Asia-pacific Automotive Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2021 - 2026)

The Asia-pacific Automotive Lubricants Market size is estimated at 9.92 Billion Liters in 2024, and is expected to reach 10.82 Billion Liters by 2026, growing at a CAGR of 4.44% during the forecast period (2024-2026).

Key Highlights

• Largest Segment by Vehicle Type - Passenger Vehicles : Increasing servicing frequencies and a growing passenger car population in India and ASEAN countries are driving the lubricant consumption in this sector at the highest rate.
• Fastest Segment by Vehicle Type - Passenger Vehicles : The expected recovery in passenger vehicle sales and production in Asia from 2021 is likely to drive the demand for engine oils in this sector during the forecast period.
• Largest Country Market - China : The highest lubricant consumption in China is attributed to the large vehicle fleet of the country and the growing average age of vehicles that require high lubricant usage.
• Fastest Growing Country Market - India : In India, a rebound in the sales of new and used vehicles, supported by increasing travel rates, is projected to augment the demand in the lubricants sector at a high rate.

APAC Automotive Lubricants Market Trends

Largest Segment By Vehicle Type : Passenger Vehicles

• In the Asia-Pacific region, motorcycles accounted for a 54.25% share in the total number of on-road vehicles during 2020, followed by passenger vehicles and motorcycles, with 37.9% and 7.85% shares, respectively.
• The passenger vehicles segment accounted for the highest share of 47.17% in the total automotive lubricant volume consumption in 2020, followed by the commercial vehicles segment with a 35.91% share. During the same year, travel restrictions to curb the COVID-19 pandemic significantly affected the usage of these vehicles and their lubricant consumption.
• During 2021-2026, the passenger vehicles segment is expected to witness the highest CAGR of 5.16%. The recovery of passenger vehicle sales, combined with the easing down of COVID-19-related travel restrictions, is likely to be the key factor driving this trend.

Largest Country : China

• In Asia-Pacific, China has the highest automotive lubricant consumption, followed by India and Japan. In 2020, China accounted for about 46% of the total automotive lubricant consumption in the region. The country also recorded the largest shares in the consumption of engine oils and greases of about 46.39% and 38.8%, respectively.
• In 2020, the COVID-19 outbreak significantly affected automotive lubricant consumption in many Asia-Pacific countries. The automotive lubricant consumption in Singapore was the most affected, with a 17.4% drop during 2019-2020, whereas China was the least affected, with a 2.19% growth.
• During 2021-2026, India is estimated to be the fastest-growing lubricant market, as the consumption is likely to record a CAGR of 6.31%, followed by China and Indonesia, at an estimated CAGR of 5.41% and 5.20%, respectively.

APAC Automotive Lubricants Industry Overview

The Asia-pacific Automotive Lubricants Market is moderately consolidated, with the top five companies occupying 49.76%. 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).

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• The market estimate (ME) sheet in Excel format
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