ASEAN, GCC, India, Africa Lubricants Report 2020: Global Opportunities, Regional Overview, Top Leaders, Size, Revenue and Forecast up to 2020 – 2027
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. R