Oman: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Oman

In 2021, after two years of growth, there was significant decline in the Omani lubricating oil additive market, when its value decreased by -23.1% to $X. In general, consumption, however, enjoyed a remarkable increase. As a result, consumption attained the peak level of $X, and then reduced remarkably in the following year.

Lubricating Oil Additive Production in Oman

In value terms, lubricating oil additive production dropped markedly to $X in 2021 estimated in export price. Overall, production saw a perceptible contraction. The most prominent rate of growth was recorded in 2020 with an increase of 188% against the previous year. As a result, production attained the peak level of $X, and then dropped sharply in the following year.

Lubricating Oil Additive Exports

Exports from Oman

For the third year in a row, Oman recorded decline in shipments abroad of additives for lubricating oils, which decreased by -15.5% to X tons in 2021. Overall, exports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 900% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, lubricating oil additive exports reduced to $X in 2021. Over the period under review, exports saw a dramatic descent. The most prominent rate of growth was recorded in 2018 with an increase of 506% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Qatar (X tons), the United Arab Emirates (X tons) and Yemen (X tons) were the main destinations of lubricating oil additive exports from Oman, with a combined 74% share of total exports. Germany, Pakistan and Somalia lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +98.1%), while shipments for the other leaders experienced a decline.

In value terms, Qatar ($X), Pakistan ($X) and Germany ($X) constituted the largest markets for lubricating oil additive exported from Oman worldwide, with a combined 74% share of total exports.

Germany, with a CAGR of +80.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, picking up by 2.6% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 87%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Somalia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Somalia (+78.6%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Oman

In 2021, the amount of additives for lubricating oils imported into Oman expanded significantly to X tons, increasing by 8.8% against the previous year's figure. Over the period under review, imports, however, recorded a perceptible curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 22% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, lubricating oil additive imports shrank slightly to $X in 2021. In general, imports, however, showed a perceptible contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 22%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X tons) constituted the largest lubricating oil additive supplier to Oman, accounting for a 62% share of total imports. Moreover, lubricating oil additive imports from Singapore exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore amounted to +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+33.2% per year) and Italy (+16.1% per year).

In value terms, Singapore ($X) constituted the largest supplier of additives for lubricating oils to Oman, comprising 51% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Italy, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore amounted to +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+41.7% per year) and Italy (+13.0% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, declining by -11.8% against the previous year. Overall, the import price saw a slight decline. The growth pace was the most rapid in 2018 when the average import price increased by 7.6%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 India ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+21.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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