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APAC Lubricants Market Overview
APAC Lubricants Market Size was valued at USD 72.1 Billion in 2022. The lubricants industry is projected to grow from USD 74.69 Billion in 2023 to USD 99.122 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.60% during the forecast period (2023 - 2032). The market is gaining from the quickening pace of industrialization, the increase in car manufacturing, and the advancement of industrial machinery. The key market drivers additionally include the rising demand for premium industrial lubricants and the expanding use of lubricants in mining operations.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Lubricants Market Trends
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Increasing Integration of Renewable Energies is Driving the Market Growth
A primary driver of the industry's expansion is the growing public consciousness regarding the benefits of lubricant and grease usage in machinery, equipment, and tools. As conserving traditional resources and reducing energy and emissions have taken center stage in environmental concerns, lubricants are gradually drawing in more attentive customers. Additionally, businesses are using customer-focused strategies in order to concentrate on raising consumer awareness of their brands via print and visual media. Examples of this approach include trade exhibitions and advertising campaigns, in which businesses provide free gifts or samples to customers in an effort to raise their interest in and knowledge of lubricants.
The increased awareness of substitutes for products connected to mineral oil has led to a growth in the market for lubricants for large-scale businesses. Throughout the projected period, the growing automotive industry and industrial growth are anticipated to propel demand for synthetic oils. Since synthetic mineral oils are more efficient than natural mineral oils, their use has increased. They are gradually taking the role of natural mineral oils as the go-to option in a number of industries where great consistency is required. The most common synthetic base oil used in automotive and industrial applications is polyalphaolefin. They have better viscosity index, lower pour point, improved oxidative/thermal stability, and decreased volatility due to their inherent physical and chemical characteristics. Thus, driving the lubricants market revenue.
Lubricants Market Segment Insights
Lubricants End User Insights
The APAC Lubricants market segmentation, based on end user includes Automotive, Heavy Equipment, Metallurgy & Metalworking, Power Generation and Other End-user Industries. The automotive segment dominated the market mostly The automotive industry experiences increased need for lubricants due to its many applications in brakes, engines, clutches, and gears. Engine oils, brake fluids, and gear oils are becoming increasingly widely used because they lessen friction between surfaces that come into contact with one another and shield car parts from harm. All around Asia Pacific, the amount of cars owned has significantly increased.
Figure 1: APAC Lubricants Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Lubricants Product Type Insights
The APAC Lubricants market segmentation, based on product type, includes Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission & Gear Oils, and Other Product Types. The engine oils category generated the most income. This is a result of the world's transportation industry expanding, the demand for cars rising, and consumers becoming more conscious of the benefits of lubricating their cars—particularly how important they are for improving mileage and extending vehicle lifespan.
Lubricants Regional Insights
The APAC lubricants market is growing rapidly over the forecast period. The fast industrialization of various nations in the region and the growing number of car owners have been major factors driving revenue growth in this market. The market's growth has also been assisted by the rising demand for premium lubricants with cutting-edge characteristics including increased performance, longer lifespans, and fuel efficiency. Further boosting the market's expansion is the huge increase in lubricant consumption brought about by the flurry of building and infrastructure development activities in Southeast Asian nations like Vietnam, Indonesia, and the Philippines.
Figure 2: APAC LUBRICANTS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Lubricants Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the lubricants market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, lubricants industry must offer cost-effective items.
Key Companies in the lubricants market include
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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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Idemitsu Kosan Co. Ltd
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Indian Oil Corporation Limited
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Royal Dutch Shell Plc
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TotalEnergies
Lubricants Market Segmentation
Lubricants End User Outlook
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Automotive
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Heavy Equipment
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Metallurgy & Metalworking
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Power Generation
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Other End-user Industries
Lubricants Product Type Outlook
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Engine Oils
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Greases
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Hydraulic Fluids
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Metalworking Fluids
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Transmission & Gear Oils
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Other Product Types
Lubricants Regional Outlook
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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