Thailand: Lubricant Additives Market 2024

Lubricant Additives Market Size in Thailand

The Thai lubricant additives market declined slightly to $X in 2021, therefore, remained relatively stable against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Lubricant Additives Production in Thailand

In value terms, lubricant additives production fell to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt decline. The growth pace was the most rapid in 2018 with an increase of 116%. Lubricant additives production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Lubricant Additives Exports

Exports from Thailand

In 2021, lubricant additives exports from Thailand surged to X tons, picking up by 154% on 2020 figures. Over the period under review, exports recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricant additives exports skyrocketed to $X in 2021. Overall, exports continue to indicate buoyant growth. The growth pace was the most rapid in 2014 when exports increased by 60% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons), Pakistan (X tons) and Malaysia (X tons) were the main destinations of lubricant additives exports from Thailand, with a combined 67% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +179.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricant additives exported from Thailand were Myanmar ($X), Pakistan ($X) and Malaysia ($X), together accounting for 50% of total exports.

In terms of the main countries of destination, Myanmar, with a CAGR of +134.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average lubricant additives export price amounted to $X per ton, dropping by -38.4% against the previous year. In general, the export price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 an increase of 18%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to Pakistan ($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 Indonesia (+1.4%), while the prices for the other major destinations experienced a decline.

Lubricant Additives Imports

Imports into Thailand

In 2021, purchases abroad of prepared additives for mineral oils increased by 13% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when imports increased by 15% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, lubricant additives imports expanded notably to $X in 2021. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. 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 lubricant additives supplier to Thailand, with a 55% share of total imports. Moreover, lubricant additives 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 taken by China (X tons), with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore stood at +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.5% per year) and China (+39.2% per year).

In value terms, Singapore ($X) constituted the largest supplier of prepared additives for mineral oils to Thailand, comprising 49% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Japan, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore stood at +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.9% per year) and Japan (+8.0% per year).

Import Prices by Country

In 2021, the average lubricant additives import price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the import price, however, saw a slight contraction. The pace of growth appeared the most rapid in 2018 an increase of 3%. 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 Japan ($X per ton), while the price for Belgium ($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 (+0.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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