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The African lubricant market is expected to grow at a moderate rate during the forecast period, 20182023. The major factors driving the growth of the market are the increasing vehicular production along with the growing industrial sector.
Lubricants are majorly used in the industrial sector for the proper functioning of machines. Lubricants are available in liquid, semifluid, or solid state, and possess various characteristics, such as, high viscosity index, high level of thermal stability, low freezing point, and high boiling point, all of which help to reduce friction between surfaces of machine parts and the rate of wear, without compromising operational efficiency.
Used Vehicles Driving the Market
The major driver for the African lubricant market is the increasing demand for group I base oils, especially in Western Africa countries, like Nigeria. West African counties are dominated by a high number of used vehicles and the countries mainly produce low cost products for the vehicles, which adds demand to group I base oils. In addition, growing investments in car manufacturing are also fuelling the demand.
Synthetic Lubricants a Potential Segment
Based on base stock, the lubricant market has been divided into mineral oil, synthetic, semisynthetic, and biobased lubricants. Synthetic lubricants are expected to show great potential, especially in countries like South Africa, as they extend the engine life significantly along with the increasing oil change time. On the basis of product type, the market has been further segmented into engine oil, transmission hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and others. Engine oil is the most widely used lubricant, accounting for more than half of the market share.
Key Developments in the Market
December 2017: Fuchs Lubricants, South Africa is planning to set up a Lubritech Division, which will be effective from January 1st 2018.
November 2017: Oryx Energies completed acquisition of 75.01% stake in Atlas Energy Limited, Gambia Atlas expanding their network in Gambia.
Major Players: CONOIL PLC, EXXONMOBIL, COOPERATION PETROLEUM CO., MISR PETROLEUM CO., SHELL amongst others.
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