Peru: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Peru

The Peruvian lubricating oil additive market soared to $X in 2021, picking up by 71% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Lubricating Oil Additive Exports

Exports from Peru

Lubricating oil additive exports from Peru stood at X tons in 2021, surging by 5.5% on 2020. Overall, exports posted a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 601% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricating oil additive exports skyrocketed to $X in 2021. In general, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 332%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Chile (X tons) was the main destination for lubricating oil additive exports from Peru, with a 83% share of total exports. Moreover, lubricating oil additive exports to Chile exceeded the volume sent to the second major destination, Ecuador (X tons), more than tenfold. Colombia (X tons) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to Chile totaled +69.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+27.6% per year) and Colombia (+0.1% per year).

In value terms, Chile ($X) remains the key foreign market for additives for lubricating oils exports from Peru, comprising 72% of total exports. The second position in the ranking was held by Colombia ($X), with a 12% share of total exports. It was followed by Ecuador, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Chile amounted to +60.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+2.4% per year) and Ecuador (+25.3% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, growing by 11% against the previous year. Over the period under review, the export price, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2019 when the average export price increased by 75% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Spain ($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 Spain (+4.7%), while the prices for the other major destinations experienced mixed trend patterns.

Lubricating Oil Additive Imports

Imports into Peru

Lubricating oil additive imports into Peru soared to X tons in 2021, increasing by 61% against the previous year. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports soared to $X in 2021. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of lubricating oil additive to Peru, with a 86% share of total imports. Moreover, lubricating oil additive imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X tons), more than tenfold. The third position in this ranking was taken by Brazil (X tons), with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+114.6% per year) and Brazil (+4.1% per year).

In value terms, the United States ($X) constituted the largest supplier of additives for lubricating oils to Peru, comprising 82% of total imports. The second position in the ranking was taken by Brazil ($X), with a 3.9% share of total imports. It was followed by China, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+6.6% per year) and China (+57.6% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, increasing by 5.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 11%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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