DUBLIN--(BUSINESS WIRE)--The "Automotive Lubricants Market in Malaysia by Market, Product and Formulation" report has been added to ResearchAndMarkets.com's offering.
This study presents historical demand data (2006, 2011, and 2016) and forecasts for 2021 by market (light vehicles, medium & heavy vehicles, off-highway equipment, motorcycles), by product (engine oils, transmission & hydraulic fluids, gear oils & greases), and formulation (conventional, synthetic, re-refined/bio-based).
The study also evaluates company market share and analyzes industry suppliers including:
- Exxon Mobil
Expanding Motor Vehicle Use & Passenger Car Ownership Levels Fuel Lubricant Sales
Demand will be supported by ongoing growth in the average distance driven by motor vehicles in the country, continued increases in vehicle ownership, a rebound in motor vehicle production, and an expanding economy that will increase shipping activity, construction spending, and agricultural output.
Rising Vehicle Ownership & Distance Traveled Continue to Bolster Lubricant Sales
Malaysia is unique among most Southeast Asian nations in that household vehicle ownership rates approximate those of many higher-income countries. As such, Malaysia features a relatively large motor vehicle park that offers significant opportunities for suppliers of engine oils and other automotive lubricants. Malaysians are also expected to continue driving more kilometers per year, supporting more frequent aftermarket lubricant purchases.
However, the relatively young age and advanced state of Malaysia’s motor vehicle fleet will have a moderating effect on lubricant sales, as modern vehicle engine technologies allow for longer drain intervals.
Performance Advantages Boost Sales of Synthetic Formulations
Synthetic formulations will continue to capture market share from conventional lubricants, due largely to performance benefits, including enhanced fuel economy and improved engine protection. Consumers in Malaysia are increasingly selecting synthetics, despite their premium price, in order to better protect what is considered a significant household investment. In addition, marketing campaigns by lubricant suppliers and recommendations for synthetic products by motor vehicle OEMs are raising consumer awareness of the advantages of these lubricants.
Highly Concentrated Industry Led by Oil Producers with Key Consumer Brands
Malaysia’s market for automotive lubricants is highly concentrated among a few firms, all of which are major, multinational oil producers. State-run PETRONAS is the only Malaysia-based lubricants supplier that ranks among the global market leaders. Each of the top producers has gained their market share primarily through the marketing of light vehicle engine oil brands (such as BP’s Castrol and Shell’s Shell Helix products).
For more information about this report visit https://www.researchandmarkets.com/research/wf9p9k/outlook_on_the?w=4