Nigeria: Lubricant Additives Market 2024

Lubricant Additives Market Size in Nigeria

In 2021, the Nigerien lubricant additives market decreased by -47.5% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted notably in the following year.

Lubricant Additives Exports

Exports from Nigeria

In 2021, shipments abroad of prepared additives for mineral oils increased by 223% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports saw a significant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 7,252% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, lubricant additives exports soared to $X in 2021. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 6,922%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for lubricant additives exports from Nigeria, accounting for a 48% share of total exports. Moreover, lubricant additives exports to the United States exceeded the volume sent to the second major destination, Congo (X tons), twofold. China (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +73.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Congo (+45.8% per year) and China (+40.9% per year).

In value terms, Congo ($X) remains the key foreign market for prepared additives for mineral oils exports from Nigeria, comprising 76% of total exports. The second position in the ranking was taken by South Africa ($X), with an 8.2% share of total exports. It was followed by Belgium, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Congo stood at +59.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+53.4% per year) and Belgium (+13.6% per year).

Export Prices by Country

The average lubricant additives export price stood at $X per ton in 2021, increasing by 2.3% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2015 an increase of 11%. The export price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Congo ($X per ton), while the average price for exports to the United States ($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 Congo (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in purchases abroad of prepared additives for mineral oils, when their volume decreased by -46.5% to X tons. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 64%. As a result, imports attained the peak of X tons, and then contracted markedly in the following year.

In value terms, lubricant additives imports dropped sharply to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 64% against the previous year. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

The United States (X tons), Italy (X tons) and France (X tons) were the main suppliers of lubricant additives imports to Nigeria, together accounting for 50% of total imports. These countries were followed by India, the United Arab Emirates, Belgium, China and the UK, which together accounted for a further 35%.

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 +50.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Italy ($X) and Belgium ($X) constituted the largest lubricant additives suppliers to Nigeria, together accounting for 48% of total imports. These countries were followed by France, India, the United Arab Emirates, China and the UK, which together accounted for a further 35%.

The United Arab Emirates, with a CAGR of +49.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lubricant additives import price amounted to $X per ton, waning by -2.3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by 29% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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