Thailand: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Thailand

The Thai lubricating oil additive market was finally on the rise to reach $X in 2021, after two years of decline. Overall, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% 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 decreased by -2.0% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Lubricating Oil Additive Production in Thailand

In value terms, lubricating oil additive production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 33%. Lubricating oil additive production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Lubricating Oil Additive Exports

Exports from Thailand

In 2021, the amount of additives for lubricating oils exported from Thailand surged to X tons, increasing by 17% compared with the previous year's figure. Overall, exports saw a buoyant increase. The growth pace was the most rapid in 2019 with an increase of 91% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, lubricating oil additive exports soared to $X in 2021. In general, exports saw a buoyant expansion. The growth pace was the most rapid in 2019 when exports increased by 96% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Pakistan (X tons) was the main destination for lubricating oil additive exports from Thailand, accounting for a 44% share of total exports. Moreover, lubricating oil additive exports to Pakistan exceeded the volume sent to the second major destination, Cambodia (X tons), twofold. Malaysia (X tons) ranked third in terms of total exports with a 19% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan totaled +122.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+1.3% per year) and Malaysia (+164.2% per year).

In value terms, the largest markets for lubricating oil additive exported from Thailand were Pakistan ($X), Malaysia ($X) and China ($X), together accounting for 62% of total exports.

Malaysia, with a CAGR of +160.6%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, with an increase of 21% against the previous year. In general, the export price, however, saw a noticeable descent. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Pakistan ($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 (+5.4%), while the prices for the other major destinations experienced a decline.

Lubricating Oil Additive Imports

Imports into Thailand

In 2021, purchases abroad of additives for lubricating oils increased by 16% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive imports soared to $X in 2021. The total import value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, 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 remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) constituted the largest lubricating oil additive supplier to Thailand, accounting for a 66% share of total imports. Moreover, lubricating oil additive imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. The third position in this ranking was held by China (X tons), with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.5% per year) and China (+42.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of additives for lubricating oils to Thailand, comprising 58% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by Japan, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from Singapore totaled +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.7% per year) and Japan (+7.0% per year).

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, recorded a slight downturn. The pace of growth appeared the most rapid in 2019 when the average import price increased by 3.6%. The import price peaked at $X per ton in 2012; however, from 2013 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 ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+0.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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