Market Size of Sri Lanka Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 64.31 Million liters |
| Market Volume (2029) | 60.45 Million liters |
| CAGR (2024 - 2029) | -1.23 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Srilanka Lubricant Market Analysis
The Sri Lanka Lubricants Market size is estimated at 64.31 Million liters in 2024, and is expected to decline to 60.45 Million liters by 2029.
- Due to government-imposed lockdowns and limitations, the market in the country has witnessed a dramatic decline during the COVID-19 epidemic. The automobile sector had a slump in 2021 as a result of a car import restriction and the closure of some factories owing to environmental concerns. The market is expected to see an upward trend in the forecasted years.
- Increasing usage of lubricants in automobiles and increasing demand from the agricultural machinery sector are driving market growth. Reduced mining and building activity are projected to stifle market growth. The development of bio-based lubricants is expected to act as an opportunity for the market studied.
Srilanka Lubricant Industry Segmentation
Lubricant products are made from a combination of base oils and additives. Base oils possess lubricating properties and make up to 90% of the final lubricant product.
The market is segmented by product type and end-user industry. By product type, the market is segmented into engine oil, transmission and gear oils, hydraulic fluid, metalworking fluid, gear oil, grease, and other product types. By end-user industry, the market is segmented into power generation, automotive and other transportation, heavy equipment, metallurgy and metalworking, and other end-user industries.
For each segment, The report offers market size and forecasts in volume (million liters) for all the above segments.
| Product Type | |
| Engine Oil | |
| Transmission and Gear Oils | |
| Metalworking Fluid | |
| Hydraulic Fluid | |
| Grease | |
| Other Product Types |
| End-user Industry | |
| Power Generation | |
| Automotive and Other Transportation | |
| Heavy Equipment | |
| Metallurgy and Metalworking | |
| Other End-user Industries |
Sri Lanka Lubricants Market Size Summary
The Sri Lanka lubricants market is experiencing a dynamic phase, influenced by various economic and industrial factors. The market, which faced significant challenges during the COVID-19 pandemic due to government-imposed lockdowns and restrictions, is anticipated to recover and show growth in the coming years. The automotive sector, despite earlier setbacks from car import restrictions and factory closures, is expected to drive demand for lubricants, particularly engine oils, which are crucial for vehicle maintenance and efficiency. Additionally, the agricultural machinery sector's increasing reliance on advanced equipment is likely to boost lubricant consumption, as these products are essential for protecting machinery from wear and tear. However, reduced activities in mining and construction may pose challenges to market expansion. The development of bio-based lubricants presents a promising opportunity for growth, aligning with global trends towards sustainability.
The market landscape in Sri Lanka is characterized by a consolidated structure, with a few major players such as Chevron Ceylon Limited, Indian Oil Corporation Limited, and Laugfs Holdings Limited dominating the scene. These companies play a pivotal role in shaping the market dynamics through their extensive product offerings and strategic initiatives. Engine oils, a key segment within the lubricants market, are widely used across various industries, including automotive and heavy-duty equipment, due to their essential functions such as lubrication, cooling, and protection against corrosion. The increasing vehicle population in Sri Lanka further underscores the growing demand for lubricants, as more vehicles on the road translate to higher consumption of engine oils and other lubricants. As industrial investments continue to rise, the market is poised for further growth, driven by both domestic demand and the strategic actions of major market players.
Sri Lanka Lubricants Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Usage of Lubricants in Automobiles
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1.1.2 Increasing Demand from Agricultural Machinery Sector
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Decreasing Mining and Construction Activities
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porters Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Product Type
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2.1.1 Engine Oil
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2.1.2 Transmission and Gear Oils
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2.1.3 Metalworking Fluid
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2.1.4 Hydraulic Fluid
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2.1.5 Grease
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2.1.6 Other Product Types
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2.2 End-user Industry
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2.2.1 Power Generation
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2.2.2 Automotive and Other Transportation
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2.2.3 Heavy Equipment
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2.2.4 Metallurgy and Metalworking
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2.2.5 Other End-user Industries
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Sri Lanka Lubricants Market Size FAQs
What is the current Sri Lanka Lubricants Market size?
In 2024, the Sri Lanka Lubricants Market size is expected to reach 64.31 million liters.
Who are the key players in Sri Lanka Lubricants Market?
Chevron Ceylon Limited, Indian Oil Corporation Limited, Laugfs Holdings Limited, ExxonMobil Asia Pacific Pte and Bharat Petroleum Corporation Limited are the major companies operating in the Sri Lanka Lubricants Market.
