Vietnam: Lubricant Additives Market 2024

Lubricant Additives Market Size in Vietnam

The Vietnamese lubricant additives market rose sharply to $X in 2021, picking up by 6.5% 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). Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.4% 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 -14.4% against 2019 indices. Lubricant additives consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Lubricant Additives Exports

Exports from Vietnam

In 2021, the amount of prepared additives for mineral oils exported from Vietnam fell to X tons, dropping by -6.1% on 2020. Over the period under review, exports, however, showed tangible growth. The growth pace was the most rapid in 2014 when exports increased by 87% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, lubricant additives exports declined to $X in 2021. In general, exports, however, showed resilient growth. The growth pace was the most rapid in 2014 with an increase of 77%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for lubricant additives exports from Vietnam, with a 67% share of total exports. Moreover, lubricant additives exports to the United Arab Emirates exceeded the volume sent to the second major destination, Japan (X tons), tenfold. Cambodia (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-15.5% per year) and Cambodia (+36.1% per year).

In value terms, the United Arab Emirates ($X), Japan ($X) and Cambodia ($X) constituted the largest markets for lubricant additives exported from Vietnam worldwide, together accounting for 45% of total exports. Singapore, Taiwan (Chinese), Thailand, Sri Lanka, Australia, South Korea, China and Malaysia lagged somewhat behind, together accounting for a further 52%.

Australia, with a CAGR of +114.0%, saw the highest growth rate of 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 lubricant additives export price stood at $X per ton in 2021, surging by 5.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2013 an increase of 16% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Australia (+30.1%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Vietnam

In 2021, the amount of prepared additives for mineral oils imported into Vietnam totaled X tons, surging by 3% against the previous year's figure. The total import volume increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 31% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, lubricant additives imports rose notably to $X in 2021. In general, total imports indicated resilient growth 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 -14.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 42%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) constituted the largest supplier of lubricant additives to Vietnam, 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. China (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.6% per year) and China (+25.1% per year).

In value terms, Singapore ($X) constituted the largest supplier of prepared additives for mineral oils to Vietnam, comprising 55% of total imports. The second position in the ranking was taken by the United States ($X), with a 10% share of total imports. It was followed by China, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.5% per year) and China (+26.9% per year).

Import Prices by Country

In 2021, the average lubricant additives import price amounted to $X per ton, growing by 4.1% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2014 an increase of 23%. Over the period under review, average import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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