Eastern Asia: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Eastern Asia

The East Asian market for petroleum lubricating oil and grease was estimated at $X in 2023, stabilizing at the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in Eastern Asia

In value terms, petroleum lubricating oil and grease production stood at $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 in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports in Eastern Asia

Petroleum lubricating oil and grease exports stood at X tons in 2023, growing by X% compared with 2022. The total export volume increased at an average annual rate of X% 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 2014 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease exports reduced modestly to $X in 2023. The total export 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 throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) and China (X tons) represented roughly X% of total exports in 2023. South Korea (X tons) held the next position in the ranking, followed by Taiwan (Chinese) (X tons). All these countries together took near X% share of total exports. Hong Kong SAR (X tons) took a relatively small share of total exports.

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

In value terms, the largest petroleum lubricating oil and grease supplying countries in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), with a combined X% share of total exports.

Among the main exporting countries, China, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The export price in Eastern Asia stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Japan ($X per ton) and Hong Kong SAR ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

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

Imports of Petroleum Lubricating Oil And Grease

Imports in Eastern Asia

Petroleum lubricating oil and grease imports fell modestly to X tons in 2023, which is down by X% against the previous year. Over the period under review, imports recorded a relatively flat trend pattern. 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 reduced to $X in 2023. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2023, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, finishing at X tons, which was near X% of total imports in 2023. It was distantly followed by Taiwan (Chinese) (X tons), South Korea (X tons) and Hong Kong SAR (X tons), together mixing up a X% share of total imports. Japan (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the petroleum lubricating oil and grease imports, with a CAGR of X% from 2012 to 2023. Hong Kong SAR (X%), Japan (X%), South Korea (X%) and Taiwan (Chinese) (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Taiwan (Chinese) saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported petroleum lubricating oil and grease in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with an X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

From 2012 to 2023, the average annual growth rate of value in China amounted to X%. In the other countries, the average annual rates were as follows: South Korea (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform