Nigeria Lubricants Market Outlook 2027F

Nigeria Lubricants Market Outlook 2027F

The report provides a comprehensive analysis of the potential of Nigeria Lubricants Market. The report covers an overview and genesis of the industry, market size in terms of land coverage.

Its market segment includes by type of Lubricant (Industrial, Automotive) each of which is further divided into by type of Lubricant (Hydraulic Fluid, Grease, Gear oil, Metalworking Fluid) , by end use ( Construction mining, general manufacturing, metal production, power generation, food processing others), by distribution channel (dealer network, direct sales), by type of lubricant ( Heavy-Duty Diesel Engine Oil, Passenger Vehicle Motor Oil, Transmission Fluids, hydraulic oil, greases gear oil), by end use ( commercial vehicle, passenger car, motor cycle, marine, others) by type of distribution channel (dealer network, OEM workshop, supermarket, others). The report includes Porter five force analysis, growth enablers, recent trends developments, pain points solutions. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview

According to Ken Research estimates, the Nigeria Lubricants Market which grew at a CAGR of ~% from 2017-2022P is forecasted to grow at a CAGR of ~% from 2023F-2027F owing to an increasing demand for expanding wind energy sector rising demand for high performance lubricants.

Automotive and Other Transportation is the most dominating end-user industry of the market studied.

The growth in the industrial manufacturing segment is likely to provide opportunities for the Nigeria lubricants market over the next five years.

Key Trends by Market Segment:

By Type of Lubricant:

The automotive sector continues to dominate the market capturing more than 60% of the overall share. A major factor contributing to this is the import of used vehicles in large numbers which results in more maintenance requirements thereby increasing the overall market share of lubricants market.

By Type of Industrial Lubricant: Engine oil segment continues to capture a large part of the industrial lubricant market share owing to the increased engine oil change intervals, technological advancements.

By type of end-use: Power generation holds a huge portion of the market share followed by construction general manufacturing others.

Competitive Landscape

The Nigeria Lubricants market is moderately fragmented with major global and national players occupying almost half of the market. The key players operating in the market are not only competing based on product quality and promotion but are also focusing on strategic moves to hold larger market shares. The major companies dominating the Nigeria Lubricants market for its products, services, and continuous product developments are Total Nigeria PLC (Total), 11 plc (Mobil Oil Nigeria Plc.), Oando PLC, Eterna PLC, and Ardova PLC (Forte Oil PLC), among others.

Future Outlook

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.

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