Asia-Pacific is a potential market for lubricants, due to the extensive industrial developments taking place in the region. This region has been has been transforming into a most attractive investment destination for most of the industries. Moreover, presence of rapid growing economies such as China, India, Taiwan, and Indonesia are adding upon the economic growth of the region. The increasing sales of passenger and commercial vehicles in Asia-Pacific drives the overall growth in automotive lubricants segment. India has attracted several investments in key industrial sectors such as cement, steel, and energy. In addition, the country has also attracted huge investments in service sectors such as logistics, information technology, and telecommunication. Lubricants helps in maintaining the functioning of the parts of the machines, engines of the vehicles, and other vital motor parts. Hence, lubricants play a vital role in the transportation and manufacturing sector.
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In addition, Indonesia and South Korea have witnessed industrial developments in patches with stable economies. Japan contributes the second-largest share in the Asia-Pacific lubricants market due to the presence of well-established automobile industries. However, high prices of synthetic and bio-based lubricants are more likely to restrain the market.
In-depth profiling of the key players has been conducted, along with the recent developments, including expansion, new product launches, partnerships, agreements, collaborations, and joint ventures and other strategies adopted by them to sustain and strengthen their position in the Asia-Pacific lubricants market.
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The key players operational in the Asia-Pacific lubricants market are Royal Dutch Shell plc (The Netherlands), Exxon Mobil 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).
