Market Trends of Two-Wheeler Lubricants Industry
This section covers the major market trends shaping the Two-Wheeler Lubricants Market according to our research experts:
Increasing Usage of Engine Oils
- Engine oils are widely used for lubricating internal combustion engines in two-wheelers. They are generally composed of base oils and additives.
- The base stock is made using petroleum, synthetic chemicals, or both. The base stock is responsible for lubricating the engine's moving parts and removing the excess built-up heat.
- Various additives added in engine oils include oxidation inhibitor additives, dispersant additives, detergent additives, anti-foaming additives, viscosity index modifiers, anti-wear additives, corrosion inhibitor additives, and anti-freeze additives. It controls the oil viscosity and lubricity and protects the engine parts against wear and tear.
- Some major functions of engine oils in two-wheelers are resistance against corrosion and wear and tear. It is to ensure increased engine life and better performance, reduction of friction, increase engine performance, reduction of fuel consumption, removal of impurities and achieve engine cleanliness, optimize engine efficiency, and prevent energy loss by providing optimum cooling.
- China's motorcycle sector is expanding significantly due to increasing consumer disposable income. Motorcycle production value totaled roughly CNY 138 billion (USD 20.12 billion) in 2021, representing an increase of around 36% compared to 2020. Hence, supporting the market growth positively.
- Moreover, the sales value of motorbikes in China also increased considerably. For instance, in 2021, the sales of motorcycles increased by 36%, amounting to CNY 137.98 billion (USD 20.12 billion) compared to 2020. As a result, positively boosts market growth.
- Thus, owing to all the factors above, increasing the use of engine oils is expected to fuel the market growth throughout the forecast period.
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Asia-Pacific Region Dominates the Market
- The demand for two-wheelers in developing countries is growing vastly. Asia-Pacific recently became the fastest-growing region in the consumption of two-wheeler lubricants.
- Increasing urbanization, rising incomes, growing population, and progressive competition between two-wheeler manufacturers offer a better price on vehicles that various regional groups can afford.
- Moreover, Bangladesh, Pakistan, Sri Lanka, the Philippines, and other countries highly demand used bikes. However, the sale of new motor vehicles is expected to rise in the next ten years, owing to the increasing local assembly of motor vehicles.
- Some developing countries such as India, Malaysia, Singapore, Vietnam, Bangladesh, and the Philippines have recently witnessed positive growth in the consumption of two-wheeler lubricants.
- For instance, in 2021, the sales of motorcycles and scooters in the Philippines reached 1,435,677, representing a 19% increase compared to 2020. Also, in Singapore, sales of motorcycles and scooters increased by 8%, reaching 11,428 in 2021. Hence, supporting the market growth positively.
- Furthermore, in countries such as Malaysia, the Philippines, and others, the production of motorcycles and scooters increased significantly. For instance, the Philippines produced 867,453 motorcycles and scooters in 2021, up 32% compared to 2020. As a result, positively boosting the market growth.
- Thus, owing to the trends above, the Asia-Pacific region is expected to dominate the two-wheeler lubricants market during the forecast period.
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