: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Greece

For the third consecutive year, the Greek lubricating oil additive market recorded decline in sales value, which decreased by -2.8% to $X in 2021. Over the period under review, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.2% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Lubricating Oil Additive Exports

Exports from Greece

In 2021, shipments abroad of additives for lubricating oils decreased by -80.9% to X tons, falling for the second consecutive year after two years of growth. Overall, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2019 with an increase of 112% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, lubricating oil additive exports contracted notably to $X in 2021. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2019 with an increase of 140% against the previous year. The exports peaked at $X in 2020, and then declined rapidly in the following year.

Exports by Country

Cyprus (X tons), Israel (X tons) and Albania (X tons) were the main destinations of lubricating oil additive exports from Greece, together accounting for 81% of total exports. Bulgaria, Bosnia and Herzegovina, Croatia and Slovenia lagged somewhat behind, together comprising a further 14%.

From 2012 to 2021, the biggest increases were recorded for Slovenia (with a CAGR of +224.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X), Israel ($X) and Albania ($X) were the largest markets for lubricating oil additive exported from Greece worldwide, together comprising 74% of total exports. Bosnia and Herzegovina, Bulgaria, Croatia and Slovenia lagged somewhat behind, together accounting for a further 20%.

Among the main countries of destination, Slovenia, with a CAGR of +113.6%, saw 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 lubricating oil additive export price stood at $X per ton in 2021, picking up by 36% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2021: its price 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, lubricating oil additive export price increased by +86.9% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Cyprus ($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 the Netherlands (+53.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Greece

Lubricating oil additive imports into Greece shrank to X tons in 2021, reducing by -9.4% on 2020 figures. In general, total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -15.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 40%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, lubricating oil additive imports reduced to $X in 2021. Overall, total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.4% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 33%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, France (X tons) constituted the largest lubricating oil additive supplier to Greece, with a 47% share of total imports. Moreover, lubricating oil additive imports from France exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Belgium (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+4.1% per year) and Belgium (+16.2% per year).

In value terms, France ($X) constituted the largest supplier of additives for lubricating oils to Greece, comprising 46% of total imports. The second position in the ranking was held by Italy ($X), with a 16% share of total imports. It was followed by Belgium, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from France amounted to -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.6% per year) and Belgium (+19.3% per year).

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2021, surging by 3.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 7.7%. 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 Germany ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+2.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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