Southern Asia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Southern Asia

The South Asian lubricating oil additive market stood at $X in 2021, with an increase of 5.8% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +74.3% against 2012 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in years to come.

Lubricating Oil Additive Production in Southern Asia

In value terms, lubricating oil additive production amounted to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.3% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 13%. Over the period under review, production attained the peak level at $X in 2019; afterwards, it flattened through to 2021.

Lubricating Oil Additive Exports

Exports in Southern Asia

In 2021, shipments abroad of additives for lubricating oils decreased by -39.1% to X tons, falling for the second consecutive year after five years of growth. In general, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of 415% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, lubricating oil additive exports reduced markedly to $X in 2021. Over the period under review, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 275% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, India (X tons) represented the largest exporter of additives for lubricating oils in Southern Asia, creating 100% of total export.

India was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of +15.4% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest lubricating oil additive supplier in Southern Asia.

In India, lubricating oil additive exports expanded at an average annual rate of +13.5% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, growing by 18% against the previous year. Overall, the export price, however, showed a mild downturn. The most prominent rate of growth was recorded in 2020 when the export price increased by 26% 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 India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to -1.6% per year.

Lubricating Oil Additive Imports

Imports in Southern Asia

After two years of decline, purchases abroad of additives for lubricating oils increased by 26% to X tons in 2021. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports surged to $X in 2021. The total import value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India represented the largest importer of additives for lubricating oils in Southern Asia, with the volume of imports finishing at X tons, which was near 65% of total imports in 2021. Pakistan (X tons) ranks second in terms of the total imports with a 23% share, followed by Sri Lanka (4.8%). The following importers - Bangladesh (X tons) and Afghanistan (X tons) - together made up 7.1% of total imports.

From 2012 to 2021, average annual rates of growth with regard to lubricating oil additive imports into India stood at +6.1%. At the same time, Afghanistan (+55.8%), Bangladesh (+6.1%), Pakistan (+4.6%) and Sri Lanka (+4.3%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +55.8% from 2012-2021. While the share of Afghanistan (+3.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Pakistan (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported additives for lubricating oils in Southern Asia, comprising 70% of total imports. The second position in the ranking was taken by Pakistan ($X), with an 18% share of total imports. It was followed by Sri Lanka, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to +5.5%. In the other countries, the average annual rates were as follows: Pakistan (+1.4% per year) and Sri Lanka (+4.1% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, picking up by 2% against the previous year. In general, the import price, however, showed a slight downturn. The most prominent rate of growth was recorded in 2016 an increase of 2.8% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the 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 Bangladesh ($X per ton) and India ($X per ton), while Pakistan ($X per ton) and Afghanistan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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