China Lubricants Market - Segmented by Product Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The China lubricant market is expected to register a CAGR of 3.74% during the forecast period, 2018-2023. The major factors driving the growth of the market are the increasing demand from automotive production and boosting demand from power generation applications.
Lubricants are majorly used in the industrial sector for the proper functioning of machines. They are also used in automobile for smooth functioning and longevity of engines and other components. Lubricants are available in liquid, semi-fluid, or solid state, and possess various characteristics, such as high viscosity index, high level of thermal stability, low freezing point, and high boiling point, all of which help to reduce friction between surfaces of machine parts and the rate of wear, without compromising operational efficiency.
Automotive Production Boosting the Engine Oil Demand
The growing middle class along with urbanization of Western China, has aided in increasing the demand and production of vehicles in the country. The country’s automotive sector has been shaping for product evolution, with the country focusing on manufacturing products, to ensure fuel economy, and minimizing emissions (owing to growing environmental concerns (due to mounting pollution in the country). This increasing production is the major factor contributing the growth of engine oil consumption in China.
Synthetic Lubricants a Potential Segment
Synthetic lubricants are expected to show great potential in China, especially in applications, such as automotive engine oils, power generation lubricants and metalworking fluids. The increasing demand for synthetic gear oils in wind turbines and also for achieving better efficiencies in aviation turbines are expected to create an opportunity for the growth of synthetic lubricants in China.
Notable Developments in the Market
October 2017 - Maoming Haihe Chemical Co., formerly known as Maoming Dazetian; opened the first Group I plant in the past 20 yrs and the plant was operational by the end of 2017
August 2017 - Sinochem, a state-owned Chinese chemical company, announced its plans to sell finished lubricants by the end of the year
July 2017 - Russian lubricants giant – Lukoil, has opened its first subsidiary in China in Urumqi and has announced its plans to further expand its footprint in the country
Major Players: Sinopec, BP Plc, Idemitsu Kosan Co. Ltd, JX Nippon Oil & Energy Corporation, Shandong Yuangen Petrochemical Co. Ltd, Petrochina, and Exxon Mobil Corporation, among others.
Reasons to Purchase this Report
Current and future scenario of the china lubricants market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Product type that is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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