Breaking News Africa

« »

Friday, October 28, 2016

Automotive Lubricants Market in Nigeria and South Africa Receives A Boost

Automotive Lubricants Market in Nigeria and South Africa Receives A Boost

CAPE TOWN, South Africa, Oct. 27, 2016 /PRNewswire/ -- Nigeria and South Africa rely heavily on imported raw materials for automotive lubricants. However, the volatility of oil prices and the devaluating currencies in both countries is set to provide a huge boost to the local production of automotive lubricants. A combined market of $2.14 billion is driven mainly by the demand for engine oils, but there has been a perceptible rise in end-user demand for other lubricants like transmission oil, gear oil and coolants.

The hike in demand for lubricants stems from a rising prominence of the middle class in both countries, which has boosted vehicle sales. Nigeria's motorisation rate is 8.5% per annum and is tied to the country's gross domestic product (GDP), which has increased by 7% in the past decade. Meanwhile, South Africa is a well-established vehicle manufacturing hub in Africa and this sector is expected to flourish over the next three to seven years, translating to a more expansive market for automotive lubricants.

Analysis of the Automotive Lubricants Market—Nigeria and South Africa is part of the Future of Chemicals & Materials in Infrastructure & Mobility Growth Partnership Service program, which also covers construction chemicals and materials including paints and coatings, industrial adhesives, cement and cement additives, thermal insulation, and lubricants.

Click here to read the complete report.

No comments: