Report Update Nov 1, 2024

Nigeria - Additives for Lubricating Oils - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Nigeria

In 2021, after two years of growth, there was significant decline in the Nigerien lubricating oil additive market, when its value decreased by -47.1% to $X. Over the period under review, consumption, however, saw temperate growth. As a result, consumption attained the peak level of $X, and then dropped sharply in the following year.

Lubricating Oil Additive Exports

Exports from Nigeria

In 2021, the amount of additives for lubricating oils exported from Nigeria fell markedly to X tons, reducing by -24.9% on the previous year. In general, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 220%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, lubricating oil additive exports dropped to $X in 2021. Over the period under review, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 210% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

South Africa (X tons), Ghana (X tons) and India (X tons) were the main destinations of lubricating oil additive exports from Nigeria.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +29.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, South Africa ($X) remains the key foreign market for additives for lubricating oils exports from Nigeria, comprising 67% of total exports. The second position in the ranking was taken by Ghana ($X), with a 28% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Africa amounted to +45.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+7.2% per year) and India (+0.5% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, growing by 19% against the previous year. Overall, the export price enjoyed a measured expansion. The pace of growth appeared the most rapid in 2014 an increase of 51%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to India ($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 South Africa (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Nigeria

In 2021, after four years of growth, there was significant decline in purchases abroad of additives for lubricating oils, when their volume decreased by -46.6% to X tons. Overall, imports, however, recorded perceptible growth. The most prominent rate of growth was recorded in 2020 with an increase of 86%. As a result, imports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, lubricating oil additive imports shrank markedly to $X in 2021. Over the period under review, imports, however, enjoyed slight growth. The growth pace was the most rapid in 2020 with an increase of 101%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

Italy (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main suppliers of lubricating oil additive imports to Nigeria, with a combined 52% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +54.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Belgium ($X) and the United States ($X) appeared to be the largest lubricating oil additive suppliers to Nigeria, with a combined 53% share of total imports. India, France, the United Arab Emirates, Barbados, China, Belarus and the Netherlands lagged somewhat behind, together comprising a further 41%.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +47.3%, 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

The average lubricating oil additive import price stood at $X per ton in 2021, approximately equating the previous year. In general, the import price continues to indicate a mild descent. The most prominent rate of growth was recorded in 2014 an increase of 43%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average 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 Barbados ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Barbados (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for additives for lubricating oils in the world?

The country with the largest volume of lubricating oil additive consumption was China, accounting for 22% of total volume. Moreover, lubricating oil additive consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. India ranked third in terms of total consumption with a 9% share.

What are the largest producers of additives for lubricating oils in the world?

The countries with the highest volumes of lubricating oil additive production in 2021 were China, the United States and France, with a combined 44% share of global production. These countries were followed by India, Japan, Russia, Singapore, Brazil, Italy, Mexico, Belgium, Canada and South Korea, which together accounted for a further 40%.

What are the leading suppliers of additives for lubricating oils to Nigeria?

In value terms, the largest lubricating oil additive suppliers to Nigeria were France, Italy and the United States, with a combined 49% share of total imports. These countries were followed by Belgium, India, Barbados, China and Belarus, which together accounted for a further 38%.

What are the leading importers of additives for lubricating oils from Nigeria?

In value terms, Ghana remains the key foreign market for lubricating oil additive exports from Nigeria, comprising 87% of total exports. The second position in the ranking was occupied by India, with a 13% share of total exports.

What is the average export price for additives for lubricating oils in Nigeria?

The average lubricating oil additive export price stood at $4,015 per ton in 2021, increasing by 5.6% against the previous year.

What is the average import price for additives for lubricating oils in Nigeria?

In 2021, the average lubricating oil additive import price amounted to $2,441 per ton, with a decrease of -18.6% against the previous year.

This report provides an in-depth analysis of the lubricating oil additive market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20594270 - Additives for lubricating oils

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023