Lubricant Additives Market

The global market for prepared additives for mineral oils is projected to see continued growth over the period from 2022 to 2030, with consumption expected to increase at a CAGR of +1.2% and value at a CAGR of +3.6%. In 2022, global consumption decreased, but overall trend remains relatively flat. The highest volumes of consumption were in China, India, and France, while the highest market values were in China, India, and France. Production, imports, and exports all showed varying levels of growth and fluctuations throughout the years, with notable rates recorded in countries like the United Arab Emirates, Oman, and Germany. Average prices for imports and exports also showed some growth over the years, with different countries having varying price points. Overall, the market for prepared additives for mineral oils is expected to continue on an upward trajectory in the coming years.

Market Forecast

Driven by increasing demand for prepared additives for mineral oils worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 8.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $33.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Prepared Additives For Mineral Oils

In 2022, global consumption of prepared additives for mineral oils reduced to 7.8M tons, falling by -7.7% against the year before. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak volume of 8.4M tons, and then dropped in the following year.

The global lubricant additives market revenue contracted slightly to $25.5B in 2022, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the market value increased by 8% against the previous year. Over the period under review, the global market hit record highs at $26.6B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.4M tons), India (690K tons) and France (614K tons), with a combined 34% share of global consumption. Oman, the United States, Italy, Brazil, Belgium, Germany, Japan, Indonesia, the United Arab Emirates and Mexico lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Oman (with a CAGR of +61.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.6B), India ($2.2B) and France ($1.9B) were the countries with the highest levels of market value in 2022, with a combined 30% share of the global market. The United States, Italy, Japan, Oman, Germany, Belgium, Mexico, the United Arab Emirates, Indonesia and Brazil lagged somewhat behind, together accounting for a further 38%.

In terms of the main consuming countries, Oman, with a CAGR of +59.4%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of lubricant additives per capita consumption was registered in Oman (98 kg per person), followed by Belgium (25 kg per person), the United Arab Emirates (14 kg per person) and France (9.1 kg per person), while the world average per capita consumption of lubricant additives was estimated at 1 kg per person.

From 2012 to 2022, the average annual growth rate of the lubricant additives per capita consumption in Oman stood at +55.1%. In the other countries, the average annual rates were as follows: Belgium (-1.6% per year) and the United Arab Emirates (+7.4% per year).

Production

World Production of Prepared Additives For Mineral Oils

In 2022, global production of prepared additives for mineral oils reduced modestly to 8.4M tons, approximately reflecting the previous year's figure. The total output volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 15% against the previous year. As a result, production reached the peak volume of 8.4M tons, leveling off in the following year.

In value terms, lubricant additives production amounted to $22.6B in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. Global production peaked at $24B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (1.4M tons), China (1.3M tons) and France (1.1M tons), with a combined 45% share of global production. Oman, India, Italy, Singapore, Germany, Brazil, Belgium and Japan lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Oman (with a CAGR of +56.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Prepared Additives For Mineral Oils

In 2022, the amount of prepared additives for mineral oils imported worldwide shrank slightly to 4M tons, approximately reflecting 2021 figures. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 10%. As a result, imports reached the peak of 4M tons, leveling off in the following year.

In value terms, lubricant additives imports expanded markedly to $15.9B in 2022. The total import value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 14% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

The purchases of the twelve major importers of prepared additives for mineral oils, namely Belgium, China, Singapore, the United States, the United Arab Emirates, France, Germany, Italy, South Korea, the Netherlands, Japan and Russia, represented more than half of total import. Canada (98K tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +13.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest lubricant additives importing markets worldwide were China ($1.2B), Belgium ($1.1B) and Germany ($925M), with a combined 21% share of global imports. France, Singapore, the United States, the United Arab Emirates, Italy, South Korea, the Netherlands, Japan, Canada and Russia lagged somewhat behind, together accounting for a further 39%.

The United Arab Emirates, with a CAGR of +12.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average lubricant additives import price amounted to $3,969 per ton, picking up by 15% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Germany ($4,647 per ton) and Canada ($4,532 per ton), while Belgium ($3,181 per ton) and the United Arab Emirates ($3,276 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Prepared Additives For Mineral Oils

In 2022, global exports of prepared additives for mineral oils stood at 4.6M tons, rising by 14% on the year before. The total export volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 18%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, lubricant additives exports soared to $15.7B in 2022. The total export value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, the United States (1.1M tons), distantly followed by France (654K tons), Singapore (586K tons), Oman (452K tons), Italy (307K tons), Belgium (290K tons), Germany (243K tons) and China (213K tons) were the key exporters of prepared additives for mineral oils, together making up 85% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +40.8%), while the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.9B), France ($2.4B) and Singapore ($2.2B) were the countries with the highest levels of exports in 2022, with a combined 55% share of global exports. Italy, Belgium, Germany, China and Oman lagged somewhat behind, together accounting for a further 30%.

Oman, with a CAGR of +28.6%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average lubricant additives export price amounted to $3,397 per ton, growing by 6.2% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 6.8%. The global export price peaked at $3,700 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($4,239 per ton), while Oman ($933 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform