Vietnam: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Vietnam

The Vietnamese lubricating oil additive market totaled $X in 2021, surging by 7.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 -9.6% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Exports

Exports from Vietnam

In 2021, exports of additives for lubricating oils from Vietnam rose sharply to X tons, with an increase of 14% against the previous year. Over the period under review, exports recorded a notable expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 154% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, lubricating oil additive exports skyrocketed to $X in 2021. Overall, exports saw resilient growth. The growth pace was the most rapid in 2014 when exports increased by 144%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons), the United Arab Emirates (X tons) and Japan (X tons) were the main destinations of lubricating oil additive exports from Vietnam, together comprising 54% of total exports. Australia, the United States, Thailand, Burkina Faso, Singapore, Mauritius and Indonesia lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +42.0%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for additives for lubricating oils exports from Vietnam, comprising 30% of total exports. The second position in the ranking was taken by Japan ($X), with a 14% share of total exports. It was followed by Australia, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Taiwan (Chinese) amounted to +27.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+6.0% per year) and Australia (+51.1% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, surging by 4.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2013 an increase of 16%. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Burkina Faso ($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 Mauritius (+49.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Vietnam

In 2021, the amount of additives for lubricating oils imported into Vietnam totaled X tons, with an increase of 3.3% on the previous year's figure. In general, total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -12.6% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 30% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, lubricating oil additive imports expanded sharply to $X in 2021. Over the period under review, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.0% against 2019 indices. The pace of growth was the most pronounced in 2013 when imports increased by 34% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Singapore (X tons) constituted the largest supplier of lubricating oil additive to Vietnam, accounting for a 64% 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), sevenfold. The third position in this ranking was taken by China (X tons), with an 8.8% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.1% per year) and China (+47.0% per year).

In value terms, Singapore ($X) constituted the largest supplier of additives for lubricating oils to Vietnam, comprising 64% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.4% share of total imports. It was followed by China, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from Singapore stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.6% per year) and China (+48.1% per year).

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2021, surging by 5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2014 when the average import price increased by 20% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and the United States ($X per ton), while the price for France ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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