Demand for Industrial Lubricants in Malaysia Driven by Mounting Foreign Investments, Increased Number of Establishments and Increased Demand in End User Industries: Ken Research
“The National Policy on Industry designed by government of Malaysia, which is also called as Industry4WRD, is aimed at making the manufacturing sector rely more on technology and less on capital and labour to increase the overall productivity. The Gross Value Added by manufacturing sector in 2018 was about MYR 334 Billion thereby recording a growth rate of about 4% during 2018 and is expected to increase to approximately MYR 455 Billion by 2023”.
Analysts at Ken Research in their latest publication “Malaysia Industrial Lubricants Market Outlook to 2023 – By Origin (Mineral Lubricants, Semi-Synthetic Lubricants and Synthetic Lubricants), By Industrial Lubricants (Hydraulic Oils, Industrial Greases, Metal Working Fluid/Cutting Oil, Industrial Gear Oil, Turbine Oil, Compressor Oil and Others), By End Users (Construction & Mining, General Manufacturing, Power Generation, Metal Production, Food Processing, Cement Industry and Others), By Distribution Channel (Direct Sales and Dealer Network)” believes that growth in manufacturing sector, increased construction projects and increase in number of establishments would lead to growth in industrial lubricants market in Malaysia by a positive growth rate of about 3%.
Boost in Foreign Investments: The new Malaysian government has focused on encouraging foreign investments and entrepreneurships into the country through various schemes and initiatives. These initiatives attracted new foreign investments in the manufacturing sector such as MYR 11.7 billion from United States, MYR 4.8 billion from China and MYR 3.1 billion from Singapore in the last 2-3 years. These investments in manufacturing sectors led to overall increase in production and capacity expansion, thereby leading to increased demand for industrial lubricants in the country.
Rising Investment in Construction Sector: With an aim to make Malaysia a developed nation by 2020, the government of Malaysia has been investing in many construction and infrastructure development projects in the country. Some of the construction projects which have been initiated and are anticipated to be completed in next 5-7 years include Kuala Lumpur to Singapore High Speed Rail, Pan-Borneo Highway, Forest City, Kuantan port expansion. These and similar other construction projects have led to increase in demand for industrial lubricants in the country and are projected to drive future growth as well.
Competition Landscape: The players in Malaysia industrial lubricants market are highly competitive and majorly compete on parameters such as price, quality, after sales support, terms of payment, distribution network and product portfolio and specification/grade. In terms of market share, the market has been dominated by international player, Shell, followed by national oil and gas company of Malaysia PETRONAS. With an approximate number of players (manufacturers, importers etc.) to be in the range of 100-150 and there is further anticipation for emergence of new players in the market in coming years owing to positive growth potential.
Key Segments Covered:-
Malaysia Industrial Lubricants Market
Semi Synthetic Lubricant
By Type of Industrial Lubricants
Metal working Fluid/Cutting Oil
By Industrial End Users
Construction & Mining
Other End Users
By Sales Channel
By Origin of Sales
By Type of Packaging
Barrels & Drums
IBC (Intermediate Bulk Containers)
Key Target Audience:-
Industrial Lubricant Manufacturers
Industrial Lubricant Importers
Industrial Lubricant Distributors
Government and Regulatory Authority
Paper and Pulp Manufacturers
Power Generation Companies
Investors and VC Firms
Time Period Captured in the Report:-
Historical Period: 2013- 2018
Forecast Period: 2019E – 2023E
Idemitsu (Malaysia) Lube Sdn. Bhd.
PETRONAS Lubricants Marketing Malaysia Sdn
Polilube Italia Sdn. Bhd.
Shell Malaysia Ltd.
Chevron Malaysia Limited
TOTAL Oil Malaysia
ExxonMobil Exploration & Production Malaysia Inc.
BP Castrol Lubricants (Malaysia) Sdn Bhd
For more information on the research report, refer to below link:-
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Ankur Gupta, Head Marketing & Communications