Report Update Apr 1, 2024

Cuba - Petroleum Lubricating Oil and Grease - Market Analysis, Forecast, Size, Trends and Insights

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Cuba: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Cuba

The Cuban market for petroleum lubricating oil and grease expanded notably to $X in 2021, increasing by 6.1% against the previous year. Overall, consumption saw a resilient expansion. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in Cuba

In value terms, petroleum lubricating oil and grease production rose modestly to $X in 2021 estimated in export price. In general, production posted a buoyant increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 73%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

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Exports of Petroleum Lubricating Oil And Grease

Exports from Cuba

Petroleum lubricating oil and grease exports from Cuba totaled X tons in 2019, approximately reflecting the previous year. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 77% against the previous year. The exports peaked in 2019 and are likely to see gradual growth in the near future.

In value terms, petroleum lubricating oil and grease exports stood at $X in 2019. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2013 with an increase of 78% against the previous year. The exports peaked in 2019 and are expected to retain growth in the near future.

Exports by Country

Singapore (X tons) was the main destination for petroleum lubricating oil and grease exports from Cuba, with a approx. 100% share of total exports.

From 2012 to 2019, the average annual growth rate of volume to Singapore was relatively modest.

From 2012 to 2019, the average annual growth rate of value to Singapore was relatively modest.

Export Prices by Country

In 2019, the average export price for petroleum lubricating oil and grease amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price recorded a drastic downturn. The growth pace was the most rapid in 2013 when the average export price increased by 0.5% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2019, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2019, the rate of growth in terms of prices for Montenegro amounted to 0.0% per year.

Imports of Petroleum Lubricating Oil And Grease

Imports into Cuba

In 2021, approx. X tons of petroleum lubricating oil and grease were imported into Cuba; with an increase of 301% compared with the previous year's figure. Over the period under review, imports saw moderate growth. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports surged to $X in 2021. Overall, imports, however, saw a mild shrinkage. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest petroleum lubricating oil and grease supplier to Cuba, with a 49% share of total imports. Moreover, petroleum lubricating oil and grease imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. The third position in this ranking was held by Mexico (X tons), with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +32.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+9.9% per year) and Mexico (+17.2% per year).

In value terms, the largest petroleum lubricating oil and grease suppliers to Cuba were Belgium ($X), China ($X) and Mexico ($X), with a combined 41% share of total imports.

In terms of the main suppliers, China, with a CAGR of +33.0%, saw the highest rates of growth with regard to 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

In 2021, the average import price for petroleum lubricating oil and grease amounted to $X per ton, waning by -12.7% against the previous year. Over the period under review, the import price saw a perceptible reduction. The pace of growth appeared the most rapid in 2016 when the average import price increased by 101% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for petroleum lubricating oil and grease in the world?

Russia constituted the country with the largest volume of petroleum lubricating oil and grease consumption, comprising approx. 36% of total volume. Moreover, petroleum lubricating oil and grease consumption in Russia exceeded the figures recorded by the second-largest consumer, China, fourfold. The United States ranked third in terms of total consumption with a 9.4% share.

What are the largest producers of petroleum lubricating oil and grease in the world?

Russia constituted the country with the largest volume of petroleum lubricating oil and grease production, comprising approx. 36% of total volume. Moreover, petroleum lubricating oil and grease production in Russia exceeded the figures recorded by the second-largest producer, the United States, fourfold. The third position in this ranking was held by China, with an 8.4% share.

What are the leading suppliers of petroleum lubricating oil and grease to Cuba?

In value terms, Belgium, China and Mexico were the largest petroleum lubricating oil and grease suppliers to Cuba, together accounting for 41% of total imports.

What is the average export price for petroleum lubricating oil and grease in Cuba?

In 2019, the average export price for petroleum lubricating oil and grease amounted to $4,497 per ton, almost unchanged from the previous year.

What is the average import price for petroleum lubricating oil and grease in Cuba?

In 2021, the average import price for petroleum lubricating oil and grease amounted to $2,811 per ton, with a decrease of -12.7% against the previous year.

This report provides an in-depth analysis of the market for petroleum lubricating oil and grease in Cuba. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20594155 - Lubricating preparations containing as basic constituents < .70% by weight of petroleum oils or of oils obtained from bituminous minerals for textiles, leather, hides, furskins and other materials
Prodcom 20594157 - Lubricating preparations obtained from petroleum or bituminous minerals, excluding the ones used for the treatment of textiles, leather, hides, furskins and other materials

Country coverage:

Cuba

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Cuba
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023