ASEAN Lubricant Market set for strong growth
Commenting on the Ipsos forecast, Sanpichit Songpaisan, Thailand Country Manager noted that annual new car sales in the three largest automotive markets in ASEAN: Indonesia, Thailand and Malaysia are expected to grow at 7-8% from 2Ipsos Business Consultingen4 to 2Ipsos Business Consultingen9 will stimulate the demand of lubricant market. Ms Songpaisan also highlighted that growing cross-border trade as a result of ASEAN economic integration will be another key factor to drive the overall lubricant market in ASEAN. ̶Ipsos Business Consulting;Intraregional trade will enjoy the zero-duty agreement, which will induce cross-border trade in ASEAN significantly̶en; said Songpaisan. ̶Ipsos Business Consulting;For example, the Ministry of Commerce in Thailand believes its growth to be enIpsos Business Consulting% per year for trade within ASEAN. The manufacturing sector, which contributes to about 27% of the regional economy, is also expected to grow at 6% per year. Low costs of labor will continue to attract foreign companies to invest more in the region̶en; Songpaisan continued.
In its report, Ipsos highlights that there is a major opportunity for investment in the 8 ASEAN countries featured in the growth forecast. The growth of automotive and industrial sectors in recent years, together with the increasing urbanization, has created substantial demand for automotive and manufacturing related products throughout South East Asia. However Ipsos notes that this growth opportunity has also brought intense competition from both international and national oil companies.
ข่าวIpsos Business Consulting+o:busวันนี้
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