Singapore: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Singapore

The Singaporean lubricating oil additive market soared to $X in 2022, picking up by X% against the previous year. In general, consumption saw a notable increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Lubricating Oil Additive Production in Singapore

In value terms, lubricating oil additive production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of X%. Lubricating oil additive production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Lubricating Oil Additive Exports

Exports from Singapore

In 2022, approx. X tons of additives for lubricating oils were exported from Singapore; waning by X% compared with the previous year. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, lubricating oil additive exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons), Japan (X tons) and Indonesia (X tons) were the main destinations of lubricating oil additive exports from Singapore, together comprising X% of total exports. South Korea, Thailand, India, Australia, Malaysia, the United Arab Emirates, Vietnam, Taiwan (Chinese), Pakistan and Belgium lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricating oil additive exported from Singapore were China ($X), South Korea ($X) and Japan ($X), with a combined X% share of total exports. Indonesia, Thailand, Australia, India, Malaysia, Vietnam, the United Arab Emirates, Taiwan (Chinese), Pakistan and Belgium lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Belgium, with a CAGR of X%, saw the highest growth rate of 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

The average lubricating oil additive export price stood at $X per ton in 2022, jumping by X% against the previous year. In general, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Belgium ($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 Belgium (X%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricating Oil Additive Imports

Imports into Singapore

In 2022, imports of additives for lubricating oils into Singapore contracted to X tons, declining by X% against the year before. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, lubricating oil additive imports soared to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), France (X tons) and China (X tons) were the main suppliers of lubricating oil additive imports to Singapore, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lubricating oil additive suppliers to Singapore were the United States ($X), China ($X) and France ($X), with a combined X% share of total imports.

In terms of the main suppliers, China, with a CAGR of X%, saw 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

The average lubricating oil additive import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and India ($X per ton), while the price for Mexico ($X per ton) and South Korea ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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