Market Trends of indonesia lubricants Industry
This section covers the major market trends shaping the Indonesia Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the Indonesian lubricant market was dominated by the automotive sector, which accounted for around 60% of the total lubricant consumption in the country. During 2015-2019, lubricants consumption in the automotive industry increased by around 21%.
- In 2020, COVID-19 pandemic-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 11.6%, followed by heavy equipment (8.1%), during the year.
- Automotive is likely to be the fastest-growing end-user segment of the market studied and is expected to record a CAGR of 5.2% over 2021-2026, followed by heavy equipment (4.07%). The passenger vehicle and motorcycle sales and growth in average travel rates are likely to drive the consumption of the automotive sector during 2021-26.
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