Market Trends of Bulgaria Lubricants Industry
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.
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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.
