North Africa Automotive Lubricants Market to Grow a CAGR of Around 4.5% During 2024-30

The North Africa Automotive Lubricants Market is anticipated to grow at a CAGR of around 4.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The factors responsible for the increasing oil & grease demand are rising vehicle sales, the increasing establishment of manufacturing facilities, the inclination towards bio-based lubricants, etc. In recent years, the economy of a few of the countries has substantially increased, resulting in higher per capita expenditure of consumers. This, in turn, made the automobiles more affordable to the end-users and they increasingly bought the vehicles for their transportation. The extensive usage of the vehicles creates friction in the engine, negatively affecting the operational efficiency of the vehicle. Thus, to maintain the longevity of the automobile, the end-users use the lubricants, supporting the market growth & expansion.

Moreover, the North African nations have flexible corporate laws, making these countries ideal for setting up production units. Thus, several manufacturers are establishing their units across the region. The construction of the manufacturing facilities augments the demand for heavy commercial vehicles to transport goods & building materials. Consequently, amplifying the requirement for grease to ensure the adequate functioning of the engine and enlarging the market size & volume.

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Along with this, consumers are becoming more aware of the environment and looking for sustainable & chemical-free alternatives to lubricants. Thus, they are actively transitioning towards bio-based lubricants. Additionally, they provide superior performance and are more fuel-efficient, making them an ideal choice for customers looking for economically viable solutions. Also, several companies are signing up for corporate sustainability goals, owing to which they are choosing products that do not negatively impact the environment. This, increasing shift towards eco-friendly solutions, would continue to uplift the demand for bio-based automotive lubricants in the upcoming years, further states the research report, “North Africa Automotive Lubricants Market Analysis, 2024.”

North Africa Automotive Lubricants Market Segmentation Analysis

Passenger Cars Segment Seized the Largest Share

Based on the vehicle type, the market is further bifurcated into, two-wheelers, passenger cars, commercial vehicles, and off the road (OTR) vehicles. Of them all, the passenger cars segment holds a substantial market share due to their increasing sales. Several African countries have limited regulations regarding the age limit of the vehicles, owing to this, the consumers in these countries use vehicles aged above 10 years. The old & used vehicles are in dire need of regular maintenance to provide better mileage. Thus, the end-users regularly use engine oil or grease to lubricate their cars, enhancing market size.

Also, few nations have limited public transportation facilities, making it essential for consumers to buy their vehicles. Customers usually prefer the cars due to the appropriate size and multi-functionalities. Thus, the higher sales & usage of the cars are uplifting their market share.

Egypt Leads the North Africa Automotive Lubricants Industry

Egypt leads the market due to the increasing number of on-road vehicles in the country. The nation is emerging as a hotspot & traveling destination, owing to which the arrival of foreign travelers is increasing. The surge in inbound tourism is accentuating the need for taxi rental services since foreigners usually prefer taxis over other public transportation. The customers travel a wide range of distances with these rentals causing higher friction in the engine. Thus, there is a higher need for lubricants to minimize the risk of premature vehicle failure.

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Additionally, e-commerce in the country is increasing exponentially due to which the need for trucks & pickup vans is increasing to ensure timely delivery of the products. This, in turn, is positively augmenting the growth of the Egypt Automotive Lubricants Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including TotalEnergies SE, Shell International B.V., Rubis Energie, Exxon Mobil Corporation, Misr Petroleum, Castrol Limited, Chevron Alkhalij, Rymax Lubricants, PetroMix Company, Egyptian Company for Oil & Grease, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various countries?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

 

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