Automotive sales in the Association of Southeast Asian Nations dropped 3 percent in 2019, but sales of two-wheelers increased 3 percent, according to figures released by the Asean Automotive Federation this week.
Hindustan Petroleum Corp. Ltd. began selling lubricants in Myanmar, claiming its the first Indian oil marketing company to expand into the Southeast Asian nation.
Singaporean lubricant supplier United Oil Co. will not set up a blending plant in Myanmar as the company discussed last year. Instead, it will supply its products there through a recently signed joint operation agreement with local agent Lighthouse Enterprise Ltd.
As Myanmar transitions to democracy and attempts to open its economy to the outside world, its lubricant market is growing at double-digit rates, an oil industry insider said recently.
Despite a 4 percent drop in Southeast Asias sales of four-wheel vehicles in 2015 and a 12 percent slide in motorcycle and scooter sales, industry analysts still predict growth in regional lubricants demand.
Malaysian conglomerate UMW Group aims to penetrate Southeast Asian markets with its new line of lubricants and is targeting overall lube sales of 100 million ringgit (U.S. $28 million) by 2019.
Myanmars consumption of medium- and high-grade lubricants has risen steadily the past five years and now accounts for 40 percent of the nations overall lube demand, according to a new report by consulting firm Solidiance.
Lanka IOC is moving forward with plans to enter lubricant markets in Southeast Asia. A Bahrainian consulting firm said it was retained to help develop a network of distributors in Indonesia and Myanmar.