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

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

The Spain Automotive Lubricants Market is at 177.43 million liters in 2021 and is projected to register a CAGR of 2.04% to reach 196.29 million liters in 2026. The lockdown caused by COVID-19 pandemic has severly impacted the sales of motorcycles in Spain. Sales volume in 2020 has witnessed a sharp decline of 51.88%, as compared to the previous year. In March 2021, new motorycle regististrations have declined by 20.7% as compared to the new registrations in March 2020. Increasing tendency to use second-hand motorcycles is the primary reason of decreasing sales volume of new motorcycles.

Key Highlights

• Largest Segment by Vehicle Type - Commercial Vehicles : In Spain, the high average lubricant requirement of commercial vehicles has contributed to the highest lubricant consumption in the country's commercial vehicles sector.
• Fastest Segment by Vehicle Type - Passenger Vehicles : In Spain, the expected recovery in business activities and sales and production of Passenger vehicles is likely to drive the demand for lubricants during the forecast period.
• Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Hydraulic Fluids : In Spain, the expected recovery in the sales and production of automotive since 2021 is projected to drive the demand for hydraulic fluids during the forecast period.

Key Market TrendsLargest Segment By Vehicle Type : Commercial Vehicles

• In Spain, passenger vehicles accounted for the largest share of 75.57% of the total number of on-road vehicles during 2020. However, commercial vehicles recorded the largest share of 58.61% in lubricant consumption, which accounted for 13.49% of the on-road vehicles.
• COVID-19 outbreak led to social restrictions, owing to which demand for freight transportation declined. Lubricant consumption in commercial vehicles reduced to 51.30% in 2020 from 53.10% in 2019. The other factor leading to an increase in the share was a significant dip in the demand for lubricants from the passenger vehicles segment brought about by lockdowns.
• In terms of lubricant consumption, the commercial vehicles segment is expected to record the highest CAGR of 1.94% due to the new scrappage policy implemented in 2020 and an anticipated rise in the domestic sales of used and new commercial vehicles.

Competitive Landscape

The Spain Automotive Lubricants Market is fairly consolidated, with the top five companies occupying 71.71%. The major players in this market are BP PLC (Castrol), CEPSA, Repsol, 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)
CEPSA
CHEVRON CORPORATION
Eni SpA
ExxonMobil Corporation
FUCHS
Galp Energia
LIQUI MOLY
Motul
Repsol
Royal Dutch Shell Plc
TotalEnergies

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