Nov 1, 2019   SOURCE: BusinessWire

Ivory Coast Lubricants Market Outlook to 2023 by Origin, Automotive Lubricants and Industrial Lubricants, Automotive and Industrial End Users and Channels of Distribution - ResearchAndMarkets.com

The "Ivory Coast Lubricants Market Outlook to 2023 - By Origin (Mineral, Semi-Synthetic and Synthetic), By Automotive Lubricants and Industrial Lubricants, By Automotive and Industrial End Users and By Channels of Distribution" report has been added to ResearchAndMarkets.com's offering.

The report covers various aspects including introduction on Ivory Coast lubricants market, value chain, market size by revenue as well as sales volume, overall lubricants market segmentation by origin, by type of automotive as well as industrial lubricants, by end users and by channels of distribution; competition scenario in the industry, shares and company profiles of major players in the market, growth drivers, trends and developments, issues and challenges in the lubes market and the regulatory framework of the industry. The report concludes with market projection for future described above and analyst recommendations highlighting the major opportunities and cautions.

Ivory Coast Lubricants Market Overview and Size

The lubricants market of Ivory Coast was observed to be in its growth stage majorly due to rapid industrialization and growing sales volume of vehicles in the country thereby, driving the demand for lubricants in the country. Presently, the Ivory Coast lubricants market is importing base oil due to lack in terms of technology to extract base oil from crude oil. Over the past few years, the country has witnessed a high demand for mineral based lubricant type owing to their low economical price range especially in the automotive segment, where majority of the sales of automotive lubricants took place through OEM networks in the country. The market observed a robust growth in terms of production volume and consumption in domestic market over the review period.

Ivory Coast Lubricants Market Segmentation

By Origin (Mineral, Semi-Synthetic, and Synthetic): Mineral based lubricants in the Ivory Coast lubricants market dominated as the lube type is available at a lower price which induces end users to pick mineral lubricants over synthetic and semi-synthetic lubricants.

By Application (Automotive and Industrial): Automotive lubricants had a greater presence in Ivory Coast on the basis of sales volume in 2018. Passenger car vehicles and commercial vehicles were the dominant category under automotive lubricants market. On the other hand, industrial lubricants had limited presence in the country.

Ivory Coast Automotive Lubricants Market Segmentation

By Application (Passenger Car Motor Oils, Heavy Duty Diesel Engine Oils, Hydraulic Oils, Greases, Gear Oils and Transmission Fluids): Passenger car motor oils were witnessed to dominate the automotive lubricants market of Ivory Coast, followed by heavy duty diesel engine oils in the year 2018. Passenger car engine oil was on the top of chart for the reason that the car sales increased at a very high rate.

By Automotive End Users (Passenger Vehicle Lubricants, Commercial Vehicle Lubricants, Marine Lubricants and Aviation Lubricants): Passenger vehicles were the biggest consumers of automotive lubes over the years as the per capita income of people of Ivory Coast has increased thus, leading to increase sales of passenger vehicles in the country. Expansion in the marine and aviation sector lead to increase in consumption of aviation and marine lubricants.

By Channel of Distribution (OEM Workshops/Service Stations/Local Workshops, Retail Stores and Dealer Network): OEM workshops, service stations, local shops and other retail stores accounted the maximum sales of automotive lubricants in the Ivory Coast as they are a one stop destination for multiple automotive maintenance services. On the other hand, dealer network had a limited presence in terms of auto lubes in the country.

Ivory Coast Industrial Lubricants Market Segmentation

By Application (Hydraulic Oils, Industrial Gear Oils, Turbine Oils, Compressor Oils, Greases and Transformer Oils): Within industrial lubricants segment in the Ivory Coast, hydraulic oil had a major presence in the country. Hydraulic oils help in lubricating machines which convey smooth transmission of power across different parts of the machinery. Other industrial lubes include industrial gear oil, turbine oil, compressor oil, greases and transformer oil.

By Industrial End Users (Construction, Power Generation, Manufacturing and Others): Power generation, mining and quarry sector accounted for a higher share in Ivory Coast industrial lubricants market followed by the construction sector in 2018. Industrialization was the main driving factor of increased use of lubricants in power generation, mining and quarry sector.

By Channel of Distribution (Direct Sales and Dealer network): Companies in the Ivory Coast prefer selling lubricants directly to end-users and customers then via dealers as payments are highly irregular from dealer network.

Ivory Coast Lubricants Market Competitive Landscape

Competition stage in Ivory Coast lubricants market was witnessed to be moderately concentrated along with the presence of two major groups GPP (Group of Petroleum professionals) and APCI (Professional Association of Oil companies in Ivory Coast). GPP consist of companies such as Total, Vivo Energy, Corylay, Oryx Energy, Ola Energy and Petro Ivorie, out of which Total and Vivo dominate the country's lubes market in the year 2017. On the other hand APCI consists of 16 small companies.

Ivory Coast Lubricants Market Future Outlook

The Ivory Coast lubricants market is expected to grow at a positive double digit CAGR during the forecast period 2018-2023. Growth in the market is expected to be driven by government investment in infrastructure and growth in the industrial sector. Also, positive developments in the automotive sector, such as increasing sales of passenger vehicles and the MoU signed by Airbus and the Government of Ivory Coast, will also augment the growth in the market. Increase in usage of automotive and industrial machinery in the country and the growing purchasing power of customers are expected to positively drive lubricant sales in the Ivory Coast.

By Application (Automotive and Industrial): In terms of application, it is expected that automotive lubricants will still be the leading category in the country however, the share of industrial lubricants will grow in the near future. Within the automotive segment, it is expected that passenger vehicles will still account for the highest share whereas power generation/mining/quarrying will be the leading category under the industrial lubricants segment over the long term.

Companies Mentioned

  • APCI
  • Corlay
  • GPP
  • Libya Oil
  • Mobil
  • Oryx Energies
  • Petro Ivorie
  • Total
  • Vivo

For more information about this report visit https://www.researchandmarkets.com/r/yda8i3