Automotive Segment to Dominate APAC Lubricants Market during 2020–2028      

According to a new market research study on “APAC Lubricants Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Base Oil, Product Type, and End Use” is expected to reach US$ 88.65 billion by 2028 from 70.79 US$ billion in 2021. The market is estimated to grow at a CAGR of 3,3% from 2021 to 2028. The report provides trends prevailing in the APAC lubricants market along with the drivers and restraints pertaining to the market growth. Wind energy sector raising demand for lubricants is the major factor driving the growth of the APAC lubricants market. However, issues associated with constant change in lubricants specifications hinders the growth of APAC lubricants market.  

APAC lubricants market is segmented into base oil, product type, end use, and country. Based on base oil the APAC lubricants market is segmented into mineral oil, synthetic, bio-based lubricants, and others. Mineral oil segment held the largest market share in 2020. Based on product type the APAC lubricants market is segmented into engine oil, hydraulic oil, gear oil, gear oil, compressor oil and others. Engine oil segment held the largest market share in 2020. Based on end-use industries, the APAC lubricants market has been segmented into oil and gas, industrial, chemical, automotive, marine and others end-use industries. The automotive segment led the APAC lubricants market in 2020. Based on country, the APAC lubricants market is segmented into Australia, China, India, Japan, South Korea, rest of APAC. China held the largest market share in 2020.

The government bodies across countries in APAC are taking appropriate steps to reduce the effects of COVID-19 by announcing lockdowns, thus impacting the revenue generated by the market. The emergence of new COVID-19 waves in India, Thailand, and other Asian economies has prolonged GDP growth in these nations. The ongoing COVID-19 pandemic is anticipated to cause considerable disruptions in the growth of various industries of APAC. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The governments of various APAC economies are taking possible steps to restrict the spread of the virus. Their announcement of country-wide lockdowns directly impacted the growth of industrial sectors, which reflected negatively on the demand for lubricants. However, the fast recovery and restart of the automotive industry in China and the recovery of manufacturing units are fueling lubricants' requirements, thereby supporting the market growth.

Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Indian Oil Corporation Ltd, Lukoil, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the leading companies in the APAC lubricants market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.    

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