Bulgaria Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Bulgaria Lubricants Market Analysis
The Bulgaria lubricants market is expected to register a CAGR of more than 2% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is estimated to have reached pre-pandemic levels and is forecasted to grow steadily.
- The rising automotive sector is expected to fuel market expansion over the projection period.
- On the other hand, the increasing penetration of electric vehicles is likely to hamper the market growth.
- However, the growing investments and government plan to support shall create market opportunities in the country.
Bulgaria Lubricants Market Trends
This section covers the major market trends shaping the Bulgaria Lubricants Market according to our research experts:
Rising Automotive Industry
- Lubricants are used extensively in the automotive sector to protect the gear teeth from breakage due to friction and ensure the smooth and efficient functioning of the vehicle.
- Engine designs are continually improved to enhance performance, increase efficiency, and meet environmental emission regulations.
- With the rising enactment of stringent environmental, fuel-efficiency, and emission norms, manufacturers are focusing on developing eco-friendly and improved lubricants (with long service life) designed specifically for heavy-duty vehicles. It is boosting the high-performance lubricant demands.
- Engine oils, gear oils, transmission oils, greases, and compressor oils are the most widely used lubricants in light-duty vehicles, including two-wheelers and passenger cars.
- According to the European Automobile Manufacturers Association (ACEA), Bulgaria witnessed the highest sales increase among all the Member States. About 28,684 new cars were registered, representing an increase of 16.9% in 2021.
- Furthermore, the country also witnessed growth in sales every month. In December 2022, 2,009 new cars were registered, registering an increase of more than 12% compared to December 2021.
- Thus, owing to all the factors above, the automotive sector will likely increase the lubricant demand in Bulgaria during the forecast period.
Rise in Demand from Engine Oil
- Engine oils are widely used for lubricating internal combustion engines in different types of automobiles. They are generally composed of base oils and additives.
- The base stock is either made using petroleum, synthetic chemicals, or both. The base stock is responsible for lubricating the engine's moving parts and removing the excess built-up heat.
- Various additives added in engine oils include oxidation inhibitor additives, dispersant additives, detergent additives, anti-foaming additives, viscosity index modifiers, anti-wear additives, corrosion inhibitor additives, and anti-freeze additives. It controls the oil viscosity and lubricity and protects the engine parts against wear and tear.
- Some of the significant functions offered by engine oils are resistance against corrosion and wear and tear to ensure increased engine life and better performance; friction reduction; increased engine performance; fuel consumption reduction; impurities removal and achieve engine cleanliness; optimize engine efficiency; and prevent energy loss by providing optimum cooling.
- The country witnessed a gradual increase in the number of on-road vehicles, including passenger, commercial cars, and motorcycles, registering a CAGR of more than 1 % for 2021-2026. Thus increasing the demand for engine oils in the country.
- Thus, owing to all the factors above, the engine oil segment is projected to dominate the lubricants market in Bulgaria throughout the forecast period.
Bulgaria Lubricants Industry Overview
The lubricants market in Bulgaria is consolidated in nature. Some of the major players in the market include BP Plc (Castrol), TotalEnergies, ExxonMobil Corporation, Prista Oil, and Shell plc, among others (in no particular order).
Bulgaria Lubricants Market Leaders
BP Plc (Castrol)
TotalEnergies
ExxonMobil Corporation
Prista Oil
Shell plc
*Disclaimer: Major Players sorted in no particular order
Bulgaria Lubricants Market News
- November 2022: Bulgaria will allow a Black Sea refinery owned by a Russian oil company to keep exporting and operating oil products to the EU till 2024. The deal between Bulgaria and Lukoil, a Russian-based company, will give EUR 350 million (USD 368.83 million) to Bulgaria's budget.
- June 2022: Insa Oil, the Bulgarian petroleum products maker, set up Insa Oil Inc SA, an equally-held joint venture with the US energy investment fund Focal Point Energy. This joint venture aims to boost its footprint in Southeast Europe (SEE) markets and develop clean energy products across the region.
Bulgaria Lubricants Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Automotive Industry
4.1.2 Other Drivers
4.2 Restraints
4.2.1 The Growing Penetration of Electric Vehicles
4.2.2 Other Restraints
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Engine Oils
5.1.2 Transmission And Gear Oils
5.1.3 Hydraulic Fluid
5.1.4 Metalworking Fluid
5.1.5 Greases
5.1.6 Other Product Types
5.2 End-user Industry
5.2.1 Power Generation
5.2.2 Automotive
5.2.3 Heavy Equipment
5.2.4 Metallurgy And Metalworking
5.2.5 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AVIA International
6.4.2 Prista Oil
6.4.3 Lukoil
6.4.4 Shell Plc
6.4.5 Total Energies SE
6.4.6 BP Plc (Castrol)
6.4.7 Exxon Mobil Corporation
6.4.8 Eni
6.4.9 Chevron Corporation
6.4.10 Motul
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Investments and Government Plans to Support Industrial Growth in the Country
Bulgaria Lubricants Industry Segmentation
Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. The Bulgaria lubricants market is segmented by product type and end-user industry. The market is segmented by product type: engine oils, transmission and gear oils, hydraulic fluid, metalworking fluid, greases, and other product types. The market is segmented by end-user industries: power generation, automotive, heavy equipment, metallurgy and metalworking, and other end-user industries. For each segment, the market sizing and forecasts have been provided based on volume (million liters).
| Product Type | |
| Engine Oils | |
| Transmission And Gear Oils | |
| Hydraulic Fluid | |
| Metalworking Fluid | |
| Greases | |
| Other Product Types |
| End-user Industry | |
| Power Generation | |
| Automotive | |
| Heavy Equipment | |
| Metallurgy And Metalworking | |
| Other End-user Industries |
Bulgaria Lubricants Market Research FAQs
What is the current Bulgaria Lubricants Market size?
The Bulgaria Lubricants Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Bulgaria Lubricants Market?
BP Plc (Castrol), TotalEnergies, ExxonMobil Corporation, Prista Oil and Shell plc are the major companies operating in the Bulgaria Lubricants Market.
What years does this Bulgaria Lubricants Market cover?
The report covers the Bulgaria Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bulgaria Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bulgaria Lubricants Industry Report
Statistics for the 2024 Bulgaria Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bulgaria Lubricants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
