Latvia: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Latvia

The Latvian lubricating oil additive market surged to $X in 2022, rising by X% against the previous year. In general, consumption, however, continues to indicate a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Production in Latvia

In value terms, lubricating oil additive production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Lubricating Oil Additive Exports

Exports from Latvia

Lubricating oil additive exports from Latvia dropped sharply to X tons in 2022, falling by X% compared with 2021 figures. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2018 when exports increased by X%. The exports peaked at X tons in 2021, and then dropped significantly in the following year.

In value terms, lubricating oil additive exports contracted remarkably to $X in 2022. Overall, exports, however, showed significant growth. The pace of growth was the most pronounced in 2018 with an increase of X%. The exports peaked at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Nigeria (X tons) was the main destination for lubricating oil additive exports from Latvia, accounting for a X% share of total exports. Moreover, lubricating oil additive exports to Nigeria exceeded the volume sent to the second major destination, Russia (X tons), fourfold. The UK (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Nigeria amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and the UK (X% per year).

In value terms, Nigeria ($X), Russia ($X) and Kazakhstan ($X) were the largest markets for lubricating oil additive exported from Latvia worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Russia, 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

In 2022, the average lubricating oil additive export price amounted to $X per ton, with an increase of X% against the previous year. In general, the export price, however, showed a abrupt decline. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Latvia

In 2022, after three years of growth, there was significant decline in overseas purchases of additives for lubricating oils, when their volume decreased by X% to X tons. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2021, and then contracted markedly in the following year.

In value terms, lubricating oil additive imports declined slightly to $X in 2022. In general, imports, however, showed resilient growth. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

Belgium (X tons), Poland (X tons) and Sweden (X tons) were the main suppliers of lubricating oil additive imports to Latvia, with a combined X% share of total imports. Hungary, Italy, Russia and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, 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, Belgium ($X) constituted the largest supplier of additives for lubricating oils to Latvia, comprising X% of total imports. The second position in the ranking was taken by Poland ($X), with an X% share of total imports. It was followed by Sweden, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Belgium stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (X% per year) and Sweden (X% per year).

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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