United Arab Emirates: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in the United Arab Emirates

The market for petroleum lubricating oil and grease in the United Arab Emirates surged to $X in 2023, picking up by X% against the previous year. In general, consumption saw significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Petroleum Lubricating Oil And Grease in the United Arab Emirates

In value terms, petroleum lubricating oil and grease production soared to $X in 2023 estimated in export price. Overall, production enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

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Exports of Petroleum Lubricating Oil And Grease

Exports from the United Arab Emirates

In 2023, approx. X tons of petroleum lubricating oil and grease were exported from the United Arab Emirates; waning by X% on the previous year's figure. Over the period under review, exports showed a pronounced contraction. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports declined to $X in 2023. In general, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then shrank slightly in the following year.

Exports by Country

Egypt (X tons) was the main destination for petroleum lubricating oil and grease exports from the United Arab Emirates, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Egypt exceeded the volume sent to the second major destination, Burkina Faso (X tons), twofold. New Zealand (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 Egypt amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (X.8% per year) and New Zealand (X% per year).

In value terms, Egypt ($X) emerged as the key foreign market for petroleum lubricating oil and grease exports from the United Arab Emirates, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with an X% share of total exports. It was followed by New Zealand, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Egypt amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and New Zealand (X% per year).

Export Prices by Country

In 2023, the average export price for petroleum lubricating oil and grease amounted to $X per ton, increasing by X% against the previous year. In general, the export price posted resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

Imports of Petroleum Lubricating Oil And Grease

Imports into the United Arab Emirates

Petroleum lubricating oil and grease imports into the United Arab Emirates contracted markedly to X tons in 2023, which is down by X% compared with 2022 figures. Over the period under review, imports showed a pronounced shrinkage. The pace of growth was the most pronounced in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports reduced to $X in 2023. Overall, total imports indicated a perceptible increase from 2012 to 2023: its value 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, imports increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Imports peaked at $X in 2022, and then contracted in the following year.

Imports by Country

China (X tons), Germany (X tons) and the United States (X tons) were the main suppliers of petroleum lubricating oil and grease imports to the United Arab Emirates, with a combined X% share of total imports. The UK, Belgium, Poland and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Poland (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 the United Arab Emirates were Germany ($X), the United States ($X) and China ($X), with a combined X% share of total imports. The UK, Belgium, Poland and the Netherlands lagged somewhat behind, together comprising a further X%.

Poland, with a CAGR of X%, 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 import price for petroleum lubricating oil and grease stood at $X per ton in 2023, growing by X% against the previous year. In general, the import price showed resilient growth. The pace of growth appeared the most rapid in 2016 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2023 and is expected to retain growth in the immediate term.

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

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

Source: IndexBox Platform