Nigeria Lubricants (Engine Oil, Industrial Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants) Market Outlook to 2022 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 10, 2019--The “Nigeria Lubricants Market Outlook to 2022- By Type of Lubricant (Engine Oil, Industrial Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants), Type of Applications (Automotive and Industrial), Region” report has been added to ResearchAndMarkets.com’s offering.
The lubricants market in Nigeria has grown over the years from 2012 to 2017 with the growth in the number of second hand and new passenger and commercial vehicles in the country. Penetration of Used cars and requirement of more frequent lubricant changes in older vehicles as compared to newer models contributed to the volume demand of automotive lubricants in Nigeria.
The slowdown in economic growth due to economic recession in 2016 in Nigeria as a result of a drop in oil prices globally, and the state of the foreign exchange market had a serious adverse impact on various Lubricants manufacturing companies’ ability to do business and imposed severe costs on key sectors of the country which further cascaded into all areas of the economy.
Even though the total vehicle traffic from all ports decreased substantially from 2014 to 2015, it has been increasing since then. This has added to the demand for marine lubricants in the country. There has also been a gradual change in consumer preferences towards synthetic lubricants in Nigeria with the increase in customer awareness.
The demand of lubricants of domestic market is met by both the global players as well as independent marketers in Nigeria. The global players operating in Nigeria had a major share in the market share in terms of sales volume as compared to the independent marketers.
Total Nigeria Plc is the market leader with the highest market share in terms of sales volume in the Nigeria Lubricants Market followed by Ammasco International Limited, 11 Plc, Oando Plc, Tonimas Nigeria Ltd, Forte Oil Plc, Conoil Plc, Lubcon, MRS Oil Nigeria Plc, A-Z Petroleum Products Ltd, Dozzy Oil and Gas, Eterna Plc, Techno Oil Ltd and Ascon Oil Company Ltd. Lubcon was awarded the country’s Lubricant Manufacturing Company of the year at the Guardian Manufacturing Excellence Awards 2017.
The future outlook of the lubricants industry is positive because as the crude oil prices increase, Nigeria’s economy is expected to grow at a faster rate and hence the purchasing power of people is also expected to increase in the coming years. This would also push Nigeria’s demand for synthetic lubricants, particularly for modern cars.
The market is expected to gravitate towards higher-quality, specialized and synthetic lubricants with an increase in end user awareness on the importance of lubricant drains. This can primarily be attributed to pending government legislation regarding emissions, improved engine technology and equipment manufacturers’ requirements for fuel efficiency. The grease market, which was earlier dominated by sodium-based products, is gradually evolving to lithium based grease in Nigeria. The market shares of automotive lubricants and industrial lubricants are expected to remain fairly stagnant and the market size for both in expected to increase in terms of consumption volume proportionally.
The lubricants market will be driven by the various steps being taken by the government such as initiatives to increase the ease of doing business which will boost manufacturing sector activities, the Nigeria Economic Recovery and Growth Plan (ERGP) to emphasize investment in infrastructure, especially in power, roads, rail, ports and broadband networks and proposed Family Homes Fund is designed to stimulate the construction sector.
Key Topics Covered in the Report
- 11 Plc
- A-Z Petroleum Products Ltd
- Ammasco International Limited
- Ascon Oil Company Ltd
- Conoil Plc
- Dozzy Oil and Gas
- Eterna Plc
- Forte Oil Plc
- MRS Oil Nigeria Plc
- Oando Plc
- Techno Oil Ltd
- Tonimas Nigeria Ltd
- Total Nigeria Plc
For more information about this report visit https://www.researchandmarkets.com/r/1xt9hy
View source version on businesswire.com:https://www.businesswire.com/news/home/20190410005476/en/
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Related Topics:Lubricants and Greases,Automotive Materials
KEYWORD: NIGERIA AFRICA
INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING CHEMICALS/PLASTICS AUTOMOTIVE OTHER AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 04/10/2019 07:48 AM/DISC: 04/10/2019 07:48 AM