Market Trends of africa lubricants Industry
This section covers the major market trends shaping the Africa Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the African lubricant market was dominated by the automotive industry, which accounted for around 55% of the total lubricant consumption in the region. During 2015-2019, lubricant consumption in the automotive industry increased by around 8.6%.
- In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the heavy equipment industry, which recorded a dip of 5.05%, followed by automotive (4.7%), during the year.
- Power generation is likely to be the fastest-growing end-user industry of the market studied, with a CAGR of 4.8% over the period 2021-2026, followed by automotive (4.13%). The growing capacity addition of power generation in the country is likely to drive the consumption of lubricants in the power generation industry.
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Largest Country : Egypt
- In 2020, Egypt was the leading consumer of lubricants in the African region, accounting for around 26.5% of the total consumption. During 2015-2019, lubricant consumption in Egypt increased by around 13.5%.
- In 2020, the COVID-19 outbreak restrained the operations of several industries and their lubricant consumption across the African region. South Africa was the most affected, with an 8.9% drop in its lubricant consumption during 2019-2020, followed by Egypt with a 4.64% drop.
- Morocco is likely to be the fastest-growing lubricants market in Africa during the forecast period, with a CAGR of around 4.8%. The recovering vehicle production, sales, and growing industrial capacities are likely to drive the growth of lubricants in Africa in the coming years.
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