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Singapore Automotive Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Singapore Automotive Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321604
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Singapore Automotive Lubricants Market stood at 13.15 million liters in 2021 and is projected to register a CAGR of 2.51% to reach 14.88 million liters in 2026.

Key Highlights
Largest Segment by Vehicle Type - Commercial Vehicles : The highest lubricant consumption in the country’s commercial vehicle industry is attributable to Singapore’s high average lubricant requirements for commercial vehicles.
Fastest Segment by Vehicle Type - Motorcycles : The estimated rebound in the business and travel activities is expected to support the usage and sales of motorcycles and the demand for lubricants in the segment.
Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type due to their high volume requirements and short drain intervals, as they are used in high-temperature and high-pressure applications.
Fastest Segment by Product Type - Hydraulic Fluids : The anticipated rebound in the sales and production of cars in Singapore from 2021 is expected to drive the demand for hydraulic fluids throughout the forecast period.

Key Market Trends

Largest Segment By Vehicle Type : Commercial Vehicles

In Singapore, passenger vehicles accounted for the largest share of 66.92% in the total number of on-road vehicles in 2020, followed by commercial vehicles (CVs) and motorcycles (MCs), with a share of 18.58% and 14.5%, respectively.
The CV segment accounted for the highest share of 49.67% of the total lubricant consumption in 2020, followed by passenger vehicles (48.35%) and motorcycles (1.97%), respectively. In 2020, the COVID-19 outbreak led to a notable dip in lubricant consumption, where PV lubricant consumption recorded the highest dip of 17.56%, followed by commercial vehicles (17.23%) and motorcycles (16.89%).
The motorcycle segment is projected to be the fastest-growing lubricant consumer, with a CAGR of 4.67% during 2021-2026. The growth is expected to be driven by the recovery in the production and sales of mopeds and motorcycles over the coming years.

Competitive Landscape

The Singapore Automotive Lubricants Market is moderately consolidated, with the top five companies occupying 48.55%. The major players in this market are BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

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