Global market revenue is expected to reach $492.14 billion by 2026. Higher demand in the Asia-Pacific (APAC) region, especially from the automotive and transportation industry, is expected to propel much of this growth. APAC markets have been witnessing a surge in car sales over the past few years as urbanization increases and middle-class incomes grow, especially in the larger economies of China and India. Reductions in new car purchase taxes are an additional incentive.
Propelled by the surging demand for chemical, food and beverage, and pharmaceutical production in China and India, the APAC market for lubricants in the industrial sector is poised to gain significantly as well, with considerable investments by leading chemical manufacturers toward facility expansion and construction of new facilities.
Manufacturers of lubricants are increasingly moving toward higher-purity Group III and Group IV base oils due to the regulatory mandates demanding emission control and greenhouse gas reduction. A total of 28 companies are considered in this project; they range from global oil and gas giants to specialty manufacturers.