China's lubricants market witnessed a 10% annual growth rate

A recent report by Kline & Company highlighted that China's rapid economic expansion is set to boost the number of goods and people moving across the country, leading to a surge in heavy vehicles like trucks and buses. This growth is expected to create significant business opportunities for vendors of heavy-duty motor oils (HDMO). According to the consulting firm, the annual growth rate of China’s highway commercial vehicle lubricants market stands at 10%, with this trend likely to continue for the next five years. Moreover, there is a noticeable shift towards higher-quality HDMO products. Frans van Antwerpen, project manager at Klein Oil & Energy, noted that highway vehicles such as buses and trucks account for nearly 46% of China’s total commercial lubricants market. As the economy continues to grow, transportation demands are rising, resulting in more trucks and buses on the roads—each requiring HDMO. The report "Business Opportunities in China's Lubricants Market 2004-2009" stated that current demand for road lubricants in commercial vehicles reaches 927,000 tons, with a total value of $1.1 billion. China’s second-quarter economic growth reached an impressive 11.3%, the fastest in a decade, which naturally supports the rise in truck and bus numbers. However, Kline also pointed out that both vehicle types and lubricant requirements are evolving. Li Wang, head of Klein’s Shanghai office, explained that Chinese buses have traditionally been smaller and gasoline-powered. To carry more passengers efficiently, they are now being replaced by larger, diesel-powered models, which require HDMO instead of regular engine oil. Additionally, the government’s push for better fuel efficiency and lower emissions makes high-quality lubricants even more essential. Currently, state-owned oil companies dominate the commercial vehicle lubricants market, with Sinopec leading at 32%, followed by PetroChina and Uni-President Petrochemical at 13% and 11% respectively. However, multinational firms like BP, Shell, and ExxonMobil are well-positioned to meet the growing demand for high-performance HDMO. These companies have strong relationships with foreign original equipment manufacturers (OEMs), who often specify the type of lubricants used in their vehicles. This gives them a competitive edge in the market. Kline suggests that Chinese manufacturers should focus on using more Type II base oils and diversify their product grades to better compete with global players. While domestic producers currently supply over two-thirds of the market, they are not yet equipped to produce the advanced HDMOs required by newer commercial vehicles. The Kline report also covers the broader lubricants market in China, noting that non-road commercial lubricants are expected to grow at a slower pace—around 4% annually. Although the construction sector is booming, the introduction of more efficient machinery is expected to temper the growth rate in this segment.

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