Latin America and the Caribbean: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Latin America and the Caribbean

The Latin American lubricating oil additive market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in the immediate term.

Lubricating Oil Additive Production in Latin America and the Caribbean

In value terms, lubricating oil additive production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 19% against the previous year. Over the period under review, production reached the peak level at $X in 2018; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of additives for lubricating oils increased by 9% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2017 when exports increased by 23% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, lubricating oil additive exports expanded remarkably to $X in 2021. Overall, exports, however, continue to indicate a noticeable slump. The pace of growth appeared the most rapid in 2017 with an increase of 21% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Mexico (X tons) was the largest exporter of additives for lubricating oils, constituting 58% of total exports. It was distantly followed by Brazil (X tons), comprising a 37% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Brazil (with a CAGR of +1.4%).

In value terms, the largest lubricating oil additive supplying countries in Latin America and the Caribbean were Mexico ($X) and Brazil ($X).

In terms of the main exporting countries, Brazil, with a CAGR of -0.3%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, declining by -1.9% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 7.3% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Brazil totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (-0.2%).

Lubricating Oil Additive Imports

Imports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in supplies from abroad of additives for lubricating oils, when their volume increased by 38% to X tons. Overall, imports recorded a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports skyrocketed to $X in 2021. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) and Mexico (X tons) were the main importers of additives for lubricating oils in Latin America and the Caribbean, together reaching approx. 65% of total imports. Argentina (X tons) took the next position in the ranking, followed by Chile (X tons). All these countries together took approx. 16% share of total imports. Colombia (X tons), Peru (X tons), Ecuador (X tons) and Cuba (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mexico (with a CAGR of +8.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricating oil additive importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Argentina ($X), together comprising 72% of total imports.

In terms of the main importing countries, Mexico, with a CAGR of +10.0%, 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 import price in Latin America and the Caribbean amounted to $X per ton, surging by 3.9% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 5% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Colombia ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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