2012-09-28 13:18:05 - Chinese lubricant market out growing the global average
After several decades of development, the Chinese lubricant market has become a leading producer and consumer, with average annual output growing at a compound annual growth rate (CAGR) of 8.4% between 2006 and 2010, far higher than the global growth rate of 1.4%China currently has approximately over 3,000 lubricant enterprises with more than 30 foreign ones included. But most of them are small-scale enterprises that have no access to high-quality lubricant market, especially automotive lubricant market.China Petrochemical Corporation (Great Wall Lubricant) and China National Petroleum Corporation (Kunlun Lubricant) have long been securing the top rank in the industry, with a combined market share of about 50%, while transnational tycoons including ExxonMobil, Shell, BP Castrol and others occupy nearly 30% in
total.Foreign lubricant brands show every confidence in the Chinese lubricant market and continue to increase their investment in China. Take Shell for example, besides building and expanding lubricant capacity in 2011-2012, it put the advanced Zhuhai-based lubricant technology service centre into use in 2012.Another case in point is Total (Tianjin), whose 200kt/a lubricant blending plant started construction as early as 2011 and is expected to be put into production in May 2013.In 2011, the lubricant output of China declined by 3.6% year-on-year to 8.262 million tons, and the apparent consumption dropped by 3.5% year-on-year to 8.493 million tons.This decline was predominantly due to be directly stricken by the 2011 European debt crisis as well as inflation, China´s automotive and machinery manufacturing industries suffered severe setbacks.However, the huge potential of domestic demand for motor vehicles coupled with the growing investment in infrastructure construction during the 12th Five-Year Plan period (2011-2015) surely will fuel the lubricant consumption market.Thus, it is conservatively estimated that output and demand within the Chinese lubricant market will reach 9.747 million tons and 9.941 million tons by 2015, respectively.For more information on the Chinese lubricant market, see the latest research: Chinese Lubricant MarketFollow us on Twitter @CandMResearch
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