The market for Pakistan lubricants market is expected to grow at a CAGR greater than 1% during the forecast period. The major factor driving the growth of the market studied is the augmenting textile production in Pakistan.
New York, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pakistan Lubricants Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05867434/?utm_source=GNW
On the flipside, the slowdown in the automotive sector is expected to hinder the growth of the market studied.
- Potential growth in the energy sector is likely to act as an opportunity for the market studied
- Engine oil segment dominated the market and is expected to continue its dominance during the forecast period.
Key Market Trends
Engine Oil Segment to Expand at a Fastest Rate
- Engine oils are widely used to lubricate internal combustion engines and are generally composed of 75-90% base oils and 10-25% additives.
- They are typically used for applications, such as wear reduction, corrosion protection, and smooth operation of engine internals. They function 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 oils are in demand lately, owing to the properties that help in the prevention of oil leaks and reduction of oil consumption.
- Most of the light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity-grade oils, whereas, multi-grade oils, like 15W50 and 20W50, are used for aircraft engines.
- The automotive sales in country had been declining since the late of 2018 and had continued in 2019. Thus, production is further expected to face crisis in first half of 2020.
- The country has also brought out a policy to promote the manufacturing of electric vehicles in the country, which will negatively impact the engine oil market in the country.
- Overall, the demand for engine oil in the country from automotive industry, is expected to grow at a slower rate in comparison to the last decade.
Increasing Textile Production to Drive the Demand
- In Pakistan, the textile sector is a major contributor to the country’s economy. Lubricants, such as greases, heat transfer fluids, gear oils, compressor oils, transmission and hydraulic fluids, andanti-static oils are used in the textiles industry.
- The contribution of this industry to the total GDP is 8.5%. For Pakistan, which is the fourth-largest producer and third-largest consumer of cotton in the world, the development of the textile industry by making full use of its abundant resources of cotton has been a priority area toward industrialization.
- Pakistan has the longest production chain, with characteristic potential for value addition at each stage of processing, from cotton to ginning, spinning, fabric, dyeing and finishing, made-ups and garments.
- The textile and clothing industry has been the main driver of the economy for the last 50 years, in terms of foreign currency earnings. Thus, this provides a ready market for lubricants in the country and is therefore, expected to remain the same during the forecast period.
The top five players, namely, Shell Pakistan Limited, Total PARCO Pakistan Limited, Chevron Pakistan Limited, MAL Pakistan, and Pakistan State Oil Company Limited, account for more than 90% of the market studied.
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