Two-Wheeler Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Two-Wheeler Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Two-Wheeler Lubricants Market is projected to register a CAGR of more than 4% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is now estimated to have reached pre-pandemic levels and is expected to grow steadily.

• Increasing demand for engine oils from developing countries is fuelling market growth.
• Increasing sales of motorcycles in countries such as India, China, etc., are expected to fuel the market's growth.
• On the other hand, the increasing penetration of electric vehicles is likely to hamper the market growth.
• The Asia-Pacific region dominated the global market, with the largest consumption from countries such as China, India, and Japan.

• Engine oils are widely used for lubricating internal combustion engines in two-wheelers. They are generally composed of base oils and additives.
• The base stock is made using petroleum, synthetic chemicals, or both. The base stock is responsible for lubricating the engine's moving parts and removing the excess built-up heat.
• Various additives added in engine oils include oxidation inhibitor additives, dispersant additives, detergent additives, anti-foaming additives, viscosity index modifiers, anti-wear additives, corrosion inhibitor additives, and anti-freeze additives. It controls the oil viscosity and lubricity and protects the engine parts against wear and tear.
• Some major functions of engine oils in two-wheelers are resistance against corrosion and wear and tear. It is to ensure increased engine life and better performance, reduction of friction, increase engine performance, reduction of fuel consumption, removal of impurities and achieve engine cleanliness, optimize engine efficiency, and prevent energy loss by providing optimum cooling.
• China's motorcycle sector is expanding significantly due to increasing consumer disposable income. Motorcycle production value totaled roughly CNY 138 billion (USD 20.12 billion) in 2021, representing an increase of around 36% compared to 2020. Hence, supporting the market growth positively.
• Moreover, the sales value of motorbikes in China also increased considerably. For instance, in 2021, the sales of motorcycles increased by 36%, amounting to CNY 137.98 billion (USD 20.12 billion) compared to 2020. As a result, positively boosts market growth.
• Thus, owing to all the factors above, increasing the use of engine oils is expected to fuel the market growth throughout the forecast period.

• The demand for two-wheelers in developing countries is growing vastly. Asia-Pacific recently became the fastest-growing region in the consumption of two-wheeler lubricants.
• Increasing urbanization, rising incomes, growing population, and progressive competition between two-wheeler manufacturers offer a better price on vehicles that various regional groups can afford.
• Moreover, Bangladesh, Pakistan, Sri Lanka, the Philippines, and other countries highly demand used bikes. However, the sale of new motor vehicles is expected to rise in the next ten years, owing to the increasing local assembly of motor vehicles.
• Some developing countries such as India, Malaysia, Singapore, Vietnam, Bangladesh, and the Philippines have recently witnessed positive growth in the consumption of two-wheeler lubricants.
• For instance, in 2021, the sales of motorcycles and scooters in the Philippines reached 1,435,677, representing a 19% increase compared to 2020. Also, in Singapore, sales of motorcycles and scooters increased by 8%, reaching 11,428 in 2021. Hence, supporting the market growth positively.
• Furthermore, in countries such as Malaysia, the Philippines, and others, the production of motorcycles and scooters increased significantly. For instance, the Philippines produced 867,453 motorcycles and scooters in 2021, up 32% compared to 2020. As a result, positively boosting the market growth.
• Thus, owing to the trends above, the Asia-Pacific region is expected to dominate the two-wheeler lubricants market during the forecast period.

• The two-wheeler lubricant market is fragmented in nature. Some of the major players in the market include BP p.l.c., Shell plc, PT Pertamina(Persero), TotalEnergies, and Idemitsu Kosan Co., Ltd., among others (in no particular order).

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