ASEAN: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in ASEAN

The ASEAN lubricating oil additive market rose slightly to $X in 2022, picking up by X% against the previous year. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Lubricating Oil Additive Production in ASEAN

In value terms, lubricating oil additive production expanded slightly to $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Lubricating Oil Additive Exports

Exports in ASEAN

In 2022, the amount of additives for lubricating oils exported in ASEAN dropped to X tons, shrinking by X% on the previous year's figure. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then contracted in the following year.

In value terms, lubricating oil additive exports rose significantly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The biggest shipments were from Singapore (X tons), together resulting at X% of total export.

Singapore was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) also remains the largest lubricating oil additive supplier in ASEAN.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore totaled X%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for Singapore amounted to X% per year.

Lubricating Oil Additive Imports

Imports in ASEAN

In 2022, the amount of additives for lubricating oils imported in ASEAN declined modestly to X tons, approximately mirroring the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, lubricating oil additive imports soared to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Singapore (X tons) was the major importer of additives for lubricating oils, constituting X% of total imports. Indonesia (X tons) ranks second in terms of the total imports with a X% share, followed by Thailand (X%), Malaysia (X%) and Vietnam (X%).

Singapore experienced a relatively flat trend pattern with regard to volume of imports of additives for lubricating oils. At the same time, Vietnam (X%), Indonesia (X%) and Thailand (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2022. Malaysia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Indonesia, Vietnam and Thailand increased by X, X and X percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported additives for lubricating oils in ASEAN, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with an X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Singapore was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, jumping by X% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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