South-Eastern Asia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in South-Eastern Asia

In 2021, the Southeast Asian lubricating oil additive market decreased by -2.7% to $X, falling for the second year in a row after five years of growth. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.7% against 2019 indices. The level of consumption peaked at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Production in South-Eastern Asia

In value terms, lubricating oil additive production totaled $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.7% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 12% against the previous year. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of additives for lubricating oils increased by 16% to X tons for the first time since 2017, thus ending a three-year declining trend. The total export volume increased at an average annual rate of +3.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive 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 somewhat noticeable 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

The shipments of the one major exporters of additives for lubricating oils, namely Singapore, represented more than two-thirds of total export.

Singapore was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of +3.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) also remains the largest lubricating oil additive supplier in South-Eastern Asia.

In Singapore, lubricating oil additive exports expanded at an average annual rate of +1.3% over the period from 2012-2021.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, approximately equating the previous year. In general, the export price, however, showed a slight downturn. The pace of growth appeared the most rapid in 2019 an increase of 1.9% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for Singapore amounted to -1.9% per year.

Lubricating Oil Additive Imports

Imports in South-Eastern Asia

In 2021, purchases abroad of additives for lubricating oils was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, lubricating oil additive imports skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Singapore represented the major importer of additives for lubricating oils in South-Eastern Asia, with the volume of imports recording X tons, which was approx. 54% of total imports in 2021. Indonesia (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (15%), Malaysia (7.6%) and Vietnam (5.2%).

Singapore experienced a relatively flat trend pattern with regard to volume of imports of additives for lubricating oils. At the same time, Indonesia (+4.9%), Thailand (+3.1%) and Vietnam (+2.6%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +4.9% from 2012-2021. Malaysia experienced a relatively flat trend pattern. While the share of Indonesia (+4.1 p.p.) and Thailand (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-1.9 p.p.) and Singapore (-4.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported additives for lubricating oils in South-Eastern Asia, comprising 50% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Indonesia, with a 17% share.

In Singapore, lubricating oil additive imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+2.0% per year) and Indonesia (+2.6% per year).

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, stabilizing at the previous year. Overall, the import price recorded a slight slump. The growth pace was the most rapid in 2018 when the import price increased by 3.7%. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Vietnam ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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