Current development status of lubricating oil in China: The apparent demand for lubricating base oil in China in 2023 is about 8.37 million tons

According to data released by Zhuochuang Information, among the 38 lubricant base oil production enterprises in China, the domestic base oil production was 2.8564 million tons in 2018, and the domestic lubricant base oil production reached 6.7732 million tons in 2023, a year-on-year increase of 5.06%. From the perspective of the apparent demand for lubricating base oil, it is estimated that the apparent demand for lubricating base oil in China in 2023 will be approximately 8.37 million tons, based on a comprehensive calculation of the production, import, and export of lubricating base oil.

2. China's lubricant production: In 2023, China's lubricant production will be approximately 7.39 million tons

It is understood that the content of additives in lubricating oil accounts for about 1% -30%, which means that the base oil content accounts for about 70% -99%. Among the demand for base oil, 75% is used for the production and manufacturing of lubricating oil. Therefore, it can be calculated that China's lubricating oil production in 2023 will be about 7.39 million tons.

3. China's apparent consumption of lubricating oil: In 2023, the apparent consumption of lubricating oil in China will be approximately 7.48 million tons

Based on the apparent demand for lubricating oil products in China, it is estimated that the apparent demand for lubricating oil in China will be approximately 7.48 million tons in 2023 through comprehensive calculations of lubricating oil production, imports, and exports.

4. Size of China's lubricant market: The size of China's lubricant market in 2023 is approximately 108.8 billion yuan

The lubricant market in our country is in a mature stage, and the demand driving effect of downstream applications such as automobiles and industry is weak. However, the increase in raw material prices drives the lubricant market price, and driven by prices, the overall size of the lubricant market shows an upward trend. The price of lubricating oil in the domestic market is comparable to its export price level. Based on the comprehensive calculation of the apparent demand for lubricating oil and the average import and export price, the market size of China's lubricating oil industry in 2023 is estimated to be 108.8 billion yuan.

From the perspective of lubricant product development, in the future, lubricants will gradually move towards green, energy-saving, environmentally friendly, and low usage directions; From the perspective of market competition, as low-end lubricants are gradually phased out and high-end lubricants are listed by a few companies, the market will gradually concentrate on enterprises with high brand awareness, better product quality and performance.