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Asia-pacific Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

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  • September 2022
  • Region: Asia Pacific
  • Mordor Intelligence
  • ID: 5656729
UP TO OFF until Sep 30th 2023
The Asia-pacific Lubricants Market stood at 18.56 billion liters in 2021 and is projected to register a CAGR of 4.33% to reach 22.95 billion liters in 2026.

Key Highlights

  • Largest Segment by End-user Industry - Automotive: Among all end-user segments, automotive was the largest end-user due to the high proportion of lubricant drain intervals in motor vehicles than in any industrial application.
  • Fastest Segment by End-user Industry - Power Generation: Power generation is expected to be Asia-Pacific's fastest-growing end user of lubricants due to the expanding demand for low-cost energy from natural-gas-fueled power plants.
  • Largest Country Market - China: China is the largest lubricant market in Asia-Pacific, with a higher number of motor vehicles, natural gas power plants, and industrial machinery than any other country.
  • Fastest Growing Country Market - Vietnam: Among all Asia-Pacific countries, Vietnam is expected to be the fastest-growing country in lubricant demand due to its rising manufacturing industry and vehicle ownership.

Key Market Trends

Largest Segment By End User: Automotive

  • In 2020, the Asia-Pacific lubricant market was dominated by the automotive industry, which accounted for around 45% of the total lubricant consumption in the region. During 2015-2019, lubricant consumption in the automotive industry increased by around 22%.
  • In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 6.24%, followed by metallurgy and metalworking (3.33%) during the year.
  • Power generation is expected to be the fastest-growing end-user industry of the market studied, recording a CAGR of 5.86% during 2021-2026, followed by automotive (4.89%). The expanding power generation capacities in many countries and the expected growth in vehicle sales are likely to support lubricant consumption in the coming years.

Largest Country: China

  • In 2020, China was the leading consumer of lubricants in the Asia-Pacific region, accounting for around 52% of the total lubricant consumption in the region. During 2015-2019, lubricant consumption in China increased by over 25%.
  • In 2020, the COVID-19 outbreak restrained the operations of several industries, thereby restraining lubricant consumption across the Asia-Pacific region. India was the most affected country, with a 12% drop in its lubricant consumption during 2019-2020, followed by Japan with an 11.6% drop.
  • Vietnam is likely to be the fastest-growing lubricant market during 2021-26, owing to its expected CAGR of 5.26%, followed by India (5.24%). The expected recovery in automotive production and sales in Vietnam is likely to drive the growth of lubricant consumption in the country.

Competitive Landscape

The Asia-pacific Lubricants Market is moderately consolidated, with the top five companies occupying 47.15%. The major players in this market are BP Plc (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1 Executive Summary & Key Findings
2 Introduction
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study?
2.3 Research Methodology
3 Key Industry Trends
3.1 Automotive Industry Trends
3.2 Manufacturing Industry Trends
3.3 Power Generation Industry Trends
3.4 Regulatory Framework
3.5 Value Chain & Distribution Channel Analysis
4 Market Segmentation
4.1 By End User
4.1.1 Automotive
4.1.2 Heavy Equipment
4.1.3 Metallurgy & Metalworking
4.1.4 Power Generation
4.1.5 Other End-user Industries
4.2 By Product Type
4.2.1 Engine Oils
4.2.2 Greases
4.2.3 Hydraulic Fluids
4.2.4 Metalworking Fluids
4.2.5 Transmission & Gear Oils
4.2.6 Other Product Types
4.3 By Country
4.3.1 China
4.3.2 India
4.3.3 Indonesia
4.3.4 Japan
4.3.5 Malaysia
4.3.6 South Korea
4.3.7 Thailand
4.3.8 Vietnam
4.3.9 Rest of Asia-Pacific
5 Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 BP Plc (Castrol)
5.3.2 China National Petroleum Corporation
5.3.3 China Petroleum & Chemical Corporation
5.3.4 ENEOS Corporation
5.3.5 ExxonMobil Corporation
5.3.6 GS Caltex
5.3.7 Idemitsu Kosan Co. Ltd
5.3.8 Indian Oil Corporation Limited
5.3.9 Royal Dutch Shell Plc
5.3.10 TotalEnergies
6 Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7 Key Strategic Questions for Lubricants CEOs

Companies Mentioned

A selection of companies mentioned in this report includes:

  • BP Plc (Castrol)
  • China National Petroleum Corporation
  • China Petroleum & Chemical Corporation
  • ENEOS Corporation
  • ExxonMobil Corporation
  • GS Caltex
  • Idemitsu Kosan Co. Ltd
  • Indian Oil Corporation Limited
  • Royal Dutch Shell Plc
  • TotalEnergies