The Angola Lubricants Market size is estimated at 40.78 Million liters in 2024, and is expected to reach 45.88 Million liters by 2029, growing at a CAGR of greater than 2% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market. COVID-19-related restrictions led to declined maintenance requirements from several industries, such as oil and gas, automotive, metallurgy, etc. The major impact was observed in the automotive industry. Currently, the market has recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
Increasing demand from the automotive industry in Angola and heavy industrial equipment has been driving the market growth during the forecast period.
However, the increasing adoption of electric vehicles limits the market growth and is anticipated to hinder the growth of the studied market.
Moreover, recycling of used oil is likely to provide opportunities for the market over the next five years.
The automotive sector is likely to be the largest end-user owing to the increasing use of vehicles in the country.
Angola's lubricants market is partially consolidated in nature. The major players in the studied market (not in any particular order) include Sonangol, E.P., BP p.l.c., China Petrochemical Corporation, ENOC Company, and SUGE INT., among others.
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