Turkey: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Turkey

In 2021, the Turkish lubricating oil additive market increased by 0.3% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the maximum level in 2021 and is likely to see gradual growth in the near future.

Lubricating Oil Additive Exports

Exports from Turkey

In 2021, overseas shipments of additives for lubricating oils decreased by -57.6% to X tons, falling for the second consecutive year after two years of growth. Overall, exports showed a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 346%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, lubricating oil additive exports dropped dramatically to $X in 2021. Over the period under review, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 187%. Over the period under review, the exports reached the maximum at $X in 2020, and then contracted sharply in the following year.

Exports by Country

Azerbaijan (X tons) was the main destination for lubricating oil additive exports from Turkey, with a 22% share of total exports. Moreover, lubricating oil additive exports to Azerbaijan exceeded the volume sent to the second major destination, Greece (X tons), twofold. Iran (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Azerbaijan amounted to +73.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+71.4% per year) and Iran (-23.7% per year).

In value terms, Azerbaijan ($X), the Netherlands ($X) and Iran ($X) constituted the largest markets for lubricating oil additive exported from Turkey worldwide, together accounting for 40% of total exports. These countries were followed by Greece, Iraq, Ghana, France, Israel, Italy, Belgium, Tunisia, Sudan and the United Arab Emirates, which together accounted for a further 41%.

The United Arab Emirates, with a CAGR of +216.6%, 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 more modest paces of growth.

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, with a decrease of -23.4% against the previous year. Overall, the export price, however, enjoyed a perceptible expansion. The growth pace was the most rapid in 2014 when the average export price increased by 68% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then shrank significantly in the following year.

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 the Netherlands ($X per ton), while the average price for exports to the United Arab Emirates ($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 Israel (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Turkey

In 2021, imports of additives for lubricating oils into Turkey declined modestly to X tons, dropping by -4.7% against 2020. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 18%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lubricating oil additive imports contracted modestly 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 consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 17%. Over the period under review, imports hit record highs at $X in 2020, and then dropped in the following year.

Imports by Country

In 2021, France (X tons) constituted the largest supplier of lubricating oil additive to Turkey, accounting for a 46% share of total imports. Moreover, lubricating oil additive imports from France exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by Belgium (X tons), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.1% per year) and Belgium (+1.4% per year).

In value terms, France ($X) constituted the largest supplier of additives for lubricating oils to Turkey, comprising 45% of total imports. The second position in the ranking was held by Italy ($X), with a 20% share of total imports. It was followed by Belgium, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+5.6% per year) and Belgium (+0.9% per year).

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2021, increasing by 4% against 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 2018 an increase of 6.6%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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