Singapore: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Singapore

After three years of decline, the Singaporean market for petroleum lubricating oil and grease increased by X% to $X in 2022. Over the period under review, consumption enjoyed a strong increase. Petroleum lubricating oil and grease consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Petroleum Lubricating Oil And Grease in Singapore

In value terms, petroleum lubricating oil and grease production dropped to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Petroleum lubricating oil and grease production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Singapore

In 2022, exports of petroleum lubricating oil and grease from Singapore reduced markedly to X tons, which is down by X% against the previous year. Over the period under review, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports contracted rapidly to $X in 2022. Overall, exports, however, posted a strong increase. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2021, and then reduced markedly in the following year.

Exports by Country

China (X tons), Malaysia (X tons) and Australia (X tons) were the main destinations of petroleum lubricating oil and grease exports from Singapore, with a combined X% share of total exports. India, Indonesia, Taiwan (Chinese), South Korea, Thailand, Japan, Vietnam and Kazakhstan lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for petroleum lubricating oil and grease exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with an X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, falling by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

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

Imports of Petroleum Lubricating Oil And Grease

Imports into Singapore

In 2022, the amount of petroleum lubricating oil and grease imported into Singapore rose rapidly to X tons, growing by X% on 2021 figures. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

France (X tons), the United States (X tons) and China (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Singapore, together accounting for X% of total imports. Germany, the UK, Switzerland, South Korea, Thailand, Japan, the Netherlands and Egypt lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to Singapore were the United States ($X), France ($X) and the UK ($X), with a combined X% share of total imports.

In terms of the main suppliers, the UK, with a CAGR of X%, saw the highest rates of growth with regard to 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 import price for petroleum lubricating oil and grease stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2018 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :