ASEAN Lubricants Market Size (2024 - 2029)

The ASEAN lubricants market is experiencing a recovery and growth trajectory, driven by factors such as increased transportation usage and rising demand in sectors like automotive, power generation, and food and beverages. Despite challenges posed by longer drain intervals in automotive and industrial sectors, the market is poised for expansion, with bio-lubricants presenting new opportunities. Indonesia is anticipated to lead the market in terms of growth rate during the forecast period.

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Market Size of ASEAN Lubricants Industry

ASEAN Lubricants Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.08 %
Market Concentration High

Major Players

ASEAN Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order

ASEAN Lubricants Market Analysis

The ASEAN Lubricants market is estimated at 3.25 billion l currently and is expected to reach 3.97 billion l over the forecast period, registering a CAGR of over 4.08% during the forecast period.

Due to the COVID-19 outbreak, nationwide lockdowns around the globe disrupted manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the sector is recovering well since restrictions were lifted. Over the last four years, an increase in automotive sales, power generation, and demand for food and beverages led to the market recovery.

  • Over the short term, increasing transportation usage and other factors are driving the market growth.
  • On the flip side, increasing drain intervals in the automotive and industrial sectors are some factors hindering the growth of the market studied.
  • However, the growing prominence of bio-lubricants will likely act as an opportunity.
  • Indonesia is expected to dominate the market and witness the highest CAGR during the forecast period.

ASEAN Lubricants Industry Segmentation

Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. The market is segmented based on product type, end-user industry, and Geography. The market is segmented by product type into engine oil, transmission and hydraulic fluid, general industrial oil, gear oil, grease, and other product types. By end-user industry, the market is segmented into power generation, automotive and other transportation, heavy equipment, food and beverage, and other end-user industries. The report also covers the size and forecasts for the lubricants market in 6 regional countries. The market sizing and forecasts for each segment are based on volume (liters).

Product Type
Engine Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Grease
Other Product Types
End-user Industry
Power Generation
Automotive and Other Transportation
Heavy Equipment
Metallurgy and Metalworking
Food and Beverage
Other End-user Industries
Geography
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
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ASEAN Lubricants Market Size Summary

The ASEAN Lubricants Market is experiencing a robust recovery following the disruptions caused by the COVID-19 pandemic, with increasing demand driven by the automotive, power generation, and food and beverage sectors. The market is poised for growth, supported by rising transportation usage and the expanding industrial landscape in ASEAN countries. However, the market faces challenges such as longer drain intervals in automotive and industrial sectors. Despite these challenges, the growing interest in bio-lubricants presents a significant opportunity for market expansion. Indonesia is expected to lead the market, benefiting from its large automotive sector and increasing logistics activities, which are anticipated to drive lubricant consumption.

The market landscape in ASEAN is characterized by significant activity in Indonesia and Vietnam, the largest vehicle markets in the region. The demand for lubricants is bolstered by the production of light commercial vehicles and the expansion of the marine and power industries in Indonesia. The country's strategic position as a hub for passenger car manufacturing, supported by foreign investments, further enhances its market potential. The ASEAN Lubricants Market is consolidated, with major players like CASTROL LIMITED, Shell PLC, and Exxon Mobil Corporation actively participating. Recent expansions and partnerships, such as Shell Indonesia's Marunda Lubricants Oil Blending Plant expansion and PTT's collaboration with Aramco, underscore the dynamic nature of the market, aiming to meet the growing demand for premium lubricant products.

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ASEAN Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Usage for Transportation Purposes

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Increasing Drain Intervals in the Automotive and Industrial Sectors

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Engine Oil

      2. 2.1.2 Transmission and Hydraulic Fluid

      3. 2.1.3 Metalworking Fluid

      4. 2.1.4 General Industrial Oil

      5. 2.1.5 Gear Oil

      6. 2.1.6 Grease

      7. 2.1.7 Other Product Types

    2. 2.2 End-user Industry

      1. 2.2.1 Power Generation

      2. 2.2.2 Automotive and Other Transportation

      3. 2.2.3 Heavy Equipment

      4. 2.2.4 Metallurgy and Metalworking

      5. 2.2.5 Food and Beverage

      6. 2.2.6 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Indonesia

      2. 2.3.2 Malaysia

      3. 2.3.3 Philippines

      4. 2.3.4 Singapore

      5. 2.3.5 Thailand

      6. 2.3.6 Vietnam

ASEAN Lubricants Market Size FAQs

The ASEAN Lubricants Market is projected to register a CAGR of greater than 4.08% during the forecast period (2024-2029)

Caltex (Chevron Corporation) , CASTROL LIMITED (BP p.l.c.), Shell PLC, Exxon Mobil Corporation and PT Pertamina Lubricants are the major companies operating in the ASEAN Lubricants Market.

ASEAN Lubricants Market Report Snapshots

ASEAN Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)