Nigeria Lubricants Market is Expected to Grow at a Healthy CAGR and is Expected to Reach Over NGN 405 Billion: Ken Research
GURUGRAM, India, October 29, 2018 /PRNewswire/ --
October 2018 |Nigeria News
- The changes in consumer preference towards high quality synthetic lubricants for their desirable properties will have a positive impact on Nigeria Lubricants Market.
- The expanding industrial base and surges in population will act as a boom for the lubricants market in Nigeria.
- The increasing demand for power generation will further increase the demand for lubricants, especially engine oils in the country.
Nigerian lubricant market is still in the development stage and has to go under lot of technology and product advancement. 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 quality lubricant. 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 share 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 to increase the ease of doing business which will boost manufacturing sector activities. Furthermore, expansion of industrial base and surges in population which would create a wider market for standby power generators and hence drive the lubricants market. In order to secure machinery and automobile from hazard, the Department of Petroleum Resources (DPR) has initiated actions and there has been a hike in the import duty on finished lubricants to 30% from the previous rate of 10% to encourage local production. These steps taken by the government are expected to reduce the influx of substandard lubricants in the market, especially the ones which enter the country through imports.
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The lubricants market in Nigeria is expected to grow at a great pace on account of increasing purchasing power of people and increasing demand for synthetic lubricants in the country, retrofitting of old ships to keep them operational along with the rising marine trade, rising prominence of the middle class in Nigeria and the consequent boost in vehicle sales.
With an expanding industrial base and surges in population, the power demand will further increase, thus increasing the demand for lubricants, especially engine oils.
Analysts at Ken Research in their latest publication "Nigeria Lubricants Market Outlook to 2022 - By Type of Lubricant (Engine Oil, Industrial Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants), Applications (Automotive and Industrial) and Region (Lagos, Northern Nigeria, Eastern Nigeria and Western Nigeria)" believe that upgrading of technology to keep up with innovations in global trends, improvement in marketing and branding of lubricants, introduction of base oil refining and used oil processing, increasing regulations in Nigeria lubricants market, collaboration with transportation companies, increasing knowledge of consumers and providing better quality lubricants at lower costs will aid the manufacturers of lubricants in Nigeria to grow and achieve higher profits.
Keywords
- Nigeria Lubricants Market
- Nigeria Lubricant Plants
- Nigeria Mineral Lubricants Production
- Nigeria Semi-Synthetic Lubricants Demand
- Nigeria Synthetic Lubricants Export
- Nigeria Engine Oil Export
- Nigeria Industrial Oil Revenue
- Nigeria Transmission Oil Production
- Nigeria Marine Oil Sales
- Grease Revenue Nigeria
- Nigeria Specialty Lubricants Demand
- Nigeria Automotive Lubricants Growth
- Nigeria Industrial Lubricants Market
- Nigeria Passenger Car Motor Oil Market
- Heavy Duty Diesel Engine Oil Market
- Nigeria Hydraulic Oil Revenue
- Nigeria Gear Oil Revenue
- Nigeria Transmission Fluid Demand
- Passenger Vehicle Lubricants Production
- Commercial Vehicle Lubricants Nigeria
- Nigeria Marine Lubricants Sales
- Nigeria Aviation Lubricants Revenue
- Dealer Network for Lubricants in Nigeria
- OEM Workshops for Lubricants in Nigeria
- Service Stations for Lubricants in Nigeria
- Nigeria Industrial Gear Oils Market
- Nigeria Transformer Oils Market
- Nigeria Turbine Oils Market
- Nigeria Compressor Oils Industry
- Government Regulation in Lubricants Market Nigeria
- Raw Materials for Lubricants Nigeria
- Major Lubricant Manufacturers Nigeria
- Profit Margins of Lubricant Distributors Nigeria
For more information about the publication, refer to below link:
Products Covered:
- By Origin
- Mineral Lubricants
- Semi-Synthetic Lubricants
- Synthetic Lubricants
- By Type of Lubricant
- Engine Oil
- Industrial Oil
- Transmission Oil
- Marine Oil
- Grease
- Specialty Lubricants
- By Application
- Automotive Lubricants
- Industrial Lubricants
- By Region
- Lagos
- Northern Nigeria
- Eastern Nigeria
- Western Nigeria
- By Type of Oil
- Passenger Car Motor Oil
- Heavy Duty Diesel Engine Oil
- Hydraulic Oil
- Gear Oil
- Transmission Fluid and Grease
- By End Users
- Passenger Vehicle Lubricants
- Commercial Vehicle Lubricants
- Marine and Aviation Lubricants
- By Channel of Distribution
- Dealer Network
- OEM Workshops
- Service Stations
- By Type of Oil
- Hydraulic Oils
- Industrial Gear Oils
- Transformer Oils Turbine Oils
- Compressor Oils and Grease
- By End Users
- Manufacturing, Construction
- Power Generation
- By Channel of Distribution
- Direct Sales
- Dealer Network
Companies Covered:
- Total Nigeria Plc
- 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
- Ascon Oil Company Ltd
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Contact Us:
Ken Research
Ankur Gupta, Head Marketing
Ankur@kenresearch.com
+91-9015378249
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