Market Size of ASEAN Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.08 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Lubricants Market Analysis
The ASEAN Lubricants market is estimated at 3.25 billion l currently and is expected to reach 3.97 billion l over the forecast period, registering a CAGR of over 4.08% during the forecast period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe disrupted manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the sector is recovering well since restrictions were lifted. Over the last four years, an increase in automotive sales, power generation, and demand for food and beverages led to the market recovery.
- Over the short term, increasing transportation usage and other factors are driving the market growth.
- On the flip side, increasing drain intervals in the automotive and industrial sectors are some factors hindering the growth of the market studied.
- However, the growing prominence of bio-lubricants will likely act as an opportunity.
- Indonesia is expected to dominate the market and witness the highest CAGR during the forecast period.
