Southern Asia: Lubricant Additives Market 2024

Lubricant Additives Market Size in Southern Asia

The South Asian lubricant additives market was estimated at $X in 2021, almost unchanged from the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.9% 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 +6.3% against 2019 indices. The level of consumption peaked in 2021 and is likely to see steady growth in years to come.

Lubricant Additives Production in Southern Asia

In value terms, lubricant additives production dropped modestly to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +109.4% against 2012 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 35%. Over the period under review, production reached the maximum level at $X in 2020, and then shrank slightly in the following year.

Lubricant Additives Exports

Exports in Southern Asia

In 2021, overseas shipments of prepared additives for mineral oils decreased by -2.4% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 111% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricant additives exports amounted to $X in 2021. Overall, exports, however, posted a buoyant expansion. The growth pace was the most rapid in 2019 with an increase of 171%. 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

The biggest shipments were from India (X tons), together recording 100% of total export.

India was also the fastest-growing in terms of the prepared additives for mineral oils exports, with a CAGR of +14.6% 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 lubricant additives supplier in Southern Asia.

From 2012 to 2021, the average annual growth rate of value in India amounted to +13.2%.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, growing by 3.6% against the previous year. Overall, the export price, however, saw a mild downturn. The pace of growth was the most pronounced in 2019 an increase of 28% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

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 -1.2% per year.

Lubricant Additives Imports

Imports in Southern Asia

In 2021, supplies from abroad of prepared additives for mineral oils was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, lubricant additives imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

India was the major importing country with an import of about X tons, which accounted for 68% of total imports. Pakistan (X tons) held the second position in the ranking, distantly followed by Sri Lanka (X tons). All these countries together held approx. 25% share of total imports. Bangladesh (X tons) took a relatively small share of total imports.

Imports into India increased at an average annual rate of +3.0% from 2012 to 2021. At the same time, Sri Lanka (+3.7%), Bangladesh (+3.4%) and Pakistan (+2.6%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +3.7% from 2012-2021. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported prepared additives for mineral oils in Southern Asia, comprising 72% of total imports. The second position in the ranking was held by Pakistan ($X), with an 18% share of total imports. It was followed by Sri Lanka, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value in India totaled +2.3%. In the other countries, the average annual rates were as follows: Pakistan (-0.6% per year) and Sri Lanka (+3.3% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, surging by 3% against the previous year. Over the period under review, the import price, however, saw a slight descent. The pace of growth was the most pronounced in 2016 when the import price increased by 3.5%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in India ($X per ton) and Bangladesh ($X per ton), while Pakistan ($X per ton) and Sri Lanka ($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 (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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