Home / Businesswire / Nigeria Lubricants (Engine Oil, Industrial Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants) Market Outlook to 2022 – ResearchAndMarkets.com

Nigeria Lubricants (Engine Oil, Industrial Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants) Market Outlook to 2022 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–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.

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 in the Report

  1. Introduction on Nigeria Lubricants market
  2. Value Chain
  3. Stakeholders in The Market
  4. Market Size by Revenue and Volume of Domestic Consumption (2012-2017)
  5. Overall Lubricants Market Segmentation on the Basis of Origin, Region,
    Types of Lubricants And Type of Application
  6. Automotive Lubricants Market Segmentation on the Basis of Type of Oil,
    Type of End Users, Type of Channel of Distribution
  7. Industrial Lubricants Market Segmentation on the Basis of Type of Oil,
    Type of End Users, Type of Channel of Distribution
  8. Competition Scenario in the Industry
  9. Shares and Company Profiles of Major Players In The Market
  10. Regulatory Framework
  11. Trends, Developments, Drivers and Restraints in the Lubricants Market
  12. SWOT Analysis
  13. Future Outlook For The Market (2017-2022) Including Estimated Market
    Size in Terms of Revenue and in Terms of Volume of Domestic Consumption

Companies Mentioned

  • 11 Plc
  • A-Z Petroleum Products Ltd
  • Ammasco International Limited
  • Ascon Oil Company Ltd
  • Conoil Plc
  • Dozzy Oil and Gas
  • Eterna Plc
  • Forte Oil Plc
  • Lubcon
  • MRS Oil Nigeria Plc
  • Oando Plc
  • Techno Oil Ltd
  • Tonimas Nigeria Ltd
  • Total Nigeria Plc

For more information about this report visit https://www.researchandmarkets.com/r/1xt9hy

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Related
Topics: Lubricants
and Greases
, Automotive
Materials