Insights into Lubricant Market
The global lubricants market size is expected to reach USD 166.25 billion by 2025. Increasing demand for a diverse, innovative grade of lubricants for industrial as well as automotive applications is expected to drive growth. One of the major factors driving the growth of the global market is the growing automotive production in the Asia-Pacific and Europe, especially in India, United Kingdom, Italy, France, and Indonesia.
The rapid growth of the ASEAN economy and its expanding consumer markets has already resulted in larger volumes of goods being transported around the region, increasing the need for supply chain solutions. ASEAN as a region is an exciting market for lubricants because of the diversity of its economy, progressive business outlook, rising household income levels, and perhaps most importantly, the latent potential that it holds to develop into one of the world’s leading economies in the future. The automotive lubricant segment requires much more careful analysis. While Thailand and Indonesia are established automotive hubs with an attractive market size, competition in the automotive lubricants segment is much stiffer as compared to the industrial counterpart.
The industrial lubricants market has become a focus market in recent years as players look outside of the highly competitive (and more-or-less saturated) automotive lubricants market for new growth. Within ASEAN, industrial lubricants represent the second-largest market after passenger car and motorcycle lubricants markets, with an estimated annual consumption of between 700–800 million liters in 2015 that is projected to reach the 1 billion liters mark by 2020.