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

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

The Spain Passenger Vehicles Lubricants Market is at 78.23 million liters in 2021 and is projected to register a CAGR of 2.18% to reach 87.12 million liters in 2026. Due to lockdowns imposed due to the COVID-19 pandemic, lubricant consumption in the passenger vehicles sector dropped drastically by over 18% in 2020. The volume share of the segment in the automotive lubricants market declined by nearly 3% in 2020, as 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 low drain intervals. It is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Hydraulic Fluids : In Spain, the increasing trade activities and the expected recovery in passenger vehicle sales are likely to drive the demand for hydraulic fluids during the forecast period.

Key Market TrendsLargest Segment By Product Type : Engine Oils

• The share of the passenger vehicles (PVs) segment in the overall automotive lubricant consumption increased from 45.5% in 2015 to 47.4% in 2019. The PV lubricants segment exhibited a CAGR of 3.53% during 2015-2019 due to the gradual growth in the active vehicle parc and vehicle service requirements.
• Due to the lockdown imposed to curb the spread of COVID-19, the consumption of PV lubricants dropped by 18.82% in 2020. The volume share of the PV segment in the automotive lubricants market declined by nearly 3% in 2020, as compared to 2019.
• In 2021, the Spanish Prime Minister announced an aid package worth USD 4.2 billion for the hard-hit auto industry to promote the production and sales of cleaner cars. This factor, along with the expected recovery in the sales of new and used cars, is projected to drive PV lubricant consumption at a CAGR of 2.18% during 2021-2026.

Competitive Landscape

The Spain Passenger Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 81.69%. The major players in this market are BP PLC (Castrol), CEPSA, ExxonMobil Corporation, Repsol 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)
CEPSA
CHEVRON CORPORATION
Eni SpA
ExxonMobil Corporation
FUCHS
Galp Energia
Repsol
Royal Dutch Shell Plc
TotalEnergies

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