Apr 6, 2025
IndexBox has just published a new report: United Kingdom – Petroleum Lubricating Oil And Grease – Market Analysis, Forecast, Size, Trends and Insights.
Driven by rising demand, the UK market for petroleum lubricating oil and grease is expected to steadily grow, with a projected CAGR of +2.5% in volume and +2.6% in value from 2024 to 2035. By the end of 2035, the market volume is anticipated to reach 334K tons, with a market value of $1.5B in nominal prices.
Market Forecast
Driven by increasing demand for petroleum lubricating oil and grease in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market volume to 334K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2024 to 2035, which is projected to bring the market value to $1.5B (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Petroleum Lubricating Oil And Grease
Petroleum lubricating oil and grease consumption in the UK stood at 255K tons in 2024, with an increase of 4.7% against 2023 figures. Over the period under review, the total consumption indicated a notable increase from 2013 to 2024: its volume increased at an average annual rate of +4.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +58.6% against 2019 indices. Petroleum lubricating oil and grease consumption peaked in 2024 and is likely to see steady growth in the near future.
The value of the market for petroleum lubricating oil and grease in the UK stood at $1.2B in 2024, with an increase of 3.3% against 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). Overall, the total consumption indicated a resilient increase from 2013 to 2024: its value increased at an average annual rate of +5.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +79.4% against 2019 indices. Petroleum lubricating oil and grease consumption peaked in 2024 and is expected to retain growth in years to come.
ProductionUnited Kingdom’s Production of Petroleum Lubricating Oil And Grease
Petroleum lubricating oil and grease production in the UK amounted to 256K tons in 2024, standing approx. at the year before. The total output volume increased at an average annual rate of +3.2% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 23% against the previous year. Petroleum lubricating oil and grease production peaked at 257K tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.
In value terms, petroleum lubricating oil and grease production amounted to $1.2B in 2024 estimated in export price. In general, the total production indicated a temperate expansion from 2013 to 2024: its value increased at an average annual rate of +4.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.0% against 2022 indices. The pace of growth was the most pronounced in 2017 with an increase of 30%. Petroleum lubricating oil and grease production peaked at $1.2B in 2022; afterwards, it flattened through to 2024.
ImportsUnited Kingdom’s Imports of Petroleum Lubricating Oil And Grease
In 2024, imports of petroleum lubricating oil and grease into the UK skyrocketed to 24K tons, with an increase of 52% compared with the previous year’s figure. Overall, total imports indicated a modest expansion from 2013 to 2024: its volume increased at an average annual rate of +1.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -2.9% against 2022 indices. Imports peaked at 34K tons in 2015; however, from 2016 to 2024, imports stood at a somewhat lower figure.
In value terms, petroleum lubricating oil and grease imports skyrocketed to $139M in 2024. In general, total imports indicated a temperate expansion from 2013 to 2024: its value increased at an average annual rate of +4.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +65.2% against 2021 indices. The pace of growth appeared the most rapid in 2022 with an increase of 39% against the previous year. Imports peaked in 2024 and are likely to see steady growth in the immediate term.
Imports By Country
Germany (5.8K tons), France (4.6K tons) and the Netherlands (4.1K tons) were the main suppliers of petroleum lubricating oil and grease imports to the UK, together accounting for 59% of total imports. Belgium, Lithuania, Spain and Italy lagged somewhat behind, together accounting for a further 29%.
From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +16.6%), 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 UK were Germany ($30M), France ($30M) and Belgium ($23M), with a combined 60% share of total imports. The Netherlands, Lithuania, Spain and Italy lagged somewhat behind, together accounting for a further 25%.
Among the main suppliers, Lithuania, with a CAGR of +21.4%, saw the highest growth rate of 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 import price for petroleum lubricating oil and grease stood at $5,685 per ton in 2024, with a decrease of -21.1% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable increase. The growth pace was the most rapid in 2023 when the average import price increased by 55% against the previous year. As a result, import price attained the peak level of $7,208 per ton, and then contracted markedly in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Belgium ($8,191 per ton), while the price for Spain ($3,636 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Petroleum Lubricating Oil And Grease
For the third year in a row, the UK recorded decline in shipments abroad of petroleum lubricating oil and grease, which decreased by -9.7% to 26K tons in 2024. In general, exports saw a pronounced setback. The pace of growth appeared the most rapid in 2018 with an increase of 21% against the previous year. Over the period under review, the exports hit record highs at 46K tons in 2019; however, from 2020 to 2024, the exports failed to regain momentum.
In value terms, petroleum lubricating oil and grease exports declined slightly to $169M in 2024. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 20%. As a result, the exports reached the peak of $194M. From 2022 to 2024, the growth of the exports remained at a lower figure.
Exports By Country
Turkey (2.2K tons), Russia (1.9K tons) and India (1.3K tons) were the main destinations of petroleum lubricating oil and grease exports from the UK, with a combined 20% share of total exports. Sweden, Kazakhstan, Saudi Arabia, Belgium, Finland, Ireland, the Czech Republic, Germany, Poland and France lagged somewhat behind, together accounting for a further 38%.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of +31.7%), while the other leaders experienced more modest paces of growth.
In value terms, Russia ($11M), Turkey ($11M) and Saudi Arabia ($8.1M) were the largest markets for petroleum lubricating oil and grease exported from the UK worldwide, together accounting for 18% of total exports. Kazakhstan, Belgium, India, the Czech Republic, Germany, Ireland, Sweden, Finland, Poland and France lagged somewhat behind, together comprising a further 35%.
Among the main countries of destination, Kazakhstan, with a CAGR of +32.7%, recorded the highest rates of growth with regard to 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 2024, the average export price for petroleum lubricating oil and grease amounted to $6,435 per ton, picking up by 9.6% against the previous year. In general, export price indicated a notable increase from 2013 to 2024: its price increased at an average annual rate of +4.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, petroleum lubricating oil and grease export price increased by +84.4% against 2015 indices. The pace of growth was the most pronounced in 2023 an increase of 22%. The export price peaked in 2024 and is expected to retain growth in the near future.
There were significant differences in the average prices for the major external markets. In 2024, amid the top suppliers, the country with the highest price was Saudi Arabia ($7,477 per ton), while the average price for exports to Sweden ($4,438 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.