The lubricant market in Nigeria has grown-up over the years from 2012 to 2017 with the growth in the number of second hands and new passenger and commercial vehicles around the country. Penetration of Used cars and the demand of more frequent lubricant deviates in older vehicles as associated to newer models contributed to the volume requirement of automotive lubricants in Nigeria. The slowdown in economic growth owing to economic recession during 2016 in Nigeria as a result of a drop in oil prices around the globe and the state of the foreign exchange market had a serious adverse impression on several Lubricants manufacturing companies’ ability to do business and imposed severe costs on foremost sectors of the country which further cascaded into all locations of the economy. Even though the total vehicle traffic from all ports deducted substantially from 2014 to 2015, it has been growing since then. This has added to the requirement for marine lubricants in the country. There has also been a gradual transform in consumer preferences towards synthetic lubricants in Nigeria with an augment in customer awareness.
According to the report analysis, ‘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 (Lagos, Northern Nigeria, Eastern Nigeria and Western Nigeria)’ states that the requirement for lubricants of the domestic market is met by both the global players as well as self-determining marketers in Nigeria. The global players functioning in Nigeria had a foremost share in the market share in terms of sales volume as associated to the independent marketers. Total Nigeria Plc is the market leader with the greatest market share in terms of sales capacity 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.
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The future outlook of the lubricants industry is positive owing to the crude oil prices augment, Nigeria’s economy is projected to grow at a speedier rate and hence the buying power of individual is also expected to augment in the coming years. This would also push Nigeria’s requirement for synthetic lubricants, specifically for modern cars. The market is projected to gravitate towards higher-quality, specialized and synthetic lubricants with an augment in end-user awareness on the importance of lubricant drains. This can commonly be attributed to pending government legislation concerning emissions, advanced engine technology and equipment manufacturers’ demands for fuel-efficiency.
The grease market, which was earlier registered by sodium-based products, is progressively evolving to lithium-based grease in Nigeria. The market shares of automotive lubricants and industrial lubricants are projected to remain fairly stagnant and the market size for both is predicted to augment in terms of consumption volume proportionally. The lubricants market will be propelled by the several steps being taken by the government such as initiatives to augment the ease of doing business which will boost manufacturing segment activities, the Nigeria Economic Recovery and Growth Plan (ERGP) to highlight investment in infrastructure, especially in power, roads, rail, ports and broadband networks, and proposed Family Homes Fund is planned to arouse the construction sector.
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Nigeria Lubricants Market Growth Rate
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