Kenya: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Kenya

The Kenyan market for petroleum lubricating oil and grease dropped modestly to $X in 2023, reducing by X% against the previous year. Over the period under review, consumption, however, posted a buoyant increase. Petroleum lubricating oil and grease consumption peaked at $X in 2020; however, from 2021 to 2023, consumption remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in Kenya

In value terms, petroleum lubricating oil and grease production contracted to $X in 2023 estimated in export price. Over the period under review, production, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

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Exports of Petroleum Lubricating Oil And Grease

Exports from Kenya

In 2023, shipments 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. Over the period under review, exports, however, saw a measured expansion. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports declined dramatically to $X in 2023. In general, exports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

Democratic Republic of the Congo (X tons) was the main destination for petroleum lubricating oil and grease exports from Kenya, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Democratic Republic of the Congo exceeded the volume sent to the second major destination, Ethiopia (X tons), threefold. Somalia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Democratic Republic of the Congo totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (X% per year) and Somalia (X% per year).

In value terms, the largest markets for petroleum lubricating oil and grease exported from Kenya were Rwanda ($X), Ethiopia ($X) and Somalia ($X), together comprising X% of total exports.

Rwanda, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among 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, shrinking by X% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2023: its price 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, petroleum lubricating oil and grease export price increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then declined markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Djibouti ($X per ton), while the average price for exports to Democratic Republic of the Congo ($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 Djibouti (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Kenya

In 2023, petroleum lubricating oil and grease imports into Kenya shrank sharply to X tons, falling by X% on the previous year's figure. In general, imports continue to indicate a pronounced setback. The pace of growth appeared the most rapid in 2022 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports contracted notably to $X in 2023. Overall, imports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then contracted dramatically in the following year.

Imports by Country

Egypt (X tons), China (X tons) and Spain (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Kenya, together comprising X% of total imports. France, the United Arab Emirates, South Africa, India, Italy, South Korea, Thailand, Pakistan, the Netherlands and Saudi Arabia lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to Kenya were France ($X), South Korea ($X) and Spain ($X), together accounting for X% of total imports. Egypt, India, South Africa, China, Italy, the United Arab Emirates, Thailand, the Netherlands, Pakistan and Saudi Arabia lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, the Netherlands, with a CAGR of X%, recorded 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 2023, the average import price for petroleum lubricating oil and grease amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2023, the average import prices remained at a somewhat lower figure.

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 Saudi Arabia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform