The report titled “Nigeria
Lubricants Market Outlook to 2022- By Type of Lubricant (Engine Oil, Industrial
Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants), Type of Applications
(Automotive and Industrial), Region (Lagos, Northern Nigeria, Eastern Nigeria
and Western Nigeria)” provides a comprehensive analysis on the automotive
and industrial lubricants industry of Nigeria. The report covers various
aspects including introduction on Nigeria Lubricants market, value chain,
stakeholders in the market, market size by revenue and volume of domestic
consumption (2012-2017), overall lubricants market segmentation on the basis of
origin, region, types of lubricants, type of application, automotive lubricants
market segmentation on the basis of type of oil, type of end users, type of
channel of distribution, industrial lubricants market segmentation on the basis
of type of oil, type of end users, type of channel of distribution, competition
scenario in the industry, shares and company profiles of major players in the
market, regulatory framework, trends, developments, drivers and restraints in
the lubricants market and SWOT analysis of the industry. The report also
includes future outlook for the market (2017-2022) including estimated market
size in terms of revenue and in terms of domestic consumption volume.
Nigeria
Lubricant Market Overview
Market
Size:
The lubricants market in Nigeria
has grown over the years from 2012 to 2017 with the growth in the number of
second hand and new passenger and commercial vehicles in the country.
Penetration of Used cars and requirement of more frequent lubricant changes in
older vehicles as compared to newer models contributed to the volume demand of
automotive lubricants in Nigeria. The slowdown
in economic growth due to economic recession in 2016 in Nigeria as a result of
a drop in oil prices globally, and the state of the foreign exchange market had
a serious adverse impact on various Lubricants manufacturing companies’ ability
to do business and imposed severe costs on key sectors of the country which
further cascaded into all areas of the economy. Even though the
total vehicle traffic from all ports decreased substantially from 2014 to 2015,
it has been increasing since then. This has added to the demand for marine
lubricants in the country. There has also been a gradual change in consumer
preferences towards synthetic lubricants in Nigeria with the increase in customer
awareness.
Market
Segmentation:
In 2017, mineral lubricants
continued to be the most consumed lubricants in Nigeria followed by synthetic
and semi-synthetic lubricants. This was because mineral lubricants are
available at a much cheaper price as compared to semi-synthetic and synthetic lubricants
which requires additional refining or are prepared in laboratories. In 2017,
engine oils had maximum share in lubricants market in Nigeria. These lubricants
are largely needed by commercial vehicles and light trucks which need to
generate enough power as they are largely used in transport and logistics. This
was followed by other lubricants such as Industrial oils, transmission oils,
marine oils, grease and specialty lubricants in terms of domestic consumption.
Automotive lubricants, whose
market was mainly driven by the demand for engine oils, dominated the market in
Nigeria in terms of domestic consumption. The hike in demand for automotive lubricants
stems from a rising prominence of the middle class in Nigeria, which has
boosted vehicle sales. Also, the Lagos region had the major market share in the
Nigeria lubricants market in terms of consumption volume in 2017. Lagos being
the most populous city in Nigeria and one of the fastest growing cities in the
world had about 12 of the 35 blending plants in the country. This was followed
by Northern Nigeria, Eastern Nigeria and Western Nigeria.
Competitive
Landscape
The
demand of lubricants of domestic market is met by both the global players as
well as independent marketers in Nigeria. The global players operating in
Nigeria had a major share in the market share in terms of sales volume as
compared to the independent marketers. Total Nigeria Plc is the market leader
with the highest market share in terms of sales volume in the Nigeria
Lubricants Market followed by Ammasco International Limited, 11 Plc, Oando Plc,
Tonimas Nigeria Ltd, Forte Oil Plc, Conoil Plc, Lubcon, MRS Oil Nigeria Plc,
A-Z Petroleum Products Ltd, Dozzy Oil and Gas, Eterna Plc, Techno Oil Ltd and
Ascon Oil Company Ltd. Lubcon was awarded the country’s Lubricant
Manufacturing Company of the year at the Guardian Manufacturing Excellence
Awards 2017.
Future
Outlook
The future outlook of the lubricants
industry is positive because as the crude oil prices increase, Nigeria’s
economy is expected to grow at a faster rate and hence the purchasing power of
people is also expected to increase in the coming years. This would also push
Nigeria’s demand for synthetic lubricants, particularly for modern cars. The
market is expected to gravitate towards higher-quality, specialized and synthetic
lubricants with an increase in end user awareness on the importance of
lubricant drains. This can primarily be attributed to pending government
legislation regarding emissions, improved engine technology and equipment
manufacturers' requirements for fuel efficiency. The grease market, which was
earlier dominated by sodium-based products, is gradually evolving to lithium
based grease in Nigeria. The market shares of automotive lubricants and
industrial lubricants are expected to remain fairly stagnant and the market
size for both in expected to increase in terms of consumption volume proportionally.
The lubricants market will be driven by the various steps being taken by the
government such as initiatives to increase the ease of doing business which will
boost manufacturing sector activities, the Nigeria Economic Recovery and Growth
Plan (ERGP) to emphasize investment in infrastructure, especially in power,
roads, rail, ports and broadband networks and proposed Family Homes Fund is
designed to stimulate the construction sector.
Key
Segments Covered
By
Origin:- Mineral Lubricants, Semi-Synthetic Lubricants, Synthetic
Lubricants
By
Type of Lubricant:- Engine Oil, Industrial Oil, Transmission
Oil, Marine Oil, Grease, Specialty Lubricants
By
Application:- Automotive Lubricants, Industrial
Lubricants
By
Region:- Lagos ,Northern Nigeria, Eastern Nigeria, Western
Nigeria
Automotive
Lubricants Market
By
Type of Oil:- Passenger Car Motor Oil, Heavy Duty Diesel Engine
Oil, Hydraulic Oil, Gear Oil and Transmission Fluid, Grease
By
End Users:- Passenger Vehicle Lubricants, Commercial Vehicle
Lubricants, Marine and Aviation Lubricants
By
Channel of Distribution:- Dealer Network, OEM
Workshops and Service Stations
Industrial
Lubricants Market
By
Type of Oil:- Hydraulic Oils, Industrial Gear Oils, Transformer
Oils, Turbine Oils and Compressor Oils, Grease
By
End Users:- Manufacturing, Construction, Power Generation
By
Channel of Distribution:- Direct Sales, Dealer Network
Key
Target Audience:- Lubricant Manufacturers, Automotive
OEMs, Base Oil Manufacturers, Industrial Products Manufacturers, Lubricants
Importers, Lubricant Distributors, PE and VC Fund
Time
Period Captured in the Report:
2012-2017 – Historical
Period
2018-2022 – Future Forecast
Lubricant
Manufacturers Covered: Total
Nigeria Plc, Ammasco International Limited, 11 Plc, Oando Plc, Tonimas Nigeria
Ltd, Forte Oil Plc, Conoil Plc, Lubcon, MRS Oil Nigeria Plc, A-Z Petroleum
Products Ltd, Dozzy Oil and Gas, Eterna Plc, Techno Oil Ltd and Ascon Oil
Company Ltd
Key Topics Covered in the Report:-
Introduction on Nigeria
Lubricants market
Value Chain
Stakeholders in The
Market
Market Size by Revenue
and Volume of Domestic Consumption (2012-2017)
Overall Lubricants Market
Segmentation on the Basis of Origin, Region, Types of Lubricants And Type of
Application
Automotive Lubricants
Market Segmentation on the Basis of Type of Oil, Type of End Users, Type of
Channel of Distribution
Industrial Lubricants
Market Segmentation on the Basis of Type of Oil, Type of End Users, Type of
Channel of Distribution
Competition Scenario in
the Industry
Shares and Company
Profiles of Major Players In The Market
Regulatory Framework
Trends, Developments,
Drivers and Restraints in the Lubricants Market
SWOT Analysis
Future Outlook For The
Market (2017-2022) Including Estimated Market Size in Terms of Revenue and in
Terms of Volume of Domestic Consumption
For more
information about the publication, refer to below link:-
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Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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