Australia and Oceania: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Australia and Oceania

The market for petroleum lubricating oil and grease in Australia and Oceania fell to $X in 2023, waning by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in Australia and Oceania

In value terms, petroleum lubricating oil and grease production contracted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; 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 X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2023, production remained at a lower figure.

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Exports of Petroleum Lubricating Oil And Grease

Exports in Australia and Oceania

In 2023, exports of petroleum lubricating oil and grease in Australia and Oceania shrank rapidly to X tons, with a decrease of X% compared with the previous year's figure. In general, exports saw a pronounced decline. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, petroleum lubricating oil and grease exports dropped significantly to $X in 2023. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Australia dominates exports structure, reaching X tons, which was near X% of total exports in 2023. New Zealand (X tons) took a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to petroleum lubricating oil and grease exports from Australia stood at X%. At the same time, New Zealand (X%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of X% from 2012-2023. While the share of New Zealand (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Australia (X p.p.) displayed negative dynamics.

In value terms, Australia ($X) remains the largest petroleum lubricating oil and grease supplier in Australia and Oceania, comprising X% of total exports. The second position in the ranking was taken by New Zealand ($X), with an X% share of total exports.

In Australia, petroleum lubricating oil and grease exports remained relatively stable over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in Australia and Oceania amounted to $X per ton, rising by X% against the previous year. Export price indicated measured growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, petroleum lubricating oil and grease export price decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Australia totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Australia (X%).

Imports of Petroleum Lubricating Oil And Grease

Imports in Australia and Oceania

In 2023, overseas purchases of petroleum lubricating oil and grease decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, imports showed a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports contracted modestly to $X in 2023. Total imports indicated modest growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then declined modestly in the following year.

Imports by Country

Australia represented the major importer of petroleum lubricating oil and grease in Australia and Oceania, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. It was distantly followed by New Zealand (X tons), creating a X% share of total imports. New Caledonia (X tons) held a relatively small share of total imports.

Imports into Australia decreased at an average annual rate of X% from 2012 to 2023. At the same time, New Zealand (X%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2023. By contrast, New Caledonia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of New Zealand increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported petroleum lubricating oil and grease in Australia and Oceania, comprising X% of total imports. The second position in the ranking was held by New Zealand ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value in Australia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (X% per year) and New Caledonia (X% per year).

Import Prices by Country

In 2023, the import price in Australia and Oceania amounted to $X per ton, growing by X% against the previous year. Import price indicated a strong increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, petroleum lubricating oil and grease import price increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by X% against the previous year. The level of import peaked in 2023 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Australia ($X per ton), while New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Australia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform