Saudi Arabia: Lubricant Additives Market 2024

Lubricant Additives Market Size in Saudi Arabia

The Saudi lubricant additives market expanded modestly to $X in 2021, growing by 4.7% 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). In general, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Lubricant Additives Exports

Exports from Saudi Arabia

In 2021, shipments abroad of prepared additives for mineral oils increased by 56% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, saw a slight decrease. The growth pace was the most rapid in 2020 when exports increased by 320%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, lubricant additives exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of 231% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons), Thailand (X tons) and the United Arab Emirates (X tons) were the main destinations of lubricant additives exports from Saudi Arabia, with a combined 54% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +39.5%), while the other leaders experienced mixed trend patterns.

In value terms, India ($X) emerged as the key foreign market for prepared additives for mineral oils exports from Saudi Arabia, comprising 70% of total exports. The second position in the ranking was taken by Thailand ($X), with an 8.2% share of total exports. It was followed by the United Arab Emirates, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to India stood at +32.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (0.0% per year) and the United Arab Emirates (-7.7% per year).

Export Prices by Country

The average lubricant additives export price stood at $X per ton in 2021, falling by -7.5% against the previous year. Over the period under review, the export price showed a deep setback. The pace of growth was the most pronounced in 2015 when the average export price increased by 33%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Thailand ($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 United Arab Emirates (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Saudi Arabia

In 2021, supplies from abroad of prepared additives for mineral oils increased by 11% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 34% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, lubricant additives imports rose rapidly to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 37% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

France (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main suppliers of lubricant additives imports to Saudi Arabia, with a combined 51% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +29.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Italy ($X) constituted the largest lubricant additives suppliers to Saudi Arabia, with a combined 58% share of total imports. These countries were followed by Singapore, Belgium, Germany, the United Arab Emirates, India, the UK and Egypt, which together accounted for a further 37%.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +22.9%, 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 lubricant additives import price stood at $X per ton in 2021, reducing by -4.8% against the previous year. In general, the import price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2019 an increase of 2.6%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+5.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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