Kuwait: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Kuwait

The Kuwaiti lubricating oil additive market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, faced a abrupt slump. Lubricating oil additive consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Exports

Exports from Kuwait

For the sixth consecutive year, Kuwait recorded growth in shipments abroad of additives for lubricating oils, which increased by 32% to X tons in 2021. Overall, exports saw a prominent increase. The growth pace was the most rapid in 2020 when exports increased by 241% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, lubricating oil additive exports surged to $X in 2021. In general, exports posted mild growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X tons) was the main destination for lubricating oil additive exports from Kuwait, with a 75% share of total exports. Moreover, lubricating oil additive exports to the United Arab Emirates exceeded the volume sent to the second major destination, Egypt (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +36.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+130.0% per year) and Bahrain (+6.4% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for additives for lubricating oils exports from Kuwait, comprising 61% of total exports. The second position in the ranking was held by Egypt ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates amounted to +39.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+53.7% per year) and Bahrain (-0.3% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, rising by 22% against the previous year. In general, the export price, however, saw a deep downturn. The most prominent rate of growth was recorded in 2015 when the average export price increased by 69% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a lower figure.

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 Bahrain ($X per ton), while the average price for exports to the United Arab Emirates ($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 Iraq (+76.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Kuwait

In 2021, purchases abroad of additives for lubricating oils increased by 23% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 86% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, lubricating oil additive imports skyrocketed to $X in 2021. In general, imports, however, showed a abrupt slump. The pace of growth was the most pronounced in 2018 when imports increased by 84%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Oman (X tons) constituted the largest supplier of lubricating oil additive to Kuwait, accounting for a 54% share of total imports. Moreover, lubricating oil additive imports from Oman exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. The third position in this ranking was held by India (X tons), with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Oman totaled -18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+0.1% per year) and India (+3.1% per year).

In value terms, Oman ($X) constituted the largest supplier of additives for lubricating oils to Kuwait, comprising 57% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by the United States, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value from Oman stood at -11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+3.5% per year) and the United States (-17.6% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, surging by 5.4% against the previous year. In general, import price indicated strong growth 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, lubricating oil additive import price increased by +23.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 38% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :