CHINA LUBRICANTS MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

 According to projections, the China Lubricants Market will grow at a CAGR of 4.76% to reach 12.29 billion litres in 2026 from its 2021 level of 9.74 billion litres. The automobile sector, which accounted for almost 40% of all lubricant use in China in 2020, dominated the country's lubricant market. Due to the growing fleet of vehicles, lubricant consumption in the automotive industry increased by over 30% between 2015 and 2019.

Several industries saw a rise in lubricant use in 2019 and 2020 despite COVID-19-related regulations. The electricity generating sector experienced the biggest increase throughout the year, increasing by 9.48%, followed by the heavy equipment sector by 2.19 %.

With a CAGR of 6.87% expected to occur between 2021 and 2026, the end-user industry of power generation is predicted to develop the quickest in the market under study, followed by automotive (5.41%). In the upcoming years, the country's growing power generation capacity is projected to fuel the sector's lubricant use.

Major Players:  BP Plc (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc 


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