As the Association of Southeast Asia Nations moves to eliminate intra-regional tariffs by 2018, analysts say member countries non-tariff measures could still hinder lubricant trade.

For upwards of a year, Indias grease manufactures have had difficulty sourcing lithium hydroxide, a key raw material for making greases thickened with lithium-based soaps. Their woes are unlikely to end soon unless they find alternatives to lithium and lithium complex greases, industry officials said.

As Indonesias automotive parc continues its forecasted path to over a million units this year, observers say that preference will trend toward synthetic passenger car motor oils.

United Global Ltd. and AP Oil International Ltd. both saw their net profit decline by around 10 percent in 2016. The Singaporean lubricant blenders sales stumbled in at least some segments, but United said it was initial public offering expenses that kept it from a profit hike.