APAC Passenger Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Forecast Data Period | 2024 - 2026 |
| Historical Data Period | 2015 - 2019 |
| CAGR (2024 - 2026) | 4.81 % |
| Market Concentration | High |
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APAC Passenger Vehicles Lubricants Market Analysis
The Asia-pacific Passenger Vehicles Lubricants Market size is estimated at 4.77 Billion Liters in 2024, and is expected to reach 5.24 Billion Liters by 2026, growing at a CAGR of 4.81% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Transmission & Gear Oils : The expected recovery in passenger vehicle sales and production in Asia-Pacific from 2021 is likely to boost the demand for transmission oils during the forecast period.
- Largest Country Market - China : The high lubricant consumption in China can be attributed to the high passenger vehicle population in the country, along with a high servicing frequency of the vehicles.
- Fastest Growing Country Market - India : In India, sales growth of new and used passenger vehicles, supported by the increasing travel rate, is projected to augment the demand for lubricants at a healthy rate.
APAC Passenger Vehicles Lubricants Market Trends
This section covers the major market trends shaping the APAC Passenger Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- During 2015-2019, lubricant consumption in the Asia-Pacific passenger vehicle (PV) market recorded a CAGR of 4.52%. Engine oil was the dominating lubricant product type in this market, which accounted for a share of 79.12% in lubricant consumption in 2020. Engine oil was followed by transmission oils, which accounted for around 14.7% of the lubricant consumption in 2020.
- In 2020, post the COVID-19 pandemic, the usage of passenger cars significantly dropped due to the restrictions put in place as a response to the pandemic. As a result, automotive lubricant consumption fell by 4.69% in comparison to 2019.
- The expected recovery in production and sales of new passenger vehicles is likely to drive the lubricant consumption in this market. As a result, PV lubricant consumption is likely to witness a CAGR of 5.16% during 2021-2026.
Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">China</span>
- In the Asia-Pacific region, passenger vehicle (PV) lubricant consumption is the highest in China, followed by India and Japan. In 2020, China accounted for 63.01% of total PV lubricant consumption in the region, while India and Japan accounted for a share of 10.83% and 6.76%, respectively.
- The declined usage of passenger vehicles after the COVID-19 pandemic negatively affected the PV lubricant consumption across the region in 2020. The Philippines was the most affected, as it witnessed an 18.16% drop in consumption during 2019-2020, followed by Indonesia, which witnessed a 17.84% drop.
- During 2021-2026, India is likely to be the fastest-growing PV lubricant market, as the consumption is likely to register a CAGR of 6.57%, followed by China and Indonesia, which are expected to witness a CAGR of 5.80% and 4.79%, respectively.
APAC Passenger Vehicles Lubricants Industry Overview
The Asia-pacific Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 56.89%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc (sorted alphabetically).
APAC Passenger Vehicles Lubricants Market Leaders
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BP PLC (Castrol)
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China National Petroleum Corporation
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China Petroleum & Chemical Corporation
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ExxonMobil Corporation
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Royal Dutch Shell Plc
*Disclaimer: Major Players sorted in no particular order
APAC Passenger Vehicles Lubricants Market News
- December 2021: ExxonMobil introduced a line of synthetic engine oils, i.e., Mobil Super Pro, for SUVs in India.
- September 2021: Shell partnered with ReadyAssist, a Bengaluru-based 24-hour roadside assistance firm, to provide a seamless oil changing service across the country. Customers can get a free lube change for their vehicles when they buy Shell lubricants through ReadyAssist, which will be accessible at up to 5,500 third-party retail outlets across the country.
- September 2021: ExxonMobil launched the Mobil Super All-in-One Protection SUV Pro synthetic engine oil for SUVs.
APAC Passenger Vehicles Lubricants Market Report - Table of Contents
1. Executive Summary & Key Findings
2. Introduction
- 2.1 Study Assumptions & Market Definition
- 2.2 Scope of the Study
- 2.3 Research Methodology
3. Key Industry Trends
- 3.1 Automotive Industry Trends
- 3.2 Regulatory Framework
- 3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
-
4.1 By Product Type
- 4.1.1 Engine Oils
- 4.1.2 Greases
- 4.1.3 Hydraulic Fluids
- 4.1.4 Transmission & Gear Oils
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4.2 By Country
- 4.2.1 China
- 4.2.2 India
- 4.2.3 Indonesia
- 4.2.4 Japan
- 4.2.5 Malaysia
- 4.2.6 Philippines
- 4.2.7 Singapore
- 4.2.8 South Korea
- 4.2.9 Thailand
- 4.2.10 Vietnam
- 4.2.11 Rest of Asia-Pacific
5. Competitive Landscape
- 5.1 Key Strategic Moves
- 5.2 Market Share Analysis
-
5.3 Company Profiles
- 5.3.1 BP PLC (Castrol)
- 5.3.2 China National Petroleum Corporation
- 5.3.3 China Petroleum & Chemical Corporation
- 5.3.4 ENEOS Corporation
- 5.3.5 ExxonMobil Corporation
- 5.3.6 Idemitsu Kosan Co. Ltd
- 5.3.7 Indian Oil Corporation Limited
- 5.3.8 PETRONAS Lubricants International
- 5.3.9 Royal Dutch Shell Plc
- 5.3.10 TotalEnergies
- *List Not Exhaustive
6. Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
** Subject To AvailablityAPAC Passenger Vehicles Lubricants Industry Segmentation
| By Product Type | Engine Oils |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils | |
| By Country | China |
| India | |
| Indonesia | |
| Japan | |
| Malaysia | |
| Philippines | |
| Singapore | |
| South Korea | |
| Thailand | |
| Vietnam | |
| Rest of Asia-Pacific |
APAC Passenger Vehicles Lubricants Market Research FAQs
How big is the Asia-pacific Passenger Vehicles Lubricants Market?
The Asia-pacific Passenger Vehicles Lubricants Market size is expected to reach 4.77 billion Liters in 2024 and grow at a CAGR of 4.81% to reach 5.24 billion Liters by 2026.
What is the current Asia-pacific Passenger Vehicles Lubricants Market size?
In 2024, the Asia-pacific Passenger Vehicles Lubricants Market size is expected to reach 4.77 billion Liters.
Who are the key players in Asia-pacific Passenger Vehicles Lubricants Market?
BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc are the major companies operating in the Asia-pacific Passenger Vehicles Lubricants Market.
Which segment has the biggest share in the Asia-pacific Passenger Vehicles Lubricants Market?
In the Asia-pacific Passenger Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which country has the biggest share in the Asia-pacific Passenger Vehicles Lubricants Market?
In 2024, China accounts for the largest share by country in the Asia-pacific Passenger Vehicles Lubricants Market.
What years does this Asia-pacific Passenger Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Asia-pacific Passenger Vehicles Lubricants Market size was estimated at 4.53 billion Liters. The report covers the Asia-pacific Passenger Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-pacific Passenger Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Asia-pacific Passenger Vehicles Lubricants Industry Report
Statistics for the 2024 Asia-pacific Passenger Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-pacific Passenger Vehicles Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
