The ASEAN Lubricants market is estimated at 3.25 billion l currently and is expected to reach 3.97 billion l over the forecast period, registering a CAGR of over 4.08% during the forecast period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe disrupted manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the sector is recovering well since restrictions were lifted. Over the last four years, an increase in automotive sales, power generation, and demand for food and beverages led to the market recovery.
The ASEAN Lubricants Market is consolidated in nature. The major players in this market (not in a particular order) include CASTROL LIMITED (BP p.l.c.), Shell PLC, Exxon Mobil Corporation, PT Pertamina Lubricants, and Caltex (Chevron Corporation), among others.
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