India: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in India

The Indian lubricating oil additive market totaled $X in 2021, increasing by 5% against the previous year. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +75.8% against 2012 indices. Lubricating oil additive consumption peaked in 2021 and is likely to see gradual growth in the near future.

Lubricating Oil Additive Production in India

In value terms, lubricating oil additive production amounted to $X in 2021 estimated in export price. Over the period under review, the total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.3% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 13%. Over the period under review, production attained the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports from India

In 2021, shipments abroad of additives for lubricating oils decreased by -39.2% to X tons, falling for the second year in a row after five years of growth. Overall, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 416%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, lubricating oil additive exports declined remarkably to $X in 2021. Over the period under review, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 275% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main destinations of lubricating oil additive exports from India, with a combined 51% share of total exports. These countries were followed by Nigeria, Singapore, Cameroon, France, Indonesia, Sri Lanka, Iran and Turkey, which together accounted for a further 33%.

From 2012 to 2021, the biggest increases were recorded for Cameroon (with a CAGR of +57.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and the United Arab Emirates ($X) constituted the largest markets for lubricating oil additive exported from India worldwide, with a combined 49% share of total exports. These countries were followed by Singapore, Nigeria, Cameroon, France, Iran, Sri Lanka, Indonesia and Turkey, which together accounted for a further 32%.

Among the main countries of destination, Cameroon, with a CAGR of +57.7%, saw the highest rates of growth with regard to 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

In 2021, the average lubricating oil additive export price amounted to $X per ton, with an increase of 18% against the previous year. In general, the export price, however, continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 26% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 Singapore (+2.6%), while the prices for the other major destinations experienced mixed trend patterns.

Lubricating Oil Additive Imports

Imports into India

In 2021, the amount of additives for lubricating oils imported into India skyrocketed to X tons, picking up by 26% compared with the year before. In general, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.1% 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 -4.6% against 2019 indices. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, lubricating oil additive imports soared to $X in 2021. Overall, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X tons), the United States (X tons) and Belgium (X tons) were the main suppliers of lubricating oil additive imports to India, together comprising 77% of total imports. These countries were followed by Japan, South Korea, China, France, the United Arab Emirates, Italy and Germany, which together accounted for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricating oil additive suppliers to India were Singapore ($X), the United States ($X) and Belgium ($X), together accounting for 75% of total imports. Japan, China, France, South Korea, Italy, the United Arab Emirates and Germany lagged somewhat behind, together accounting for a further 21%.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +27.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, with an increase of 1.8% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 11%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for South Korea ($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 (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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