The Asia Pacific lubricants market is predicted to grow with a CAGR of 1.68%, across the forecast years of 2019 to 2028. Government initiatives to bolster domestic manufacturing activities, in developing economies like Thailand, Indonesia, Vietnam, and India are projected to drive the region’s lubricants market.
The Asia Pacific lubricants market growth study is conducted across Vietnam, Thailand, Malaysia, Indonesia, Philippines, South Korea, Japan, India, China, and the rest of Asia Pacific. As the second-largest lubricant consumer in the region, India accounts for around 7% of the total demand in the global market. The Indian market for lubricants comprises 20 organized players, including Total, Valvoline, Gulf Oil, Castrol, Shell, and Veedol, and is dominated by the public sector oil marketing enterprises. Moreover, private players are rapidly growing due to their extensive reach and efficient products and services. India’s government is considering a proposal to prohibit all ICE driven two-wheelers under 150cc and three-wheelers, in the upcoming years. If this proposal gets implemented, over three in four vehicles sold in the country would be affected. Additionally, the regulation would also pose a threat to the growing demand for automotive lubricants in the country, in the short term. However, in the long run, the automotive market is predicted to provide certainty and predominantly drive the demand for automotive lubricants in the country.
Some of the renowned companies in the market include, Bharat Petroleum Corporation Limited, Chevron Phillips Chemical Company Llc, Indian Oil Corporation Limited, HPCL, China National Petroleum Corporation, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments