Lubricant demand in nine major Association of Southeast Asia Nations countries is projected to grow by a compound annual rate of 2.1% to more than 3.5 million metric tons in 2027 and of 1.5% to nearly 4 million tons in 2032, boosted by industrialization and urbanization, as the region recovers and tries to reach pre-pandemic lube consumption levels, consultancy Kline & Co. projected.
“Between 2027 and 2032, [the Asean] lubricant market will witness a relatively lower growth due to increased penetration of electric two-wheelers in countries such as Indonesia and Vietnam,” Sushmita Dutta, a project manager in Kline & Co.’s energy practice, said during an online webinar held on Dec. 7. “Indonesia, Thailand, the Philippines and Vietnam are projected to add the most significant volumes to this market by 2032. Also, the market growth will be compromised due to the ongoing shift towards more advanced, longer lasting high quality synthetic products.”
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