MERCOSUR: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in MERCOSUR

The MERCOSUR lubricating oil additive market expanded notably to $X in 2021, growing by 6.9% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Lubricating Oil Additive Production in MERCOSUR

In value terms, lubricating oil additive production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 19%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in MERCOSUR

In 2021, shipments abroad of additives for lubricating oils increased by 36% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +36.0% against 2019 indices. The growth pace was the most rapid in 2017 when exports increased by 52%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricating oil additive exports surged to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil prevails in exports structure, recording X tons, which was approx. 93% of total exports in 2021. The following exporters - Argentina (X tons) and Colombia (X tons) - each recorded a 4.6% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to lubricating oil additive exports from Brazil stood at +1.4%. At the same time, Colombia (+1.8%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +1.8% from 2012-2021. Argentina experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest lubricating oil additive supplier in MERCOSUR, comprising 94% of total exports. The second position in the ranking was held by Argentina ($X), with a 2% share of total exports.

In Brazil, lubricating oil additive exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Argentina (-3.5% per year) and Colombia (+0.3% per year).

Export Prices by Country

In 2021, the export price in MERCOSUR amounted to $X per ton, increasing by 6.6% against the previous year. In general, the export price, however, showed a slight contraction. The most prominent rate of growth was recorded in 2019 when the export price increased by 9.6%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 Brazil ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (-1.5%), while the other leaders experienced a decline in the export price figures.

Lubricating Oil Additive Imports

Imports in MERCOSUR

In 2021, overseas purchases of additives for lubricating oils were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, showed a slight curtailment. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, lubricating oil additive imports soared to $X in 2021. Overall, imports, however, showed a perceptible descent. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X tons) was the key importer of additives for lubricating oils, creating 57% of total imports. Argentina (X tons) ranks second in terms of the total imports with a 16% share, followed by Chile (9.5%), Colombia (6.9%) and Peru (6.6%). Ecuador (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to lubricating oil additive imports into Brazil stood at +1.5%. At the same time, Peru (+2.0%) and Chile (+1.5%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +2.0% from 2012-2021. By contrast, Colombia (-1.8%), Argentina (-1.9%) and Ecuador (-4.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil, Chile and Peru increased by +13, +2.3 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported additives for lubricating oils in MERCOSUR, comprising 51% of total imports. The second position in the ranking was taken by Argentina ($X), with a 16% share of total imports. It was followed by Chile, with an 11% share.

In Brazil, lubricating oil additive imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (-3.6% per year) and Chile (+0.7% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2021, rising by 2.7% against the previous year. In general, the import price, however, recorded a slight reduction. The pace of growth was the most pronounced in 2018 when the import price increased by 5.4% against the previous year. Over the period under review, import prices reached the peak figure 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 Ecuador (+0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform