Nigeria Lubricants Market Outlook to 2022: Ken Research

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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:-

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/nigeria-lubricants-market/165955-100.html

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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

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