Analysis on industrial layout of lubricating oil industry

According to the analysis of lubricating oil industry, the market share of automotive lubricating oil accounted for 53% of the total lubricating oil in 2017, of which the market share of automotive lubricating oil accounted for 29.8% of the total market share of automotive lubricating oil. Therefore, the market share of automotive lubricating oil accounted for 15.8%, and the market share of automotive lubricating oil accounted for a large part of the whole lubricating oil market.

At present, China's automobile ownership is growing rapidly. Under the background of the global economic downturn, China's automobile industry still achieved growth. In 2017, China's automobile sales exceeded 26 million. The market scale of automotive lubricating oil will naturally rise. In addition, China's automobile ownership still has great potential, so the domestic automobile lubricating oil market also has great growth potential.

China's lubricating oil market has become a hot area of world lubricating oil consumption in recent ten years, attracting major global oil giants and Independent Lubricant Manufacturers to invest in China. According to the current growth of China's GDP and the development speed of the automobile industry, it is estimated that the demand of China's lubricating oil market will continue to grow at a rate of about 4% in the next few years. China will drive the Asia Pacific region to continue to become the main growth region of global lubricating oil consumption.

China's lubricating oil production and consumption show a synchronous growth trend, with an average annual growth rate of about 15%. From the perspective of domestic lubricating oil supply, Sinopec and PetroChina have always been the main suppliers, and their output has always accounted for more than 50% of the apparent consumption of the whole society. The two groups occupy the resource advantage of base oil production, mainly occupy the domestic medium and low-grade market, supply about 80% of the base oil in China's lubricating oil market, and their annual output is more than 3.5 million tons.

According to the data, the number of passenger cars increased from 20.8 million in 2006 to 160 million in 2016, with a compound growth rate of 22.6%, and the growth rate remained above 15% in the past five years. According to statistics, the market scale of car lubricating oil accounts for about 20% of the car lubricating oil market, the market scale of light truck lubricating oil accounts for about 15% of the total car lubricating oil market, and the growth rate of car and light truck lubricating oil market exceeds 25% and 10% respectively. Among commercial vehicles, diesel vehicles account for about 58%, while heavy vehicles account for about 37%.

As heavy diesel vehicles are mostly used in long-distance transportation, logistics and other fields, with an average daily journey of 200-300 kilometers, far exceeding the level of passenger vehicles, diesel engine oil accounts for a large proportion of vehicle oil consumption, accounting for 44.7%. Although with the slowdown of bulk commodity transportation demand, the substitution of railway and air freight and the development of urban logistics industry, the demand for light diesel vehicles will increase, the proportion of medium and heavy diesel vehicles will gradually decrease and the proportion of light diesel vehicles will continue to increase in the future. The above is all the contents of the industrial layout analysis of the lubricating oil industry.