ASEAN, GCC, India, Africa Lubricants - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2027)
Regional Analysis –
ASEAN, GCC, India, Africa Lubricants Market
Among all regions, India held the highest potential
with respect to market volume and market value in 2017 and is projected to
continue its dominance over the forecast period. Rapid industrialization,
growing population, flexible government regulations, and increasing investments
can elevate the market to higher dimensions.
However, the Africa region is the fastest growing
region in the global lubricants market. Presence of multinational players such
as Shell, BP, Chevron, Engen Petroleum, and others and increasing demand for
agriculture equipment drives the market growth aggressively. For instance, in
the first half of 2018, Shell became Aggreko’s largest lubricants supplier in
Asia-Pacific.
Market Highlights
Market Research Future (MRFR) experts estimate that
the ASEAN, GCC, Africa & India lubricants market capitalization can reach
USD 29,532.9 million by 2023, at a CAGR of 4.30% during the forecast period
(2017-2023). High demand for lubricants in the automobile industry results has
provided numerous opportunities. Furthermore, growing sale of commercial
vehicles and continuous economic development of the Association of Southeast
Asian Nations (ASEAN) and Africa regions will trigger the product demand in the
coming years. Also, expansion of oil & gas pipeline network and increased
number of refinery and petrochemical projects are expected to supplement the
demand for oil & gas lubricants during the forecast period.
On the flip side, increasing sales of electric
vehicles are predicted to hit the product demand hard during the forecast
period. However, rapid industrialization and increasing demand for automotive
will prove buoyant for the market growth. Rigid environmental regulations by
governments to use lubricants for better efficiency have also triggered the
demand for lubricant products.
Also, to be noted are various trends cropping up
within the market such as food-grade lubricants and development of low
viscosity lubricants for wind turbines. These emerging trends give the market
the necessary push to higher levels.
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Segment Analysis – ASEAN, GCC, India, Africa Lubricants Market
The ASEAN, GCC, Africa & India lubricants market
is segmented on the basis of base oil, application, and end use.
Based on base oil, mineral oil has accounted for 86.2%
market share in 2017 and estimated to reach USD 25,417.2 million by 2023,
exhibiting a CAGR of 4.20% during the forecast period. The market for minerals
is projected to exhibit slow growth in the coming years due to stern
regulations by agencies owing to its negative environmental effects. Hence,
demand for bio-based and synthetic oils alternatives has increased over the
past years. Bio-based oils segment is growing rapidly owing to vast usage in
the industrial sector, demand for zero toxic emissions, and high usage in
premium end products.
Automotive and industrial are two major market
applications. Automotive is the leading application segment, accounting for
57.52% market share in 2017. Increase in lightweight commercial vehicle
production, as well as a shift towards better performance and fuel-efficient
cars, has led to the market growth. Additionally, shifting production base
coupled with growing production capacity of Southeast Asia market, particularly
in Malaysia and Indonesia and the Philippines has boosted the production in
ASEAN market.
The engine oil and gear oil segments within the
industrial segment are collectively dominating the market. These oils are vital
for construction in power transmission engineering and are used in almost all
areas of application. On the other hand, process oil also exhibits promising
growth due to low energy consumption resulting in reduced production costs and
improved quality. Various benefits offered are increasing rubber softness,
increasing penetration in the formulation of polymer compounds, and color
stability and elasticity which opens up avenues for industry participants.
As per MRFR report, energy as the end-use industry is
dominating the market and estimated to reach USD 7,277.9 million at a CAGR of
4.64% during the forecast period. Expansion activities of manufacturing sectors
and infrastructural projects are likely to propel the market growth.
Competition Analysis – ASEAN, GCC, India, Africa Lubricants
Market
Key players in the ASEAN, Gulf Cooperation Council
(GCC), Africa and India lubricants market are Exxon Mobil Corporation, Royal
Dutch Shell Plc, Total S.A., Lukoil, Petronas, Yushiro Chemical Industry,
Morris Lubricants, Rock Valley Oil and Chemical Co., Indian Oil Corporation
Limited, Gulf Oil India, and others.
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