Kuwait: Lubricating Oil Additive Market 2022

Lubricating Oil Additive Market Size in Kuwait

In 2021, the Kuwaiti lubricating oil additive market decreased by -34.8% to $X, falling for the sixth year in a row after four years of growth. Over the period under review, consumption continues to indicate a deep contraction. Lubricating oil additive consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Lubricating Oil Additive Exports

Exports from Kuwait

In 2021, after four years of growth, there was significant decline in shipments abroad of additives for lubricating oils, when their volume decreased by -33.1% to X tons. Over the period under review, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 181% against the previous year. As a result, the exports reached the peak of X tons, and then reduced notably in the following year.

In value terms, lubricating oil additive exports fell slightly to $X in 2021. Overall, exports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 82%. Over the period under review, the exports hit record highs at $X in 2020, and then shrank modestly in the following year.

Exports by Country

The United Arab Emirates (X tons), Egypt (X tons) and Bahrain (X tons) were the main destinations of lubricating oil additive exports from Kuwait, with a combined 100% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Egypt (with a CAGR of +117.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for lubricating oil additive exports from Kuwait, comprising 61% of total exports. The second position in the ranking was taken by Egypt ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +46.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+39.3% per year) and Bahrain (+4.9% per year).

Export Prices by Country

In 2021, the average lubricating oil additive export price amounted to $X per ton, with an increase of 47% against the previous year. In general, the export price, however, saw a perceptible curtailment. The growth pace was the most rapid in 2013 an increase of 79%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Bahrain ($X per ton), while the average price for exports to Egypt ($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 Iraq (+81.7%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Kuwait

For the sixth year in a row, Kuwait recorded decline in overseas purchases of additives for lubricating oils, which decreased by -38.2% to X tons in 2021. Overall, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 27% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lubricating oil additive imports reduced dramatically to $X in 2021. In general, imports recorded a abrupt slump. The pace of growth was the most pronounced in 2013 when imports increased by 37%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Oman (X tons) constituted the largest supplier of lubricating oil additive to Kuwait, accounting for a 67% share of total imports. Moreover, lubricating oil additive imports from Oman exceeded the figures recorded by the second-largest supplier, India (X tons), ninefold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume from Oman stood at -15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-8.0% per year) and the United Arab Emirates (-28.4% per year).

In value terms, Oman ($X) constituted the largest supplier of lubricating oil additive to Kuwait, comprising 74% of total imports. The second position in the ranking was held by Germany ($X), with a 4.4% share of total imports. It was followed by India, with a 3.2% share.

From 2012 to 2021, the average annual growth rate of value from Oman totaled -8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-19.9% per year) and India (-11.9% per year).

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, increasing by 7.9% against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lubricating oil additive import price increased by +15.8% against 2018 indices. The growth pace was the most rapid in 2014 when the average import price increased by 46% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :