Compared to much of Asia-Pacific, Australia has a large lubricant market with high quality products and high profit margins, so its no surprise that suppliers from elsewhere in the region want to gain a foothold there. But companies that have done so say its not an easy task and that a sound strategy is required.

Indias largest transformer oils manufacturer, Apar Industries, expects that implementation of power policy reforms will significantly boost energy consumption, and thus demand for its products, in coming years.

Booming globalization has the worldwide marine lubes market growing at a rate of more than 4 percent per year in the next four years, and Asia - the largest geographical market - will be responsible for much of that increase, according to Technavio Research.

Singaporean lube supplier United Global raised SG $10.7 million (U.S. $7.9 million) in its initial public stock offering conducted last week - funds earmarked for expansion and entry into new markets.