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Nigeria Lubricants Market Outlook to 2022: Increasing Demand for Synthetic Lubricants

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DUBLIN, April 18, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

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.

n 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 Topics Covered:

1. Executive Summary

  • Market Overview
  • Market Size
  • Market Segmentation for Nigeria Lubricants Market
  • Market Segmentation for Nigeria Automotive Lubricants Market
  • Market Segmentation for Nigeria Industrial Lubricants Market
  • Competitive Landscape
  • Future Outlook of Nigeria Lubricants Market

2. Appendix
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Size and Modeling

3. Nigeria Lubricants Market Overview
3.1. Nigeria Lubricants Market Overview
3.2. Value Chain
3.3. Stakeholders in Nigeria Lubricants Market Ecosystem

4. Nigeria Lubricants Market Size, 2012-17

5. Nigeria Lubricants Market Segmentation, 2017
5.1. Nigeria Lubricants Market Segmentation By Origin
5.2. Nigeria Lubricants Market Segmentation By Type of Lubricant
5.3. Nigeria Lubricants Market Segmentation By Type of Application
5.4. Nigeria Lubricants Market Segmentation By Region

6. Nigeria Automotive Lubricants Market Segmentation
6.1. Nigeria Automotive Lubricants Market Segmentation By Type of Oil
6.2. Nigeria Automotive Lubricants Market Segmentation By Type of End Users
6.3. Nigeria Automotive Lubricants Market Segmentation By Type of Channel of Distribution

7. Nigeria Industrial Lubricants Market Segmentation
7.1. Nigeria Industrial Lubricants Market Segmentation By Type of Oil
7.2. Nigeria Industrial Lubricants Market Segmentation By Type of End Users
7.3. Nigeria Industrial Lubricants Market Segmentation By Type of Channel of Distribution

8. Competition Scenario
8.1. AMMASCO International Limited
8.2. Total Nigeria Plc
8.3. Oando Plc
8.4. Tonimas Nigeria Limited
8.5. Lubcon
8.6. 11 Plc

9. Best Selling Products
9.1. Exxon Mobil
9.2. Total Nigeria Plc
9.3. Forte Oil
9.4. Oando Plc
9.5. MRS Oil Nigeria Ltd

10. Regulatory Framework

11. Trends, Developments, Drivers and Restraints in Nigeria Lubricants Market
11.1. NNPC to Market its Own Lubricants
11.2. Huge Dependency on Base Oil Importation
11.3. Import of Low Quality of Finished Lubes
11.4. Electric Cars
11.5. Price Sensitive Market and Lack of Consumer Education
11.6. Increasing Demand for Synthetic Lubricants

12. SWOT Analysis of Nigeria Lubricants Market

13. Nigeria Lubricants Market Future Outlook and Projections, 2017-2022
13.1. Nigeria Lubricants Market Size, 2017-22
13.2. Nigeria Lubricants Market Segmentation, 2017-22
13.2.1. Nigeria Lubricants Market Segmentation by Origin
13.2.2. Nigeria Lubricants Market Segmentation by Type of Lubricant

14. Analyst Recommendation

For more information about this report visit https://www.researchandmarkets.com/r/3j5ne5

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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Cision View original content:http://www.prnewswire.com/news-releases/nigeria-lubricants-market-outlook-to-2022-increasing-demand-for-synthetic-lubricants-300834619.html

SOURCE Research and Markets

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