Norway Automotive Lubricants Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

Norway Automotive Lubricants Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

The Norway Automotive Lubricants Market is at 22.87 million liters in 2021 and is projected to register a CAGR of 1.12% to reach 24.18 million liters in 2026. The COVID-19 outbreak and social restrictions have been leading to significant drop in automotive sales across the world. However, the Norwegian government initiatives like scrappage refund, tax incentives, etc. has ensured limited sales decline of around 0.7% in passenger vehicle sales during 2020.

Key Highlights

• Largest Segment by Vehicle Type - Commercial Vehicles : The highest lubricant consumption in the commercial vehicles sector of the country is attributed to the high average lubricant requirements for commercial vehicles in Norway.
• Fastest Segment by Vehicle Type - Commercial Vehicles : The resurgence in economic activity, supported by the need for engine oils for the existing fleet in Norway, is likely to drive the demand for lubricants in the coming years.
• Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals, as it is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission Oils : Growing electric vehicle sales and increasing automatic transmissions in the country are likely to drive the demand for transmission oils during the forecast period.

Key Market TrendsLargest Segment By Vehicle Type : Commercial Vehicles

• In Norway, passenger vehicles (PVs) accounted for 75.32% of the total number of on-road vehicles in 2020, followed by commercial vehicles (CVs) and motorcycles, with a share of 15.14% and 9.54%, respectively.
• In 2020, commercial vehicles accounted for the highest share of 55.57% in total lubricant consumption, as compared to 54.46% in 2019. This was due to a notable dip in lubricant consumption in the PVs segment, with a comparatively lesser dip in the CVs segment due to freight transportation requirements amid COVID-19 in 2020.
• The CVs segment is projected to be the fastest-growing lubricant consumer, with a CAGR of 2.41%, over the forecast period, due to the recovery in sales from the COVID-19 impact. In Norway, though commercial vehicles majorly have combustion engines, their lubricant consumption is likely to increase with a rise in sales and the average distance traveled per year.

Competitive Landscape

The Norway Automotive Lubricants Market is moderately consolidated, with the top five companies occupying 53.21%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, FUCHS, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
BP PLC (Castrol)
Champion Lubricants
CHEVRON CORPORATION
ExxonMobil Corporation
FUCHS
Gulf Oil International
Motul
PETRONAS Lubricants International
Royal Dutch Shell Plc
TotalEnergies
Valvoline Inc.

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