The Nigerian lubricant market is expected to grow by over 100 per cent by 2022, going by a projected growth rate of 11.1 per cent per annum.
Local consumption of the product is expected to hit 805,000 metric tonnes by that year, up from 350,000 to 400,000 metric tonnes per annum, which is the current consumption level.
According to data from Lubcon International, the motor oil segment will grow to such a level due to the rapid increase in the vehicle population. The demand for multi-grade oils is also expected to increase significantly as well as the demand for synthetic lubes, which are on the rise now.
For Nigeria, Total Downstream is said to be controlling more than 20 per cent of the market, while the rest of the majors have less than 20 per cent. The independent petroleum marketers, however, account for around 50 per cent of the market.
