ILMA Compoundings - April 2021 - 18

INDUSTRY RUNDOWN

Market Report
Urbanization and Industrialization
Driving Lubricants Market of ASEAN
By Sushmita Dutta

The region is estimated to account for about 8% of the
global finished lubricants market, estimated at 41 million
tonnes in 2019. In comparison to western countries, lubricants consumers are very price-sensitive, especially in the

commercial automotive segment, where use of monograde
continues. Low-quality, mineral oil-based lubricants are
still used in the region and are being sold by local suppliers.
Kline's report, Opportunities in Lubricants: ASEAN Market
Analysis, covers lubricants markets of eight major countries
in the region: Cambodia, Indonesia, Lao PDR, Malaysia,
Myanmar, Thailand, the Philippines and Vietnam.
Overall demand for lubricants in ASEAN was estimated
at slightly more than 3,100 kilotonnes in 2019. Indonesia
accounted for about one-third of the regional lubricants
demand due to its largest vehicle parc and large industrial
sector. Thailand followed with a share of slightly more than
one-fifth of the overall regional demand in 2019. Thailand's
lubricants market is very competitive, with 150 to 170
brands. Singapore was the third-largest market due to its
huge appetite for marine lubricants. If marine lubricants

VEHICLE PARC BY SELECT COUNTRIES IN ASEAN, 2019

VEHICLE PARC BY VEHICLE TYPE IN ASEAN, 2019

The Association of Southeast Asian Nations (ASEAN) is
a cooperation among 10 countries (Brunei Darussalam,
Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam) for promoting regional economic and social development. The
region has some of the fastest-growing economies, where
service and agriculture sectors are important contributors
to gross domestic products. Within the agriculture sector,
palm oil and natural rubber products are important export commodities. Countries including Thailand, Indonesia and Malaysia are important automotive manufacturing centers, and Singapore is an important trade hub.

Cambodia
Myanmar

Commercial
vehicles

Lao PDR

The Philippines

Indonesia

Malaysia

Passenger cars

Thailand

Two wheelers
Vietnam

18

APRIL 2021

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ILMA Compoundings - April 2021

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