Colombia: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Colombia

The Colombian market for petroleum lubricating oil and grease reached $X in 2023, leveling off at the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Petroleum lubricating oil and grease consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in Colombia

In value terms, petroleum lubricating oil and grease production totaled $X in 2023 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Exports of Petroleum Lubricating Oil And Grease

Exports from Colombia

Petroleum lubricating oil and grease exports from Colombia surged to X tons in 2023, increasing by X% on the year before. Over the period under review, exports continue to indicate a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports skyrocketed to $X in 2023. Overall, exports enjoyed moderate growth. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Peru (X tons), Ecuador (X tons) and Panama (X tons) were the main destinations of petroleum lubricating oil and grease exports from Colombia, together accounting for X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Peru (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 Colombia were Peru ($X), Ecuador ($X) and Panama ($X), together accounting for X% of total exports. Mexico, Venezuela and Costa Rica lagged somewhat behind, together accounting for a further X%.

Mexico, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of 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 export price for petroleum lubricating oil and grease stood at $X per ton in 2023, with a decrease of X% against the previous year. In general, the export price saw a mild setback. The pace of growth appeared the most rapid in 2022 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Mexico ($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 Panama (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Petroleum Lubricating Oil And Grease

Imports into Colombia

In 2023, supplies from abroad 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, total imports indicated strong growth from 2012 to 2023: its volume 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports dropped to $X in 2023. In general, total imports indicated a resilient increase from 2012 to 2023: its value 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, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then shrank in the following year.

Imports by Country

In 2023, the United States (X tons) constituted the largest supplier of petroleum lubricating oil and grease to Colombia, accounting for a X% share of total imports. Moreover, petroleum lubricating oil and grease imports from the United States exceeded the figures recorded by the second-largest supplier, Belgium (X tons), sixfold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (X% per year) and Germany (X% per year).

In value terms, the United States ($X) constituted the largest supplier of petroleum lubricating oil and grease to Colombia, comprising X% of total imports. The second position in the ranking was taken by Germany ($X), with an X% share of total imports. It was followed by Belgium, with an X% share.

From 2012 to 2023, the average annual growth rate of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Belgium (X% per year).

Import Prices by Country

In 2023, the average import price for petroleum lubricating oil and grease amounted to $X per ton, reducing by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform