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Egypt lubricants market is expected to grow at a CAGR less than 2%

New York, July 28, Jul 28, 2020 (GLOBE NEWSWIRE via COMTEX) -- announces the release of the report "Egypt Lubricants Market - Growth, Trends, and Forecast (2020 - 2025)" -

On the flip side, the recent decline in the sales of new vehicles had an impact on the growth of the market studied to some extent.

- Increasing demand from wind energy sector country is likely to provide a major growth opportunity for the market studied during the forecast period.

- Engine oil segment dominated the market and is expected to continue its dominance during the forecast period.

Scope of the Report

Key Market Trends

Increasing Demand for Engine Oil

- Engine oil is widely used to lubricate internal combustion engines, and it is generally composed of 75-90% base oils and 10-25% additives.

- It is typically used for applications, such as wear reduction, corrosion protection, and smooth operation of engine internals. It functions by creating a thin film between the moving parts, for enhancing the transfer of heat and reducing tension during the contact of parts.

- High-mileage engine oil is in high demand at present, owing to the properties that help in the prevention of oil leaks and reduction of oil consumption.

- The automotive production and sales in the country have been increasing significantly from the past few years, due to its low labour cost and continuous rising population. Therefore, the automotive producers are continuously investing in new facilities in the country. However, in 2019, the sales declined by almost 6%, but it is expected to grow further during the forecast period.

- Such investments are expected to contribute in the demand of engine oils in the country from the automotive industry.

Power Generation Segment to Witness Lucrative Growth Rate

- Power generation is one of the most important sectors of the global economy, without which, almost all manufacturing operations may cease. Wind turbines are subject to many factors, such as humidity, high pressure, high loads, vibrations, and temperature. Gear and turbine oils are widely used in this sector for lubrication purposes.

- In general, the cost of lubricants accounts for less than 5% of a power generation company's total operational expenditure. About 58% of the companies recognized that lubricant selection can help reduce the costs by 5% or more, but fewer than 1 in 10 (8%) companies realized that the impact of lubrication may be up to six times greater.

- The country has seen a rapid growth in the electricity consumption over the past few years, which increased from 60.5 terawatt hours (TWh) in 2000 to almost 170 TWh in 2018. The growth is mainly driven by the increasing use of electric and electronic equipment in the residential sector, as well as the growth in the industrial sector.

- Additionally, the country aims to meet a rising electricity demand of 6% annually, for improving the quality of providing public services. The country has 2010-2020 overall plan, to increase the generating capacity by 30,000 MW, almost doubling the present electricity generation.

- Such growing investments in the country are expected to drive the market for lubricants in the power generation sector in Egypt.

Competitive Landscape

The market studied is highly consolidated among the top six players. The top companies have been utilizing competitive strategies and investments to retain and expand their shares. The key players, namely, ExxonMobil, Copetrole, Misr Petroleum Company, Royal Dutch Shell PLC, and Total, are accounting for more than 80% of the market studied.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format

- Report customization as per the client's requirements

- 3 months of analyst support

Read the full report:

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