According to the new market research report the Asia-Pacific Lubricants Market report defines and segments the concerned market with analysis and forecast of revenue. This market was valued at $ 70,555.2 million in 2015, and is projected to reach $82, 968.9 million by 2020 at a CAGR Of 3.3% from 2015 to 2020.
The Asia-Pacific lubricants market has been witnessing significant growth, due to the rise in industrial growth. Countries such as China, India, Japan, Indonesia, and Philippines have made large investments over the years. With huge transportation and logistics activities, lubricants are widely being used in automobiles, as they reduce friction between moving parts, without affecting workability and enhance the life of the motor parts, especially engine. Lubricants have different characteristics as per their viscosity and requirement in end products. Major applications of lubricants are transportation, and industrial machinery & equipment. Lubricants are available in liquid and semi-liquid forms; the ones in liquid form are predominatly used across various applications.
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The mineral oil segment dominated this market having accounted for a share of 75.0% in 2014. The market in China dominated the Asia-Pacific lubricants market in terms of volume in 2014, having accounted for a share of 63.1%. Indonesia and South Korea have witnessed industrial developments in patches with stable economies. Philippines is also among the highest growing market for lubricants in the coming years. Japan has the second-largest share in the Asia-Pacific lubricants market due to presence of well-established automobile industry. High prices of synthetic and bio-based lubricants are a disadvantage for the market. The transportation application segment dominates the lubricants market in the Asia-Pacific region.
Expansions and new product developments are the key strategies adopted by the players operational in this market. The manufacturing companies, associations, and end-product manufacturers have invested on a large scale for future advancements and technology modifications of lubricants to cater to the changing demand of various end user industries.
China is the largest market for lubricants, both in terms of volume and value, followed by Japan and India. The key players in the Asia-Pacific Lubricants market are Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (U.S.), BP plc (U.K.), Chevron Corporation (U.S.), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), and Idemitsu Kosan Co. Ltd. (Japan).
The demand for lubricants, in terms of value and volume, depicts the current and future projections according to the parallel economic and industrial outlook. This analysis covers important developments, expansions, agreements, and mergers & acquisitions of the leading global companies.
The current market value of the Asia-Pacific lubricants is estimated to grow at a significant pace during the forecast period. The demand for the automotive & transportation industry is expected to grow further, which would in turn boost the lubricants market growth in the coming years.
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