Philippines: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in the Philippines

The Philippine market for petroleum lubricating oil and grease rose markedly to $X in 2022, increasing by X% against the previous year. In general, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in the Philippines

In value terms, petroleum lubricating oil and grease production rose rapidly to $X in 2022 estimated in export price. Overall, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from the Philippines

In 2022, after two years of growth, there was significant decline in shipments abroad of petroleum lubricating oil and grease, when their volume decreased by X% to X tons. In general, exports showed a deep contraction. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease exports contracted remarkably to $X in 2022. Over the period under review, exports faced a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for petroleum lubricating oil and grease exports from the Philippines, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Vietnam exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled X%.

In value terms, the largest markets for petroleum lubricating oil and grease exported from the Philippines were Vietnam ($X) and Taiwan (Chinese) ($X).

In terms of the main countries of destination, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, dropping by X% against the previous year. Overall, the export price saw a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell dramatically in the following year.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into the Philippines

In 2022, petroleum lubricating oil and grease imports into the Philippines dropped to X tons, with a decrease of X% against the previous year. Over the period under review, imports, however, showed a slight expansion. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports amounted to $X in 2022. Overall, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Japan (X tons) constituted the largest petroleum lubricating oil and grease supplier to the Philippines, with a X% share of total imports. Moreover, petroleum lubricating oil and grease imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Indonesia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Indonesia (X% per year).

In value terms, Japan ($X) constituted the largest supplier of petroleum lubricating oil and grease to the Philippines, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with an X% share of total imports. It was followed by Singapore, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Singapore (X% per year).

Import Prices by Country

In 2022, the average import price for petroleum lubricating oil and grease amounted to $X per ton, surging by X% against the previous year. In general, the import price recorded a buoyant increase. The pace of growth was the most pronounced in 2020 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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