“Growth in the sales of passenger as well as commercial vehicles coupled with increase in construction activity has led to rising domestic consumption of lubricants in Ivory Coast.”
Analysts at Ken Research in their latest publication “Ivory Coast Lubricants Market Outlook to 2023 – By Origin (Mineral, Semi-Synthetic and Synthetic), By Automotive Lubricants (Heavy Duty Diesel Engine Oils, Passenger Car Motor Oils, Hydraulic Oils, Gear Oils, Transmission Fluids and Greases) and Industrial Lubricants (Hydraulic Oils, Industrial Gear Oils, Turbine Oil, Compressor Oils, Greases, Transformer Oils And Industrial Greases), By Automotive and Industrial End Users and By Channels of Distribution” believe that developing industrial lubricants for construction and mining based applications, improving sales and promotion/advertising of lubricants and upgrading production equipment with increased focus on energy efficiency and input-output quality will aid the lubricants market in the Ivory Coast. The market is expected to register a positive CAGR of 10.5% in terms of revenue and a CAGR of 6.7% in terms of sales volume / domestic consumption of lubricants during the forecast period of 2018–2023.
Positive Developments in the Automotive Industry: Increased vehicle sales have driven the lubricants market by augmenting demand from the automotive sector, which has the dominant share in the Ivory Coast lubricants market. The country witnessed an increase in sales of new passenger cars from 7,624 units in 2013 to 9,796 units in 2017. The sales of commercial vehicles increased from 2,100 units in 2015 to 2,681 units in 2017. Furthermore, the MoU agreement between the government of Ivory Coast and AirBus led to expansion in the aviation industry of the Ivory Coast in between 2013-2018 which caused high growth in the consumption of the aviation based automotive lubricants.
Increasing Demand for Synthetic and Semi-Synthetic Lubricants: While mineral oil based lubricants account for majority of the demand for lubricants in Ivory Coast due to their economical price, the demand for synthetic and semi-synthetic lubes has been rising due to increasing awareness of their multiple benefits. This includes their physical properties such as high Viscosity Index (VI), high level of thermal stability, low freezing point, high boiling point and others, thereby helping to reduce friction between surfaces of machinery parts and the rate of wear-and-tear. This improves the productivity, and hence longevity, of machinery/equipment.
Production of Crude Oil an Influencing Factor: Crude oil production in Ivory Coast increased from 9,191,820 barrels in 2013 to 10,735,143 barrels in 2015 which increased the production capacity of the lubricant industry as the production of base oil raised along with the products getting cheaper for multiple lubricant companies. However, the production was witnessed to decrease from 15,425,895 barrels in the year 2016 to 12,440,504 barrels in 2017. This created a negative impact on the production volume, hence leading to a decline in the lubricant market revenues.
Increasing demand of specialized industrial oils including cutting oils, chain oils, hydraulic oils, corrosion preventives, cleaners and heat treaters are potential industrial sub-segments with better prices as well as margins. These lubes are majorly used by manufacturing sector such as automotives, machinery and metals. Lubricant manufacturers were observed to enter the market segment and other players are also expected to enter this space in the near future. Lubricants help in reducing the downtime due to frequent oil changes, maintenance and components failures.
Keywords:-
Côte d’Ivoire Lubricants Market
Lubricants Market Ivory Coast
Lubricants Ivory Coast
Motor Oils Market Ivory Coast
Hydraulic Oils Market Ivory Coast
Greases Market Ivory Coast
Gear Oils Market Ivory Coast
Turbine Oils Market Ivory Coast
Ivory Coast Construction Sector
Ivory Coast Manufacturing Sector
Vivo Energy Lubricants Ivory Coast
Total Lubricants Ivory Coast
Petro Ivorie Lubricants Ivory Coast
Lubricant Exports Ivory Coast
Lubricant Imports Ivory Coast
Lubricants Trends Ivory Coast
Lubricants Issues Ivory Coast
Lubricants Challenges Ivory Coast
Ivory Coast Lubricants SWOT
Ivory Coast Lubricants Competition
Ivory Coast Lubricants Future
Key Segments Covered:-
Basis of Origin-
Mineral Oil
Semi-Synthetic Oil
Synthetic Oil
Type-
Automotive Lubricants
Industrial Lubricants
Automotive Lubricant Type:-
Type of Oil-
Passenger Car Motor Oils
Heavy Duty Diesel Engine Oils
Hydraulic Oils
Gear Oils & Transmission Fluids
Greases
End User-
Passenger vehicles
Commercial vehicles
Marine
Aviation
Distribution Channel-
OEM Workshops / Service Stations / Local Workshops / Retail Stores
Dealer Network
Industrial Lubricant Type:-
Type of Oil-
Hydraulic Oils
Industrial Gear Oils
Compressor oils
Transformer oils
Turbine Oil
Industrial Greases
End Users-
Power generation, Mining and Quarry
Construction
Manufacturing
Others (General Manufacturing, Textile and Chemicals, Engineering Equipment, Automotive Sector, Iron and Non-Iron Production, Cement and Rest)
Distribution Channel-
Direct Sales
Dealer Network
Key Target Audience:-
Automobile Manufacturers
Plastic Manufacturers
Metal Working Companies
Auto And Auto Component Manufacturers
Construction Companies
Textile Companies
Cement Companies
Mining Companies
Paper and Pulp Manufacturers
Power Generation Companies
Steel Manufacturers
Food & Beverage Companies
Time Period Captured in the Report:-
Historical Period – 2012-2018
Forecast Period – 2018-2023
Companies Covered:-
GPP (Group of Petroleum Professionals)
Total
Vivo
Corlay
Libya Oil (Mobil)
Petro Ivorie
Oryx Energies
APCI (Professional Association of Oil companies in Ivory Coast
Independents and Self Importers
For more information on the research report, refer to below link:-
All Lubricants Market Research Reports:-
Lubricant Industry Research Reports
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
