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

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

The Norway Passenger Vehicles Lubricants Market is at 9.10 million liters in 2021 and is projected to register a CAGR of -0.80% to reach 8.74 million liters in 2026. Due to the lockdown caused by the COVID-19 pandemic and growing sales of electric vehicles, lubricant consumption in the passenger vehicle segment further dropped by over 8% in volume 2020, compared to 2019.

Key Highlights

• 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 Product Type : Engine Oils

• Passenger vehicles form the second-largest segment in terms of automotive lubricant consumption. During 2015-2019, Norway recorded a negative CAGR of 1.26% in passenger vehicle lubricant consumption due to a significant rise in the scrappage of fossil fuel-based vehicles and an increase in EV sales.
• Due to the lockdown related to COVID-19, lubricant consumption in this segment further dropped by 8.40% in 2020. During the first four months of 2021, the country recorded a surge in the number of COVID-19 cases, which may reduce the pace of growth during the rest of 2021.
• The Norwegian government plans to adopt 100% electric vehicles by 2025, which is expected to increase the scrappage of fossil-fuel based passenger vehicles in the country. Therefore, with such trends, passenger vehicle lubricant consumption in Norway is likely to record a negative CAGR of 0.80% during 2021-2026.

Competitive Landscape

The Norway Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 55.85%. 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

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