Nigeria Lubricants Market is Expected to Grow at a Healthy CAGR and is Expected to Reach Over NGN 405 Billion: Ken Research

Nigeria Lubricants Market is Expected to Grow at a Healthy CAGR and is Expected to Reach Over NGN 405 Billion: Ken Research

PR Newswire

GURUGRAM, India, October 29, 2018

GURUGRAM, India, October 29, 2018 /PRNewswire/ --

 October 2018 |Nigeria News 

Nigerian lubricant market is still in the development stage and has to go under lot of technology and product advancement. 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 quality lubricant. 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 share 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 to increase the ease of doing business which will boost manufacturing sector activities. Furthermore, expansion of industrial base and surges in population which would create a wider market for standby power generators and hence drive the lubricants market. In order to secure machinery and automobile from hazard, the Department of Petroleum Resources (DPR) has initiated actions and there has been a hike in the import duty on finished lubricants to 30% from the previous rate of 10% to encourage local production. These steps taken by the government are expected to reduce the influx of substandard lubricants in the market, especially the ones which enter the country through imports.

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The lubricants market in Nigeria is expected to grow at a great pace on account of increasing purchasing power of people and increasing demand for synthetic lubricants in the country, retrofitting of old ships to keep them operational along with the rising marine trade, rising prominence of the middle class in Nigeria and the consequent boost in vehicle sales.

With an expanding industrial base and surges in population, the power demand will further increase, thus increasing the demand for lubricants, especially engine oils.

Analysts at Ken Research in their latest publication "Nigeria Lubricants Market Outlook to 2022 - By Type of Lubricant (Engine Oil, Industrial Oil, Transmission Oil, Marine Oil, Grease and Specialty Lubricants), Applications (Automotive and Industrial) and Region (Lagos, Northern Nigeria, Eastern Nigeria and Western Nigeria)" believe that upgrading of technology to keep up with innovations in global trends, improvement in marketing and branding of lubricants, introduction of base oil refining and used oil processing, increasing regulations in Nigeria lubricants market, collaboration with transportation companies, increasing knowledge of consumers and providing better quality lubricants at lower costs will aid the manufacturers of lubricants in Nigeria to grow and achieve higher profits.

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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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