Market Trends of russia lubricants Industry
This section covers the major market trends shaping the Russia Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the automotive industry dominated the Russian lubricants market, accounting for over 45% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive sector witnessed a gradual growth.
- In 2020, COVID-19-related restrictions led to a decline in the maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 15.7% during the year, followed by heavy equipment (11.4%).
- Heavy equipment is likely to be the fastest-growing end-user industry of the Russian lubricants market during 2021-2026, with a CAGR of 2.94%, followed by automotive (2.31%). The expected recovery in investments and completion of construction and mining projects, along with the projected rise in commercial vehicle sales, are likely to drive the market growth.
Understand The Key Trends Shaping This Market
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