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Southeast Asian Market for Environment-friendly Lubricants
Frost & Sullivan, Dec 2010, Pages: 77
Research study provides the overall current and future trends of the environment-friendly lubricants market for five countries in Southeast Asia, namely Thailand, Malaysia, Indonesia, the Philippines and Singapore covered in the study from 2009 to 2016. In this study, the base year is 2009, and the forecast period is from 2010 to 2016. In 2009, the revenues were less than $50 million. The revenues for this market is expected to grow at a moderate compound annual growth rate (CAGR) of 5-6 percent from 2009 to 2016.
This research service titled Southeast Asian Market for Environment-friendly Lubricants analyses and assesses factors accelerating growth and those restricting the momentum of growth. In this research, Frost & Sullivan's expert analysts thoroughly examine the following applications: hydraulic fluids, gear oil, greases and chainsaw oil.
Market Overview
Low Toxicity of Environment-Friendly Lubricants Can Help the Market Revenues Grow at a Faster Rate than the 4.3 Per Cent Recorded in 2010
The environment-friendly lubricants market is currently at a nascent stage in Southeast Asian countries such as Singapore, Malaysia, Indonesia, Thailand and the Philippines, indicating untapped potential for growth in this region. The $40.8 million market, with a growth rate of 4.3 per cent in 2010, is expected to attain a better revenue growth rate of 5.9 per cent in 2016. This will be primarily driven by the demand for food-grade lubricants from multinational companies (MNCs). Environment-friendly lubricants are synthetic ester-based compounds that are low in toxicity but without any renewable content. Its main application is in the food manufacturing industry as food-grade lubricants. “Currently the growth of these lubricants stems from the demand from European and American food manufacturing MNCs, which are more environmentally aware than their Southeast Asian counterparts due to the policies followed in their headquarters,” says the analyst of this research. “These manufacturers are switching over more readily to environment-friendly lubricants from the conventional mineral oil-based lubricants.”
Enhanced green consciousness will certainly bode well for the environment-friendly lubricants market. However, this improved environmental awareness has to be bolstered by government support in the form of regulations to enforce the usage of environment-friendly lubricants, especially in key areas such as forestry, hydraulic dams and mining. Apart from the food manufacturing industry, the product is also finding traction in the subsea oil and gas sector.
Currently, there seems to be some unsubstantiated concerns among end users that environment-friendly lubricants are not as effective as the conventional mineral oil-based ones. Southeast Asian countries are lagging far behind neighbouring countries such as Japan, Korea and even China in environment-friendly lubricants’ usage. Inadequate awareness about the negative environmental impact of mineral oil-based lubricants and few government regulations mandating the use of environment-friendly lubricants are the main reasons behind this. “With higher environmental awareness, there will be more emphasis on using green products, which will boost the growth of environment-friendly lubricants in Southeast Asia,” notes the analyst. “With increased environmental concerns, more industries, especially the high-risk ones such as forestry, agriculture, subsea oil & gas and the marine sector, which are currently using mineral-oil based lubricants, are likely to switch to environment friendly lubricants.”
Application Sectors
Expert Frost & Sullivan analysts thoroughly examine the following application sectors in this research:
- Hydraulic fluids
- Gear oil
- Greases
- Chainsaw oil
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