Singapore: Lubricant Additives Market 2024

Lubricant Additives Market Size in Singapore

For the third year in a row, the Singaporean lubricant additives market recorded growth in sales value, which increased by 68% to $X in 2021. In general, consumption saw a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lubricant Additives Production in Singapore

In value terms, lubricant additives production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 17% against the previous year. Lubricant additives production peaked at $X in 2019; afterwards, it flattened through to 2021.

Lubricant Additives Exports

Exports from Singapore

In 2021, overseas shipments of prepared additives for mineral oils were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricant additives exports surged to $X in 2021. The total export value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for lubricant additives exports from Singapore, with a 30% share of total exports. Moreover, lubricant additives exports to China exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+4.4% per year) and Indonesia (+2.9% per year).

In value terms, China ($X) remains the key foreign market for prepared additives for mineral oils exports from Singapore, comprising 30% of total exports. The second position in the ranking was held by Japan ($X), with a 10% share of total exports. It was followed by South Korea, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+0.0% per year) and South Korea (+0.0% per year).

Export Prices by Country

In 2021, the average lubricant additives export price amounted to $X per ton, approximately reflecting the previous year. In general, the export price, however, showed a slight slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 2.7% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and Malaysia ($X per ton), while the average price for exports to Pakistan ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+0.3%), while the prices for the other major destinations experienced a decline.

Lubricant Additives Imports

Imports into Singapore

In 2021, supplies from abroad of prepared additives for mineral oils was finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, lubricant additives imports soared to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 17%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), France (X tons) and China (X tons) were the main suppliers of lubricant additives imports to Singapore, with a combined 77% 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 China (with a CAGR of +31.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), France ($X) and China ($X) appeared to be the largest lubricant additives suppliers to Singapore, with a combined 77% share of total imports.

China, with a CAGR of +26.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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, which is down by -2.4% against the previous year. Overall, the import price continues to indicate a mild decline. The growth pace was the most rapid in 2018 when the average import price increased by 5.7%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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