China Lubricants Market Outlook By Drivers, Restraints Forecast 2022-2031

The China lubricants market is expected to register a CAGR of over 2%, during the forecast period. One of the major factors driving the growth of the market is the increasing usage of high-performance synthetic lubricants.

– On the flipside, the growing demand for electric vehicles and the impact of COVID-19 pandemic are likely to hinder the market growth.
– Automotive and other transportation segment dominated the market in the country.

Key Market Trends

Process Oils – One of the Fastest Growing Segments

– Process oils are used in the chemical, textile, and personal care industries, as well as in the manufacture of plastics, polymers, yarns, fabrics, cosmetics, and other products.
– Naphthenic oil is one of the major types of process oils widely used for manufacturing various products (including rubber, inks, plasticizers, and sealants, among others).

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– Naphthenic process oils are light-colored and non-staining compounds, which have properties, such as thermal stability, compatibility with synthetic elastomers, greater solvating power than paraffinic oils, and low viscosity.
– In general, process oils can be segmented into white oil and rubber process oil, which have diversified applications in numerous industries.
– Process oils increase the performance of rubber and tire products and provide high stability, with a relative inertness toward curing additives. Process oils have low volatility, high viscosity, and plasticity. These properties facilitate the blending and dispersion of fillers in tire and rubber products and improve their elastomer workability.
– The process oil segment witnessed a clear inclination toward the use of high-purity products over the recent years. The manufacturers in numerous sectors are looking for process oils that have low concentrations of aromatics, polycyclic aromatic structures, sulfur, nitrogen, and volatile components.

Heavy Equipment Segment to Drive the Market Growth

– Lubricants prevent premature failure and decline in the performance of construction equipment, which are subjected to extremely harsh operating conditions of heat, dirt, and moisture. Various lubricants perform functions to safeguard construction equipment from bearing failures, short life-span of engine oil, lower resistance of diesel fuel to water, rusting of cables, ropes, and draglines.
– The country’s economic growth has been high, but it is gradually veering toward moderate (as the population ages and economy rebalances from investment to consumption, from manufacturing to services, and from external to internal demand).
– Despite volatile growth in the real estate sector, significant development of rail and road infrastructure by the Chinese government (in order to withstand the demand stemming from the growing industrial and service sectors) has resulted in a significant growth of the Chinese construction industry in recent years. China’s construction industry witnessed more than 4% growth in 2019 and accounted for a major proportion of China’s GDP.
– As the construction industry is dominated by state-owned and private enterprises, increased government and private spending in this regard is pushing the industry toward global primacy. China has the largest construction market in the world. Residential real estate development can be considered as a main driver of China’s economy.

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Competitive Landscape

The China lubricants market is fragmented in nature with the presence of numerous local manufacturers. Major players in the market include China National Petroleum Corporation (PetroChina), China Petroleum and Chemical Corporation (Sinopec), Jiangsu Lopal Tech Co. Ltd, Castrol Limited (BP), Royal Dutch Shell Plc, and Total, among others.

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