Vietnam: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Vietnam

In 2022, the Vietnamese market for petroleum lubricating oil and grease increased by X% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption, however, continues to indicate a notable increase. Petroleum lubricating oil and grease consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in Vietnam

In value terms, petroleum lubricating oil and grease production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, saw a slight shrinkage. The growth pace was the most rapid in 2016 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Vietnam

In 2022, overseas shipments of petroleum lubricating oil and grease decreased by X% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2014 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease exports skyrocketed to $X in 2022. In general, exports showed a slight reduction. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons) and the United Arab Emirates (X tons) were the main destinations of petroleum lubricating oil and grease exports from Vietnam.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of X%).

In value terms, Myanmar ($X) emerged as the key foreign market for petroleum lubricating oil and grease exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Myanmar amounted to X%.

Export Prices by Country

The average export price for petroleum lubricating oil and grease stood at $X per ton in 2022, rising by X% against the previous year. Overall, the export price recorded prominent growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Vietnam

In 2022, approx. X tons of petroleum lubricating oil and grease were imported into Vietnam; reducing by X% on the year before. Over the period under review, imports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports declined to $X in 2022. Overall, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Vietnam, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to Vietnam were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports.

Among the main suppliers, China, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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