Sri Lanka: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Sri Lanka

In 2021, the Sri Lankan lubricating oil additive market increased by 35% to $X, rising for the third consecutive year after two years of decline. Overall, the total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.1% 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 +78.9% against 2018 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lubricating Oil Additive Exports

Exports from Sri Lanka

In 2021, shipments abroad of additives for lubricating oils decreased by -15.8% to X tons, falling for the second consecutive year after four years of growth. Overall, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 183% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, lubricating oil additive exports declined rapidly to $X in 2021. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 214%. The exports peaked at $X in 2020, and then declined sharply in the following year.

Exports by Country

Pakistan (X tons) was the main destination for lubricating oil additive exports from Sri Lanka, accounting for a 92% share of total exports. Moreover, lubricating oil additive exports to Pakistan exceeded the volume sent to the second major destination, Thailand (X kg), more than tenfold. Singapore (X kg) ranked third in terms of total exports with a 1% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-18.0% per year) and Singapore (-12.2% per year).

In value terms, Pakistan ($X) emerged as the key foreign market for additives for lubricating oils exports from Sri Lanka, comprising 91% of total exports. The second position in the ranking was held by Thailand ($X), with a 7.2% share of total exports. It was followed by Singapore, with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Pakistan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-7.7% per year) and Singapore (-7.4% per year).

Export Prices by Country

In 2021, the average lubricating oil additive export price amounted to $X per ton, remaining stable against the previous year. Overall, the export price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 66% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+133.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Sri Lanka

For the third year in a row, Sri Lanka recorded growth in overseas purchases of additives for lubricating oils, which increased by 33% to X tons in 2021. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.1% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports surged to $X in 2021. Overall, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +83.7% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Singapore (X tons) constituted the largest supplier of lubricating oil additive to Sri Lanka, with a 38% share of total imports. Moreover, lubricating oil additive imports from Singapore exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Malaysia (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore amounted to -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+10.3% per year) and Malaysia (+115.9% per year).

In value terms, Singapore ($X) constituted the largest supplier of additives for lubricating oils to Sri Lanka, comprising 39% of total imports. The second position in the ranking was taken by India ($X), with a 9.5% share of total imports. It was followed by Malaysia, with a 2.7% share.

From 2012 to 2021, the average annual growth rate of value from Singapore amounted to -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+9.9% per year) and Malaysia (+119.8% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, flattening at the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 16% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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