Ireland: Lubricant Additives Market 2024

Lubricant Additives Market Size in Ireland

The Irish lubricant additives market contracted sharply to $X in 2021, which is down by -51.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw modest growth. As a result, consumption attained the peak level of $X, and then declined notably in the following year.

Lubricant Additives Exports

Exports from Ireland

Lubricant additives exports from Ireland fell significantly to X tons in 2021, declining by -47.5% against 2020. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 1,723%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, lubricant additives exports fell notably to $X in 2021. Overall, exports continue to indicate a mild decrease. The pace of growth was the most pronounced in 2014 with an increase of 1,124% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for lubricant additives exports from Ireland, with a 68% share of total exports. Moreover, lubricant additives exports to the UK exceeded the volume sent to the second major destination, South Korea (X tons), fourfold. The Czech Republic (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK amounted to +39.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-9.9% per year) and the Czech Republic (+151.0% per year).

In value terms, the UK ($X) emerged as the key foreign market for prepared additives for mineral oils exports from Ireland, comprising 61% of total exports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total exports. It was followed by the Czech Republic, with a 7% share.

From 2012 to 2021, the average annual growth rate of value to the UK stood at +35.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-17.9% per year) and the Czech Republic (+150.7% per year).

Export Prices by Country

In 2021, the average lubricant additives export price amounted to $X per ton, growing by 13% against the previous year. Over the period under review, the export price, however, showed a deep downturn. The pace of growth was the most pronounced in 2020 when the average export price increased by 49%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to the UK ($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 Czech Republic (-0.1%), while the prices for the other major destinations experienced a decline.

Lubricant Additives Imports

Imports into Ireland

In 2021, lubricant additives imports into Ireland declined markedly to X tons, which is down by -43.6% against the year before. Overall, imports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2020 when imports increased by 139% against the previous year. As a result, imports attained the peak of X tons, and then declined significantly in the following year.

In value terms, lubricant additives imports contracted sharply to $X in 2021. In general, imports, however, recorded a perceptible expansion. The most prominent rate of growth was recorded in 2020 with an increase of 432% against the previous year. As a result, imports reached the peak of $X, and then reduced rapidly in the following year.

Imports by Country

Denmark (X tons), the UK (X tons) and Germany (X tons) were the main suppliers of lubricant additives imports to Ireland, together accounting for 80% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +89.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Denmark ($X) and Germany ($X) appeared to be the largest lubricant additives suppliers to Ireland, together accounting for 80% of total imports.

Among the main suppliers, Denmark, with a CAGR of +87.9%, recorded the highest growth rate of 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 lubricant additives import price amounted to $X per ton, declining by -24.6% against the previous year. In general, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lubricant additives import price increased by +67.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 122% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Italy ($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 UK (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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