African Engine Oil Market to Reach 870, 710 kilo liters by 2024 - Hexa Research
The African Engine Oil Market is expected to reach around 870, 710.3 kilo liters by 2024. Rise in ‘automobile’ sales across Algeria, Egypt, South Africa, and Morocco should drive the market in the coming eight years (2016 to 2024). Moreover, increasing consumer spending capacities can augment market growth.
The African engine oil market is also expanding due to the availability of ‘high performance’ raw materials, like group II and III base stocks. Base oil production was over 51% in the recent past. Of this, some was imported, while around 20% completed using recycled base.
The African engine oil market is projected to experience higher demand owing to expansion across the industries of mining, steel, cement, & construction. Low grade lubricants such as API (American Petroleum Institute) CC/CDS & CFs are widely used in Africa. However, the demand for high quality base oils is steadily rising. The African market is bifurcated on the basis of applications and regions.
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Applications include passenger vehicles and commercial vehicles. The former segment held majority shares in the past. Sales channels of passenger & commercial vehicles comprise garages, workshops & servicing centers; original equipment manufacturers (OEMs); and others (like independent retailers).
Other applications; like industrial dominated in 2014, with shares exceeding 45%. Automotive applications generated over 40% shares the same year. The remaining shares were occupied by aviation and marine industries.
Independent workshops were the preferred & leading sales channel for passenger vehicles. This preference was attributed to cheaper and faster services offered by these workshops as opposed to OEMs.African nations; like Egypt, Algeria, Nigeria, South Africa, Morocco, and Sudan accounted for over 70% of the total volumes in 2014. Egypt produced around 20% of the regional volumes that year.
However, Nigerian lubricants accounted nearly 8.2% of the overall volumes. African automotive sales stood over 1.6 million units in 2013, with over 21 million units of passenger cars operating there.Transportation spending worth USD 500 billion has been planned for African regions. This is expected to make way for the automobile industry. Nigeria and Egypt are the most populous African nations.
These countries have witnessed rapid economic growth, promoting industrialization. Escalating regional ‘middle-class consumer spending’ capacities along with lubricants’ expansion are likely to impel market revenues in the near future.
South Africa was the leading nation with regards to automobile sales (over 650 thousand units) in the recent past. Automotive lubricant prices remained imperative for client-buying decisions. Other factors that contributed for the same were after sales services, branding, motor mechanic services, and spare part distribution.Conversely, the South Africa engine oil industry observes the participation of multinational companies; such as Shell, Castrol, and Chevron. The current oil blending capacity of this country exceeds domestic demand.
Moreover, South Africa has major petrochemical companies and over ten blending plants that are profiting from wholly owned oil blending units. The African engine oil market is moderately consolidated. Some of its key players are Total S.A., Castrol, Royal Dutch Shell Plc., and Chevron Corporation. The others encompass ExxonMobil, Conoil Plc, Forte, and Oando Plc.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.