Australia: Lubricant Additives Market 2024

Lubricant Additives Market Size in Australia

In 2023, the Australian lubricant additives market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. Over the period under review, the total consumption indicated strong 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 2019 indices. Over the period under review, the market attained the maximum level at $X in 2022, and then fell modestly in the following year.

Lubricant Additives Production in Australia

In value terms, lubricant additives production rose sharply to $X in 2023 estimated in export price. In general, production recorded a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Lubricant Additives Exports

Exports from Australia

Lubricant additives exports from Australia shrank significantly to X tons in 2023, which is down by X% against 2022. In general, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

In value terms, lubricant additives exports declined rapidly to $X in 2023. Over the period under review, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

Exports by Country

China (X tons), Indonesia (X tons) and Papua New Guinea (X tons) were the main destinations of lubricant additives exports from Australia, together accounting for X% of total exports. Brazil, Sweden, Singapore, the United States, New Zealand, Mozambique, Malaysia, South Korea, Thailand and Estonia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mozambique (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricant additives exported from Australia were China ($X), Papua New Guinea ($X) and Singapore ($X), together comprising X% of total exports. Brazil, Indonesia, Sweden, New Zealand, Mozambique, the United States, South Korea, Thailand, Malaysia and Estonia lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Mozambique, 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

In 2023, the average lubricant additives export price amounted to $X per ton, picking up by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked in 2023 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Malaysia ($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 Mozambique (X%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Australia

In 2023, imports of prepared additives for mineral oils into Australia fell significantly to X tons, with a decrease of X% on the year before. In general, imports showed a noticeable slump. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, lubricant additives imports contracted remarkably to $X in 2023. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then declined markedly in the following year.

Imports by Country

In 2023, Singapore (X tons) constituted the largest lubricant additives supplier to Australia, with a X% share of total imports. Moreover, lubricant additives imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Germany (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2023, the average annual growth rate of volume from Singapore stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

In value terms, Singapore ($X) constituted the largest supplier of prepared additives for mineral oils to Australia, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Singapore was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

Import Prices by Country

The average lubricant additives import price stood at $X per ton in 2023, picking up by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2022 an increase of 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 the UK ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, 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