Oman: Lubricating Oil Additive Market 2022

Lubricating Oil Additive Market Size in Oman

In 2021, the Omani lubricating oil additive market decreased by -7% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, recorded prominent growth. As a result, consumption reached the peak level of $X, and then declined in the following year.

Lubricating Oil Additive Production in Oman

In value terms, lubricating oil additive production dropped markedly to $X in 2021 estimated in export price. In general, production recorded a pronounced downturn. The growth pace was the most rapid in 2020 when the production volume increased by 178% against the previous year. As a result, production reached the peak level of $X, and then declined significantly in the following year.

Lubricating Oil Additive Exports

Exports from Oman

For the third consecutive year, Oman recorded decline in shipments abroad of additives for lubricating oils, which decreased by -71% to X tons in 2021. In general, exports continue to indicate a dramatic descent. The pace of growth was the most pronounced in 2018 when exports increased by 348%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, lubricating oil additive exports declined remarkably to $X in 2021. Over the period under review, exports recorded a precipitous contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 196%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Qatar (X tons), Yemen (X tons) and the United Arab Emirates (X tons) were the main destinations of lubricating oil additive exports from Oman, with a combined 71% share of total exports. These countries were followed by Germany, Pakistan and Somalia, which together accounted for a further 29%.

From 2012 to 2021, the biggest increases were in Germany (with a CAGR of +84.4%), while shipments for the other leaders experienced a decline.

In value terms, Qatar ($X), Pakistan ($X) and Germany ($X) appeared to be the largest markets for lubricating oil additive exported from Oman worldwide, with a combined 76% share of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +70.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average lubricating oil additive export price amounted to $X per ton, increasing by 36% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.6% 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 export price increased by +114.0% against 2018 indices. The pace of growth was the most pronounced in 2019 an increase of 66% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Somalia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Somalia (+80.2%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Oman

In 2021, lubricating oil additive imports into Oman expanded markedly to X tons, with an increase of 8.8% on 2020 figures. Over the period under review, imports, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2017 with an increase of 21%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, lubricating oil additive imports reduced slightly to $X in 2021. In general, imports, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2019 with an increase of 20% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) constituted the largest lubricating oil additive supplier to Oman, accounting for a 61% share of total imports. Moreover, lubricating oil additive imports from Singapore exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. The third position in this ranking was taken by Italy (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore totaled +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+34.7% per year) and Italy (+15.8% per year).

In value terms, Singapore ($X), the United Arab Emirates ($X) and Italy ($X) constituted the largest lubricating oil additive suppliers to Oman, with a combined 86% share of total imports.

The United Arab Emirates, with a CAGR of +45.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average lubricating oil additive import price stood at $X per ton in 2021, which is down by -11.8% against the previous year. In general, the import price continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 19% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+21.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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