Norway: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Norway

After two years of growth, the Norwegian market for petroleum lubricating oil and grease decreased by X% to $X in 2022. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2021, and then dropped modestly in the following year.

Production of Petroleum Lubricating Oil And Grease in Norway

In value terms, petroleum lubricating oil and grease production expanded to $X in 2022 estimated in export price. In general, production saw significant growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from Norway

In 2022, shipments abroad of petroleum lubricating oil and grease was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports rose rapidly to $X in 2022. In general, exports saw a modest increase. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Denmark (X tons), Sweden (X tons) and the UK (X tons) were the main destinations of petroleum lubricating oil and grease exports from Norway, together comprising X% of total exports. The Netherlands, Bahamas and Faroe Islands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahamas (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and the UK ($X) appeared to be the largest markets for petroleum lubricating oil and grease exported from Norway worldwide, with a combined X% share of total exports. Bahamas, the Netherlands and Faroe Islands lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Bahamas, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then declined dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahamas ($X per ton), while the average price for exports to Denmark ($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 Faroe Islands (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Petroleum Lubricating Oil And Grease

Imports into Norway

In 2022, overseas purchases of petroleum lubricating oil and grease decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports saw a pronounced shrinkage. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports reduced to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

France (X tons), Germany (X tons) and Sweden (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Norway, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest petroleum lubricating oil and grease suppliers to Norway were France ($X), Germany ($X) and Sweden ($X), together accounting for X% of total imports.

In terms of the main suppliers, Germany, with a CAGR of X%, 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 import price for petroleum lubricating oil and grease stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 an increase of X%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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