Venezuela: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Venezuela

The Venezuelan lubricating oil additive market reduced slightly to $X in 2021, waning by -2.7% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Lubricating oil additive consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Production in Venezuela

In value terms, lubricating oil additive production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.5% against 2019 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 40% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Lubricating Oil Additive Exports

Exports from Venezuela

In 2021, overseas shipments of additives for lubricating oils increased by 3.2% to X tons, rising for the second year in a row after two years of decline. In general, exports posted strong growth. The pace of growth was the most pronounced in 2017 with an increase of 119%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, lubricating oil additive exports rose to $X in 2021. Over the period under review, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2017 when exports increased by 118% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X tons) was the main destination for lubricating oil additive exports from Venezuela, accounting for a approx. 98% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia totaled +12.3%.

In value terms, Colombia ($X) also remains the key foreign market for additives for lubricating oils exports from Venezuela.

From 2012 to 2021, the average annual growth rate of value to Colombia stood at +7.4%.

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, stabilizing at the previous year. Overall, the export price continues to indicate a pronounced downturn. The growth pace was the most rapid in 2019 when the average export price increased by 0.9%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Colombia.

From 2012 to 2021, the rate of growth in terms of prices for Colombia amounted to -4.3% per year.

Lubricating Oil Additive Imports

Imports into Venezuela

For the seventh year in a row, Venezuela recorded decline in overseas purchases of additives for lubricating oils, which decreased by -9.5% to X tons in 2021. Overall, imports continue to indicate a precipitous decrease. The pace of growth was the most pronounced in 2014 when imports increased by 20% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, lubricating oil additive imports shrank to $X in 2021. Over the period under review, imports recorded a sharp curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 29%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Argentina (X tons) constituted the largest supplier of lubricating oil additive to Venezuela, with a 35% share of total imports. Moreover, lubricating oil additive imports from Argentina exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. Trinidad and Tobago (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Argentina amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-13.5% per year) and Trinidad and Tobago (-16.8% per year).

In value terms, the largest lubricating oil additive suppliers to Venezuela were Mexico ($X), Argentina ($X) and Australia ($X), together comprising 54% of total imports.

In terms of the main suppliers, Argentina, with a CAGR of +3.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, picking up by 10% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 13% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

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 Mexico ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+28.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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