Ecuador: Lubricating Oil Additive Market 2022

Lubricating Oil Additive Market Size in Ecuador

After six years of decline, the Ecuadorian lubricating oil additive market increased by 4% to $X in 2021. Overall, consumption continues to indicate a perceptible decrease. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Lubricating Oil Additive Exports

Exports from Ecuador

In 2021, the amount of additives for lubricating oils exported from Ecuador contracted markedly to X tons, falling by -44.7% against the previous year. In general, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 when exports increased by 446% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, lubricating oil additive exports dropped remarkably to $X in 2021. Over the period under review, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2020 when exports increased by 354%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for lubricating oil additive exports from Ecuador, accounting for a 89% share of total exports. Moreover, lubricating oil additive exports to Peru exceeded the volume sent to the second major destination, the United States (X tons), tenfold. Colombia (X kg) ranked third in terms of total exports with a 0.7% share.

From 2012 to 2021, the average annual growth rate of volume to Peru totaled +38.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-31.4% per year) and Colombia (-39.4% per year).

In value terms, Peru ($X) remains the key foreign market for lubricating oil additive exports from Ecuador, comprising 86% of total exports. The second position in the ranking was taken by the United States ($X), with a 7.5% share of total exports. It was followed by Colombia, with a 5% share.

From 2012 to 2021, the average annual growth rate of value to Peru totaled +37.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-36.8% per year) and Colombia (-22.5% per year).

Export Prices by Country

The average lubricating oil additive export price stood at $X per ton in 2021, reducing by -8.7% against the previous year. Overall, the export price recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when the average export price increased by 48%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Colombia ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+27.9%), while the prices for the other major destinations experienced mixed trend patterns.

Lubricating Oil Additive Imports

Imports into Ecuador

In 2021, supplies from abroad of additives for lubricating oils decreased by -1.2% to X tons, falling for the seventh consecutive year after three years of growth. Over the period under review, imports showed a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 19%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lubricating oil additive imports amounted to $X in 2021. In general, imports saw a noticeable downturn. The most prominent rate of growth was recorded in 2014 with an increase of 15%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of lubricating oil additive to Ecuador, with a 79% share of total imports. Moreover, lubricating oil additive imports from the United States exceeded the figures recorded by the second-largest supplier, France (X tons), sevenfold. The third position in this ranking was held by Belgium (X tons), with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-4.6% per year) and Belgium (+6.2% per year).

In value terms, the United States ($X) constituted the largest supplier of lubricating oil additive to Ecuador, comprising 78% of total imports. The second position in the ranking was taken by France ($X), with a 12% share of total imports. It was followed by Belgium, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-7.0% per year) and Belgium (+2.8% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, picking up by 6.4% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 6.8%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Italy ($X per ton) and France ($X per ton), while the price for Belgium ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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