Eastern Europe: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Eastern Europe

The East European market for petroleum lubricating oil and grease amounted to $X in 2023, picking up by X% against the previous year. The total consumption indicated tangible growth 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, consumption decreased by X% against 2021 indices. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in Eastern Europe

In value terms, petroleum lubricating oil and grease production expanded markedly to $X in 2023 estimated in export price. Overall, production showed a modest expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

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Exports of Petroleum Lubricating Oil And Grease

Exports in Eastern Europe

In 2023, the amount of petroleum lubricating oil and grease exported in Eastern Europe contracted sharply to X tons, with a decrease of X% on the previous year. In general, exports showed a perceptible slump. The pace of growth was the most pronounced in 2014 when exports increased by 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 lower figure.

In value terms, petroleum lubricating oil and grease exports fell to $X in 2023. Total exports indicated a tangible 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, exports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Poland represented the key exporting country with an export of around X tons, which finished at X% of total exports. Slovakia (X tons) held the second position in the ranking, followed by Russia (X tons), Lithuania (X tons), the Czech Republic (X tons) and Hungary (X tons). All these countries together held near X% share of total exports. Belarus (X tons) held a little share of total exports.

Exports from Poland decreased at an average annual rate of X% from 2012 to 2023. At the same time, Belarus (X%) and Slovakia (X%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of X% from 2012-2023. Russia experienced a relatively flat trend pattern. By contrast, Hungary (X%), the Czech Republic (X%) and Lithuania (X%) illustrated a downward trend over the same period. While the share of Slovakia (X p.p.), Poland (X p.p.), Belarus (X p.p.) and Russia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the Czech Republic (X p.p.) and Lithuania (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest petroleum lubricating oil and grease supplying countries in Eastern Europe were Poland ($X), the Czech Republic ($X) and Lithuania ($X), together accounting for X% of total exports. Slovakia, Hungary, Russia and Belarus lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Belarus, 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 export price in Eastern Europe amounted to $X per ton, surging by X% against the previous year. Export price indicated a resilient expansion from 2012 to 2023: its price 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, petroleum lubricating oil and grease export price increased by X% against 2015 indices. The pace of growth was the most pronounced in 2022 when the export price increased by X%. The level of export peaked in 2023 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while Slovakia ($X per ton) was amongst the lowest.

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

Imports of Petroleum Lubricating Oil And Grease

Imports in Eastern Europe

In 2023, petroleum lubricating oil and grease imports in Eastern Europe amounted to X tons, picking up by X% compared with the previous year's figure. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. As a result, imports reached the peak of X tons. From 2019 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports reached $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 most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Russia (X tons), distantly followed by Poland (X tons), the Czech Republic (X tons), Romania (X tons), Hungary (X tons), Lithuania (X tons), Belarus (X tons), Slovakia (X tons) and Ukraine (X tons) represented the major importers of petroleum lubricating oil and grease, together creating X% of total imports.

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

In value terms, the largest petroleum lubricating oil and grease importing markets in Eastern Europe were Russia ($X), Poland ($X) and the Czech Republic ($X), with a combined X% share of total imports. Romania, Hungary, Slovakia, Ukraine, Lithuania and Belarus lagged somewhat behind, together accounting for a further X%.

Hungary, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2023, increasing by X% 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 2021 when the import price increased by X%. The level of import peaked in 2023 and is likely to continue growth in years to come.

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

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

Source: IndexBox Platform