Surging construction sector, escalating automotive industry, entrance of foreign players, growing marine industry and increasing Ro-Ro services are the major factors which are expected to fuel the Philippines lubricants market in future.
Ken Research announced its latest publication on “Philippines Lubricants Market by Type (Mineral, Semi-Synthetic and Synthetic), by Application (Automotive – Passenger, Commercial, Marine and Aviation and Industrial – Mining, Construction, Manufacturing, Iron and Steel, Agriculture, Electricity and Medical) – Outlook to 2021” suggested a rapid growth in the Philippines lubricants market, majorly driven by boosting crude oil imports, thus assisting market players to offer more lubricants in the country. Influx of foreign brands and rising demand of the population to switch to synthetic lube oils are attracting large number of potential players to enter the space. The market is further expected to witness an incline in revenues and consumption due to the anticipated increase in the sales of automobiles and the expansion of industrial sector in the Philippines, thus leading to augmented demand for automotive and industrial lubricants.
The boosting economy of the Philippines has been supported by the growth of revenues generated by the manufacturers offering lubricant oils to various customers across automotive and industrial sectors. Lubricant market of the Philippines is highly competitive with few players operating in the space to cater the fluctuating demands of the customers. The market has been dominated by the sales of products offered by global lubricant manufacturers including Shell and Exxon Mobil. The rising demand for energy resources led to the increase use of lubricants across automotive and industrial sectors of the country.
Increasing number of machinery installed in the industrial plants to boost the operations has increased the demand for lubricants in the country. Assembly lines and other machines used in the manufacturing industry need lubrication to work with precision and last long. Demand for lubricants by the manufacturing sector has witnessed an increase as shortage of oils and greasing in machines can cause them to malfunction, resulting in losses and delay in project deliveries. The growth in imports of crude oil has further led to an increase in the quantities of lubricants being refined by the manufacturers in the Philippines. This has boosted the overall revenues of the market by offering more lubricants to fulfill the growing demand in the country overtime. Lubricant manufacturers and importers not only compete in terms of price, but also on the quality that should conform to the European standards. Market players faced stiff competition in expanding their dealership networks across the islands of the Philippines, where goods were to be transported through ships.
Key Topics Covered in the Report
Philippines Lubricant Distributors
Opportunities in Lubricant Industry
Gear Oils Industry Philippines
Shell Market Share Philippines
Shell Lubricant Price Philippines
Brake Fluid Market Philippines
Lubricating Oil Sales in Philippines
Automotive Lubricant Market Growth
Chevron Lubricant Best Selling Philippines
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications