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Africa Lubricants Market to Record Rapid Revenue Growth from 2020 to 2024 | BP PLC, Chevron Corporation, Conoil PLC, Coperative Soceite Des Petroleum (Co-op), Engen Petroleum Ltd, ExxonMobil Corporation

07-30-2020 12:56 PM CET | Associations & Organizations

Press release from: Market Insights Reports

Africa Lubricants Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

The African lubricants market is expected to register a CAGR of 2.64% during the forecast period, 2019 - 2024. This market is driven by the factors, such as stringent environment regulations against emissions, and modest impact of electric vehicles (EVs) in the future is expected to be a hurdle to the growth of the market.

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Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-

BP PLC, Chevron Corporation, Conoil PLC, Coperative Soceite Des Petroleum (Co-op), Engen Petroleum Ltd, ExxonMobil Corporation, Forte Oil PLC, FUCHS, Hass Petroleum, Kenolkobil Limited, Libya Oil Holdings Limited, MISR Petroleum, MRS Oil Nigeria PLC, Oando PLC, Royal Dutch Shell PLC, Sasol Ltd, Total SA, Vivo Energy

- Increasing demand from the automotive and manufacturing industries is expected to drive the demand for the market studied during the forecast period.
- Increasing drain intervals in the automotive and industrial sectors is likely to hinder the markets growth.
- Developments in synthetic and bio-based lubricants is projected to act as an opportunity for the market in the future.

Key Market Trends-

Increasing Demand from the Growing Power Generation Sector (Wind Energy Sector)

- According to the energy ministry of South Africa, there was a huge boom in the South African wind and renewables sectors, owing to the emission regulations set by Paris Climate Pact.
- The lubricant requirements in wind turbine gearboxes are more stringent, when compared to other industrial gear oils. This is because of the high temperatures, bearing wear, corrosion and oxidation, and load weights involved during the process of power generation.
- There is an increasing demand for synthetic gear oils in wind turbines, due to their enhanced properties, over their mineral-based counterparts, owing to the performance additives used during the formulation of synthetic oils, as per requirement.
- Despite facing competition from solar power generation, the wind power sector is expected to continue its growth during the forecast period. This, in turn, is expected to boost the demand for gear oil in a significant manner.

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South Africa to Experience Continued Growth

- South Africa is the largest market of the African region and is expected to grow at stagnant growth rate over the forecast period.
- The South African automotive sector is the largest manufacturing sector in the region. Automotive sector has a stronghold in the domestic market by continuous investments by major manufacturers of automotive vehicles.
- The country has become a hub of operations for major players, such as Shell, Engen, BP/Castrol, Total Lubricants, and Chevron. The demand for synthetic-based lubes is likely to surge amid the increasing demand of these lubricants for new cars, as they extend the life of the engine significantly, and also increase the oil change time.
- The transportation sector is expected to play a vital role in the mineral oil-based lubricants demand growth.
- These factors are driving the lubricants market over the forecast period in South Africa.

Major points covered in this research are:-
Lubricants Market Overview, Segment by Type (Product Category), by Application, by Region (2019-2024), Competition by Manufacturers
Africa Market Size (Value) of Lubricants (2019-2024)
Africa Lubricants Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2019-2015)
Africa Lubricants Production, Revenue (Value), Price Trend by Type
Africa Lubricants Market Analysis by Application
Africa Lubricants Manufacturers Profiles/Analysis
Lubricants Manufacturing Cost Analysis
Industrial Chain, Sourcing Strategy and Downstream Buyers
Marketing Strategy Analysis, Distributors/Traders
Market Effect Factors Analysis
Africa Lubricants Market Forecast (2019-2024)
Competitive Landscape
Research Findings and Conclusion

Finally, this Lubricants report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Lubricants product development and gives an outline of the potential Africa market.

Contact US:

Irfan Tamboli (Sales)

Phone: + 1704 266 3234

Mob: +91-750-707-8687

sales@marketinsightsreports.com

irfan@marketinsightsreports.com

MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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