Norway: Lubricant Additives Market 2024

Lubricant Additives Market Size in Norway

The Norwegian lubricant additives market fell to $X in 2021, waning by -8.1% against the previous year. Overall, consumption recorded a noticeable decline. Lubricant additives consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Lubricant Additives Production in Norway

In value terms, lubricant additives production shrank modestly to $X in 2021 estimated in export price. In general, production recorded a pronounced decrease. The most prominent rate of growth was recorded in 2014 when the production volume increased by 37% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Lubricant Additives Exports

Exports from Norway

In 2021, approx. X tons of prepared additives for mineral oils were exported from Norway; with an increase of 10% against 2020 figures. Overall, exports, however, recorded a abrupt descent. The growth pace was the most rapid in 2019 when exports increased by 68%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, lubricant additives exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2019 when exports increased by 77% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons), the Netherlands (X tons) and South Korea (X tons) were the main destinations of lubricant additives exports from Norway, with a combined 55% share of total exports. The United States, China, the United Arab Emirates, the UK, Brazil, Croatia, Spain, Japan, Greece and Germany lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +29.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), the Netherlands ($X) and South Korea ($X) appeared to be the largest markets for lubricant additives exported from Norway worldwide, with a combined 57% share of total exports. China, the UK, the United States, Brazil, Japan, the United Arab Emirates, Spain, Greece, Germany and Croatia lagged somewhat behind, together comprising a further 33%.

Brazil, with a CAGR of +11.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average lubricant additives export price amounted to $X per ton, picking up by 22% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when the average export price increased by 66%. Over the period under review, the average export prices attained the maximum in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Croatia ($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 the UK (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Norway

In 2021, supplies from abroad of prepared additives for mineral oils decreased by -23.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports recorded a abrupt decrease. The growth pace was the most rapid in 2019 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, lubricant additives imports reduced to $X in 2021. In general, imports showed a abrupt setback. The pace of growth appeared the most rapid in 2017 when imports increased by 25%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The UK (X tons), Germany (X tons) and Denmark (X tons) were the main suppliers of lubricant additives imports to Norway, together accounting for 68% of total imports. These countries were followed by Belgium, the Netherlands, Italy, the United States, France, Sweden and Poland, which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +9.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Germany ($X) and Belgium ($X) constituted the largest lubricant additives suppliers to Norway, together accounting for 59% of total imports. These countries were followed by Denmark, the United States, Italy, the Netherlands, France, Sweden and Poland, which together accounted for a further 40%.

The United States, with a CAGR of +17.3%, saw 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

The average lubricant additives import price stood at $X per ton in 2021, picking up by 19% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2017 when the average import price increased by 30%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :