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)
Region:Africa
Product Code:KR704
October 2018
104
About the Report
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 a future outlook for the market (2017-2022) including estimated market size in terms of revenue and in terms of domestic consumption volume.
The lubricant market in Nigeria has grown over the years from 2012 to 2017 with the growth in the number of second hands and new passenger and commercial vehicles in the country. Penetration of Used cars and the 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 an increase in customer awareness.
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 require additional refining or are prepared in laboratories. In 2017, engine oils had maximum share in the 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 is 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.
The demand for lubricants of the 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.
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 is 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.
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
Lubricant Manufacturers
Automotive OEMs
Base Oil Manufacturers
Industrial Products Manufacturers
Lubricants Importers
Lubricant Distributors
PE and VC Fund
2012-2017 - Historical Period
2018-2022 - Future Forecast
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
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
Products
Companies
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
Table of Contents
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
Consolidated Research Approach
Market Sizing – NIGERIA Lubricant Market
Limitations
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, 2017-2022E
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
Disclaimer
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