Market Size of Singapore Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Lubricants Market Analysis
The Singapore lubricants market is expected to witness a CAGR of over 3% during the forecast period.
The COVID-19 outbreak in 2020 and the first half of 2021 significantly affected the industrial and automotive sectors, caused major production disruptions, and negatively affected customers' purchasing power in Singapore, limiting the Singapore lubricants market growth. However, the industry recovered well in 2022, as the situation became normal. The number of motor vehicles on the road in the country was 988,755 units by the end of 2022.
- Over the medium term, one of the major factors driving the market studied is the growing demand for new automotive vehicles.
- On the flip side, the growing adoption of electric vehicles will likely hinder the market's growth.
- Furthermore, the increasing adoption of bio-based lubricants is likely an opportunity.
- The automotive and other transportation industries dominated the market, expected to grow during the forecast period.
