Latest News- Lubricants Market in Thailand: Mineral oil lubricants is expected to lead the Product segment during 2025-2029

The Lubricants Market in Thailand is being driven by Industrial expansion and manufacturing

The Lubricants Market in Thailand is expected to grow at a CAGR of 4.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 544.7 million. In the dynamic lubricants market of Thailand, innovation is a key driver, with manufacturers introducing new products to cater to evolving consumer demands and enhance vehicle performance. On September 5, 2024, PETRONAS Lubricants International (PLI) unveiled PETRONAS Nexta, a new line of premium-quality, cost-effective engine oils. Developed at PLI's Global Research and Technology Centre in Turin, Italy, PETRONAS Nexta is specifically designed for cost-conscious Thai drivers. Utilizing advanced Fluid Technology Solutions derived from Formula One, PETRONAS Nexta promises to improve vehicle performance, extend engine life, and decrease maintenance costs. PETRONAS' launch of PETRONAS Nexta underscores its dedication to delivering high-performance, budget-friendly lubricants, catering to a wide customer base. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Mineral oil lubricants
  • Synthetic oil lubricants
  • Bio based lubricants
• Application
  • Automotive oil
  • Industrial oil
  • Metalworking fluid
  • Process oil
  • Grease
• End-user
  • Transportation
  • Industrial
• Geography
  • APAC

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Industrial expansion and manufacturing
• Increase in maritime and logistics operations
• Production capacity expansion by vendors

However, the market also witnesses some limitations, which are as follows:

• Fluctuating raw material costs
• Regulatory compliance
• Availability of counterfeit and low-quality products

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Market Scope in Lubricants Market in Thailand Research Report

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Research Analysis Overview

In Thailand's lubricants market, both bio-based and synthetic options are popular. Bio-based lubricants, including bio-based motor oils, are derived from renewable raw materials such as plant oils and animal fats. These biolubricants offer benefits like biodegradability and lower environmental contamination. In contrast, mineral oil-based lubricants, such as petroleum- and mineral-based oils, have consistent viscosity and high flash points but may contribute to higher emissions. The EU eco-label recognizes some bio lubricants for their environmental friendliness. Industrial and transportation sectors utilize various types of lubricants, with bioengine oils and vegetable oil-based lubricants gaining attention for their green base oils, fuel efficiency, and lower emissions.

Market Research Overview

The Lubricants Market in Thailand is a significant segment of the global specialty chemicals industry, encompassing manufacturers of bio-based lubricants, bio-based motor oils, synthetic lubricants, bio lubricants, petroleum-based oil, and mineral-based oil. The specialty chemicals market, which includes high-value-added chemicals used in the production of various products such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings, is experiencing growth. According to Technavio, this expansion will be fueled by the increasing demand for specialty adhesives and sealants. The shift towards more advanced and specialized bonding solutions is a key trend influencing the market's growth trajectory in the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/