Asia-pacific Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2027

The Asia-pacific Lubricants Market is segmented by End User ( Automotive, Heavy Equipment, Metallurgy & Metalworking, Power Generation ) , by Product Type ( Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission & Gear Oils ) and by Country ( China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Vietnam )

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Market Snapshot

https://s3.mordorlabs.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period: 2015 - 2027
https://s3.mordorlabs.com/base%20year/1629296433432_test~base_year_base_year.svg Base Year: 2021
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by End User: Automotive
https://s3.mordorlabs.com/globe/1629285706162_test~globe_globe.svg Largest Share by Country: China
https://s3.mordorlabs.com/cagr/1629296433433_test~cagr_cagr.svg CAGR: NaN %

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Market Overview

The Asia-pacific Lubricants Market stood at 19.44 billion liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.

  • 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 - Metallurgy & Metalworking : 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.

Scope of the Report

By End User
Automotive
Heavy Equipment
Metallurgy & Metalworking
Power Generation
Other End-user Industries
By Product Type
Engine Oils
Greases
Hydraulic Fluids
Metalworking Fluids
Transmission & Gear Oils
Other Product Types
By Country
China
India
Indonesia
Japan
Malaysia
South Korea
Thailand
Vietnam
Rest of Asia-Pacific

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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 44.21%. 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).

Recent Developments

  • May 2022: TotalEnergies, NEXUS Automotive Extend Strategic Partnership for a period of five years. As part of this partnership, TotalEnergies Lubricants will be expanding its presence in the burgeoning N! community, which has seen rapid growth in sales from EUR 7.2 billion in 2015 to nearly EUR 35 billion by the end of 2021.
  • March 2022: ExxonMobil Corporation company has appointed Jay Hooley as lead managing director of the company.
  • January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines – ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.

Table of Contents

  1. 1. Executive Summary & Key Findings

  2. 2. Introduction

    1. 2.1 Study Assumptions & Market Definition

    2. 2.2 Scope of the Study​

    3. 2.3 Research Methodology

  3. 3. Key Industry Trends

    1. 3.1 Automotive Industry Trends

    2. 3.2 Manufacturing Industry Trends

    3. 3.3 Power Generation Industry Trends

    4. 3.4 Regulatory Framework

    5. 3.5 Value Chain & Distribution Channel Analysis

  4. 4. Market Segmentation

    1. 4.1 By End User

      1. 4.1.1 Automotive

      2. 4.1.2 Heavy Equipment

      3. 4.1.3 Metallurgy & Metalworking

      4. 4.1.4 Power Generation

      5. 4.1.5 Other End-user Industries

    2. 4.2 By Product Type

      1. 4.2.1 Engine Oils

      2. 4.2.2 Greases

      3. 4.2.3 Hydraulic Fluids

      4. 4.2.4 Metalworking Fluids

      5. 4.2.5 Transmission & Gear Oils

      6. 4.2.6 Other Product Types

    3. 4.3 By Country

      1. 4.3.1 China

      2. 4.3.2 India

      3. 4.3.3 Indonesia

      4. 4.3.4 Japan

      5. 4.3.5 Malaysia

      6. 4.3.6 South Korea

      7. 4.3.7 Thailand

      8. 4.3.8 Vietnam

      9. 4.3.9 Rest of Asia-Pacific

  5. 5. Competitive Landscape

    1. 5.1 Key Strategic Moves

    2. 5.2 Market Share Analysis

    3. 5.3 Company Profiles

      1. 5.3.1 BP Plc (Castrol)

      2. 5.3.2 China National Petroleum Corporation

      3. 5.3.3 China Petroleum & Chemical Corporation

      4. 5.3.4 ENEOS Corporation

      5. 5.3.5 ExxonMobil Corporation

      6. 5.3.6 GS Caltex

      7. 5.3.7 Idemitsu Kosan Co. Ltd

      8. 5.3.8 Indian Oil Corporation Limited

      9. 5.3.9 Royal Dutch Shell Plc

      10. 5.3.10 TotalEnergies

  6. 6. Appendix

    1. 6.1 Appendix-1 References

    2. 6.2 Appendix-2 List of Tables & Figures

  7. 7. Key Strategic Questions for Lubricants CEOs

List of Tables & Figures

    Figure 1:  

    VEHICLE POPULATION, NUMBER OF UNITS, ASIA-PACIFIC, 2015 - 2026

    Figure 2:  

    COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, ASIA-PACIFIC, 2015 - 2026

    Figure 3:  

    MOTORCYCLES POPULATION, NUMBER OF UNITS, ASIA-PACIFIC, 2015 - 2026

    Figure 4:  

    PASSENGER VEHICLES POPULATION, NUMBER OF UNITS, ASIA-PACIFIC, 2015 - 2026

    Figure 5:  

    MANUFACTURING VALUE ADDED, USD BILLION (CURRENT VALUE), ASIA-PACIFIC, 2015 - 2020

    Figure 6:  

    POWER GENERATION CAPACITY, GIGAWATT (GW), ASIA-PACIFIC, 2015 - 2020

    Figure 7:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, BY END USER, 2015-2026

    Figure 8:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME SHARE (%), BY END USER, 2020

    Figure 9:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, AUTOMOTIVE, 2015-2026

    Figure 10:  

    ASIA-PACIFIC LUBRICANTS MARKET, AUTOMOTIVE, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 11:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, HEAVY EQUIPMENT, 2015-2026

    Figure 12:  

    ASIA-PACIFIC LUBRICANTS MARKET, HEAVY EQUIPMENT, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 13:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, METALLURGY & METALWORKING, 2015-2026

    Figure 14:  

    ASIA-PACIFIC LUBRICANTS MARKET, METALLURGY & METALWORKING, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 15:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, POWER GENERATION, 2015-2026

    Figure 16:  

    ASIA-PACIFIC LUBRICANTS MARKET, POWER GENERATION, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 17:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, OTHER END-USER INDUSTRIES, 2015-2026

    Figure 18:  

    ASIA-PACIFIC LUBRICANTS MARKET, OTHER END-USER INDUSTRIES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 19:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026

    Figure 20:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 21:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2026

    Figure 22:  

    ASIA-PACIFIC LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY END USER, 2020

    Figure 23:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026

    Figure 24:  

    ASIA-PACIFIC LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY END USER, 2020

    Figure 25:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026

    Figure 26:  

    ASIA-PACIFIC LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY END USER, 2020

    Figure 27:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, METALWORKING FLUIDS, 2015-2026

    Figure 28:  

    ASIA-PACIFIC LUBRICANTS MARKET, METALWORKING FLUIDS, VOLUME SHARE (%), BY END USER, 2020

    Figure 29:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2026

    Figure 30:  

    ASIA-PACIFIC LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY END USER, 2020

    Figure 31:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, OTHER PRODUCT TYPES, 2015-2026

    Figure 32:  

    ASIA-PACIFIC LUBRICANTS MARKET, OTHER PRODUCT TYPES, VOLUME SHARE (%), BY END USER, 2020

    Figure 33:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, BY COUNTRY, 2015-2026

    Figure 34:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME SHARE (%), BY COUNTRY, 2020

    Figure 35:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, CHINA, 2015-2026

    Figure 36:  

    ASIA-PACIFIC LUBRICANTS MARKET, CHINA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 37:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, INDIA, 2015-2026

    Figure 38:  

    ASIA-PACIFIC LUBRICANTS MARKET, INDIA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 39:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, INDONESIA, 2015-2026

    Figure 40:  

    ASIA-PACIFIC LUBRICANTS MARKET, INDONESIA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 41:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, JAPAN, 2015-2026

    Figure 42:  

    ASIA-PACIFIC LUBRICANTS MARKET, JAPAN, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 43:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, MALAYSIA, 2015-2026

    Figure 44:  

    ASIA-PACIFIC LUBRICANTS MARKET, MALAYSIA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 45:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, SOUTH KOREA, 2015-2026

    Figure 46:  

    ASIA-PACIFIC LUBRICANTS MARKET, SOUTH KOREA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 47:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, THAILAND, 2015-2026

    Figure 48:  

    ASIA-PACIFIC LUBRICANTS MARKET, THAILAND, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 49:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, VIETNAM, 2015-2026

    Figure 50:  

    ASIA-PACIFIC LUBRICANTS MARKET, VIETNAM, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 51:  

    ASIA-PACIFIC LUBRICANTS MARKET, VOLUME IN LITERS, REST OF ASIA-PACIFIC, 2015-2026

    Figure 52:  

    ASIA-PACIFIC LUBRICANTS MARKET, REST OF ASIA-PACIFIC, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 53:  

    ASIA-PACIFIC LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021

    Figure 54:  

    ASIA-PACIFIC LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021

    Figure 55:  

    ASIA-PACIFIC LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

Market Definition

  • Vehicle Types - Passenger Vehicles, Commercial Vehicles and Motorcycles are the vehicle types considered under the automotive lubricants market.
  • Product Types - For the purpose of this study, lubricant products such as engine oils, transmission oils, greases and hydraulic fluids are taken into consideration.
  • Service Refill - Service refill is the primary factor considered while accounting the lubricant consumption for each of the vehicle segments, under the study.
  • Factory Fill - First lubricant fill-ups for newly produced vehicles are considered.

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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
  • Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms

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Frequently Asked Questions

The Asia-pacific Lubricants Market market is studied from 2015 - 2027.

The Asia-pacific Lubricants Market stood at 19.44 billion liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.

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.

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.

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.

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.

BP Plc (Castrol),China National Petroleum Corporation,China Petroleum & Chemical Corporation,ExxonMobil Corporation and Royal Dutch Shell Plc. are the major companies operating in Asia-pacific Lubricants Market.