China: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in China

The Chinese market for petroleum lubricating oil and grease reached $X in 2023, remaining constant against the previous year. The market 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. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in China

In value terms, petroleum lubricating oil and grease production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Petroleum lubricating oil and grease production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from China

For the third consecutive year, China recorded growth in overseas shipments of petroleum lubricating oil and grease, which increased by X% to X tons in 2023. Overall, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. The exports peaked in 2023 and are expected to retain growth in the immediate term.

In value terms, petroleum lubricating oil and grease exports rose notably to $X in 2023. Over the period under review, exports enjoyed resilient growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2023 and are likely to continue growth in years to come.

Exports by Country

Vietnam (X tons), Russia (X tons) and the Philippines (X tons) were the main destinations of petroleum lubricating oil and grease exports from China, together comprising X% of total exports. Thailand, Indonesia, Pakistan, Iran, Algeria, the United Arab Emirates, Taiwan (Chinese), South Korea, Iraq and Malaysia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Algeria (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for petroleum lubricating oil and grease exported from China were Russia ($X), Vietnam ($X) and the Philippines ($X), together accounting for X% of total exports. Thailand, Indonesia, Iran, the United Arab Emirates, Taiwan (Chinese), South Korea, Algeria, Pakistan, Malaysia and Iraq lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Algeria, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average export price for petroleum lubricating oil and grease amounted to $X per ton, falling by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2022 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then declined markedly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into China

In 2023, approx. X tons of petroleum lubricating oil and grease were imported into China; falling by X% compared with the year before. In general, total imports indicated slight growth from 2012 to 2023: its volume 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 decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports shrank to $X in 2023. The total import 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 pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X tons), Germany (X tons) and the United States (X tons) were the main suppliers of petroleum lubricating oil and grease imports to China, with a combined X% share of total imports. Singapore, South Korea, France, Taiwan (Chinese), the Netherlands and Egypt lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and the United States ($X) were the largest petroleum lubricating oil and grease suppliers to China, with a combined X% share of total imports. Singapore, South Korea, France, Taiwan (Chinese), the Netherlands and Egypt lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Singapore, 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 2023, remaining relatively unchanged against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2022, and then reduced slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, 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