Market Overview The market for Morocco lubricants market is expected to grow at a CAGR less than 3% during the forecast period. The major factor driving the growth of the market studied is the positive automotive outlook.
New York, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Morocco Lubricants Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05865858/?utm_source=GNW
On the flipside, the modest impact of electric vehicles in the country is projected to hinder to the growth of the market studied to some extent.
- Stable economic performance, growth in foreign investments, growth in the food and beverage sector, growth in construction, and the increasing manufacturing activities in Morocco are expected to act as opportunities for the lubricants market.
- Engine oil segment dominated the market and is expected to continue its dominance during the forecast period.
Scope of the Report
The Morocco lubricants market report include:
Key Market Trends
Automotive Segment to Drive the Market
- Automotive and other transportation media, such as aircraft and marine, are the largest markets for lubricants.
- Engine designs have been continually improved to enhance performance, increase efficiency, and meet the environmental emission regulations.
- Light-duty vehicles include two-wheelers and passenger cars. Engine oils, gear oils, transmission oils, greases, and compressor oils are the most widely used lubricants in these automobiles. Lubricants have a good share in the aftermarket and among OEMs.
- The automotive industry is one of the pillars of the country’s economy. Several international companies are investing in the industrial zones, such as Tangier and Kenitra.
- The automotive production in the country has increased at a rapid rate, over the past five years.
- PSA and Renault-Nissan are the major automobile manufacturers in the country. The country which manufactures one car every 90 seconds aims to produce 500,000 cars in 2020 and plans to produce 1,000,000 cars per year by 2023.
- In 2019, the passenger cars and commercial vehicles, especially light commercial vehicles, sales have witnessed increase. Due to such trends, the demand for lubricants from the automotive aftermarket is also likely to witness an upsurge in demand in the coming years.
Greases Segment to Witness Lucrative Growth Rate
- Grease seals out contaminants, easily suspends solid additives, reduces noise, and is suitable for intermittent operations. Greased machinery consumes less power and significantly helps to reduce wear and tear.
- The demand from the automotive sector contributes significantly to the grease market. According to the National Lubricating Grease Institute (NLGI), NLGI 2 grade grease is widely preferred for automotive applications.
- The demand for grease from the automotive segment in Morocco is increasing, as the country is witnessing double digit growth in production and significant increase in sales every year. As it is used more frequently for small applications in the industry, the demand for greases from the automotive industry is expected to increase.
- Automotive greases are used to lubricate the chassis, suspension, and steering. Additionally, automotive greases can be classified based on their GC and LB ratings
- In the industrial segment, the demand for grease is increasing from the iron and steel industry, where it is used in frequent intervals during the operations.
- Such aforementioned factors are expected to incur demand for industrial greases, during the forecast period.
The market studied is highly consolidated among the top eight players. The top companies have been utilizing competitive strategies and investments to retain and expand their shares. The key players, namely Vivo Energy (Shell), Total, Afriquia, Petromin, and OLA Energy, accounting for more than 80% of the market studied.
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