Automotive Lubricant Demand in Asia/Pacific to Reach 11 Million Metric Tons

Continued increases in the region's light vehicle and medium and heavy truck and bus parks will drive growth

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Jan 31, 2018, 10:40 ET

CLEVELAND, Jan. 31, 2018 /PRNewswire/ -- Automotive lubricant demand in the Asia/Pacific region is expected to increase 3.2% per annum to 11.0 million metric tons by 2021. The major factors contributing to the world's fastest regional growth rate are:

continued increases in the region's light vehicle and medium and heavy truck and bus parks
increase in construction activity across the region
acceleration in the agriculture sector due to a regional trend of increasing use of tractors in the farming industry
increase in regional motorcycle park

Global automotive lubricant demand is forecast to rise 1.6 % per year through 2021. Strong economic growth in developing economies will lead to increased agricultural and mining output, as well as rising construction activity, which in turn will drive strong gains in off-highway automotive lubricants. These and other trends are presented in Global Automotive Lubricants, a new study from The Freedonia Group, a Cleveland-based industry research firm.

More information about this study is here: https://www.freedoniagroup.com/industry-study/global-automotive-lubricants-by-market-product-and-formulation-3583.htm

Electric vehicles are viewed by China and other countries (such as Germany, Japan, and Norway) as an effective means of meeting climate change commitments and reducing air pollution. Additionally, electric vehicles are expected to be the basis for new, autonomous driving systems being developed by a number of companies. However, through 2021 their impact on automotive lubricant demand will remain limited due to the size of the existing electric vehicle park and the challenges of expanding their presence in the market without significant subsidies. This will change over the long term, though, as electric vehicles become a bigger part of the market.

Related studies include:

#3539 Global Construction Machinery, 6th Edition (August 2017)
#3509 Global Bus Market, 6th Edition (May 2017)

About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.

Press Contact:
Corinne Gangloff
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SOURCE The Freedonia Group