Mexico: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Mexico

After two years of growth, the Mexican market for petroleum lubricating oil and grease decreased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Petroleum lubricating oil and grease consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in Mexico

In value terms, petroleum lubricating oil and grease production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from Mexico

Petroleum lubricating oil and grease exports from Mexico expanded markedly to X tons in 2022, surging by X% compared with the previous year. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease exports skyrocketed to $X in 2022. In general, exports recorded buoyant growth. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The United States (X tons) was the main destination for petroleum lubricating oil and grease exports from Mexico, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), threefold. The third position in this ranking was taken by Colombia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Colombia (X% per year).

In value terms, the United States ($X) remains the key foreign market for petroleum lubricating oil and grease exports from Mexico, comprising X% of total exports. The second position in the ranking was held by Guatemala ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Colombia (X% per year).

Export Prices by Country

The average export price for petroleum lubricating oil and grease stood at $X per ton in 2022, with an increase of X% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum lubricating oil and grease export price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Mexico

In 2022, approx. X tons of petroleum lubricating oil and grease were imported into Mexico; falling by X% on 2021 figures. Over the period under review, imports, however, saw a measured expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped sharply in the following year.

In value terms, petroleum lubricating oil and grease imports soared to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of petroleum lubricating oil and grease to Mexico, with a X% share of total imports. Moreover, petroleum lubricating oil and grease imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. The third position in this ranking was taken by Italy (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Italy (X% per year).

In value terms, the United States ($X) constituted the largest supplier of petroleum lubricating oil and grease to Mexico, comprising X% of total imports. The second position in the ranking was taken by Germany ($X), with a X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and France (X% per year).

Import Prices by Country

In 2022, the average import price for petroleum lubricating oil and grease amounted to $X per ton, increasing by X% against the previous year. Overall, the import price recorded a measured increase. The pace of growth was the most pronounced in 2015 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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