The Asia-Pacific region is the worlds largest market for finished lubricants, and with rapidly growing economies, its set to leap-frog some other regions to become one of the most pivotal markets for synthetic and semi-synthetic products in the coming years, according to consultancy Kline & Co.

Indias electrical transformer oils market will use less API Group I and II paraffinic base stocks and make them instead with naphthenics, Group III and esters, which may make up 40 percent of products by 2020.

South Korean base oil exports jumped 29 percent over the past three years, while at the same time prices for those oils fell, customs statistics showed.

Indias Bureau of Energy Efficiency has advised that it will require carmakers to achieve average fuel economy of 18.2 kilometers per liter by April 2017, a 15 percent improvement over the current mandate.