Market Trends of thailand lubricants Industry
This section covers the major market trends shaping the Thailand Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the automotive industry dominated the Thai lubricants market, accounting for 54% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased by around 4.2%.
- 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 14.26% during the year, followed by heavy equipment (10.2%).
- Automotive is likely to be the fastest-growing end-user industry of the Thai lubricants market during 2021-2026, with a CAGR of 3.14%, followed by heavy equipment (2.85%). A recovery in the average mileage of vehicles and new vehicle sales will likely drive lubricant consumption from the automotive industry during the next five years.
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