GCC: Lubricant Additives Market 2024

Lubricant Additives Market Size in GCC

In 2023, the GCC lubricant additives market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. The total consumption indicated mild growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. The level of consumption peaked at $X in 2022, and then contracted in the following year.

Lubricant Additives Production in GCC

In value terms, lubricant additives production rose rapidly to $X in 2023 estimated in export price. Overall, production, however, recorded a slight curtailment. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Lubricant Additives Exports

Exports in GCC

In 2023, after two years of decline, there was significant growth in shipments abroad of prepared additives for mineral oils, when their volume increased by X% to X tons. Over the period under review, exports saw a notable expansion. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricant additives exports skyrocketed to $X in 2023. Overall, exports continue to indicate a moderate expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the largest exporter of prepared additives for mineral oils in GCC, with the volume of exports finishing at X tons, which was near X% of total exports in 2023. Saudi Arabia (X tons) held the second position in the ranking, followed by Oman (X tons). All these countries together held approx. X% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the prepared additives for mineral oils exports, with a CAGR of X% from 2012 to 2023. At the same time, Saudi Arabia (X%) displayed positive paces of growth. By contrast, Oman (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Oman (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest lubricant additives supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports.

In the United Arab Emirates, lubricant additives exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, standing approx. at the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2023, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the export price figures.

Lubricant Additives Imports

Imports in GCC

In 2023, the amount of prepared additives for mineral oils imported in GCC surged to X tons, with an increase of X% compared with the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, lubricant additives imports rose rapidly to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, imports attained the peak of $X. From 2020 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the main importer of prepared additives for mineral oils in GCC, with the volume of imports amounting to X tons, which was approx. X% of total imports in 2023. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Oman (X tons). All these countries together held approx. X% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each amounted to a X% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the prepared additives for mineral oils imports, with a CAGR of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. By contrast, Saudi Arabia (X%), Qatar (X%) and Kuwait (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Qatar (X p.p.), Kuwait (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported prepared additives for mineral oils in GCC, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

In the United Arab Emirates, lubricant additives imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Oman (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, shrinking by X% against the previous year. In general, the import price showed a slight setback. The growth pace was the most rapid in 2022 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Kuwait ($X per ton) and Qatar ($X per ton), while Oman ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform