Market Trends of nigeria lubricants Industry
This section covers the major market trends shaping the Nigeria Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the automotive industry dominated the Nigerian lubricants market, accounting for over 44% of the total lubricant consumption. During 2015-2019, lubricant consumption in the automotive industry increased by 4.2%.
- In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 5.9% during 2019-2020, followed by heavy equipment (4.7%).
- Power generation is likely to be the fastest-growing end-user industry of the Nigerian lubricants market during 2021-2026, with a CAGR of 5.39%, followed by metallurgy and metalworking (5.2%). The growing vehicle sales and production are likely to drive the consumption of lubricants in the automotive industry in the future.
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