Russia Commercial Vehicles Lubricants Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

Russia Commercial Vehicles Lubricants Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

The Russia Commercial Vehicles Lubricants Market is at 273.42 million liters in 2021 and is projected to register a CAGR of 0.51% to reach 280.43 million liters in 2026. The COVID-19 outbreak and the social restrictions implemented in response to the pandemic have resulted in a 4% drop in the sales of new commercial vehicles in Russia during 2019-2020, in turn affecting the lubricant consumption from the sector.

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 : An increase in the production and sales of commercial vehicles in the country post 2020 is likely to drive the demand for transmission oils during the forecast period.

Key Market TrendsLargest Segment By Product Type : Engine Oils

• In the Russian commercial vehicles segment, lubricant consumption recorded a megative CAGR of -1.29% during 2015-2019. This trend was largely driven by the growing penetration of synthetic lubricants that have longer drain intervals.
• Freight transportation in the country has been negatively affected by the social restrictions imposed due to COVID-19 during the first half of 2020. Thus, in Russia, lubricant consumption in commercial vehicles decreased by 12.97%.
• In Russia, the pent-up demand from 2020 is likely to drive the sales of commercial vehicles during the early part of the forecast period. This factor, in turn, is likely to boost lubricant consumption levels in the country. However, further penetration of synthetic oils that extend service intervals is likely to hinder the growth of lubricant consumption in Russia.

Competitive Landscape

The Russia Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 73.92%. The major players in this market are ExxonMobil Corporation, Gazprom, LUKOIL, ROSNEFT and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

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

Companies Mentioned
 
BP PLC (Castrol)
CHEVRON CORPORATION
DelfinGroup
ExxonMobil Corporation
Gazprom
LUKOIL
ROSNEFT
Royal Dutch Shell Plc
SK Lubricants Co. Ltd
TotalEnergies

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