The Sweden lubricants market size was valued USD 1.09 billion in 2017 owing to the high demand from the automobile sector in the country. The lubricants market is likely to expand to cater to the escalating demand from the manufacturing sector across the country.
Lubricants are instrumental in reducing friction between different moving parts, as well as, offers wear and tear protection, thus, helping in extending the life of a machine. This also ensures longer durability of raw materials.
The global Sweden Lubricants market is expected to develop USD 1.4 billion by 2025, at a compound annual increase in price (CAGR) of 4.7% throughout the forecast period.
Lubricants also reduce the amount of energy required, thereby, reducing emissions. Sustainability has become one of the most important criteria for any industry across the world. Increasing consumer awareness towards enhanced sustainability of lubricants in ecological, economic, and social areas is the primary factor influencing the demand for bio-lubricants and synthetic lubricants in this country. However, price volatility, product shortages and increased emphasis on energy efficiency are some of the factors that can hamper the Sweden lubricants market size in the coming years.
In 2017, engine oil had a valuation of USD 450.4 million in the Sweden lubricants market. The segment is expected to grow due to the increasing number of vehicles in the country. Smooth functioning, reduced oil drainage, longer life-span, increased fuel efficiency and prevention of corrosion are some of the functions of engine oils. This makes it essential for lubricating the internal combustion engines (ICE). Improvement in the quality of vehicles will further boost the demand for engine oils in the coming years.
The automotive & other transportation industry emerged as a dominant end-user with a revenue share of 31% in 2017. This can be attributed to the rapidly increasing sales of passenger vehicles in the country.
Growing number of cargo aircraft, commercial vehicles and marine vehicles for transportation is expected to further drive the demand for lubricants in the country during the forecast period. The guidelines and control techniques towards reducing carbon emissions in vehicles have led to automobile manufacturers to produce fuel-efficient cars. Increasing focus towards innovations to reduce harmful emissions and improve vehicle performance is further driving the growth of the automotive industry. These factors are anticipated to propel the demand for lubricants in the automotive industry during the forecast period.
The highlight of the Sweden lubricants market trends is the growing adoption of bio-lubricants to reduce the environmental effects. These lubricants provide significant advantages over the alternate lubricants owing to their inherent qualities. Bio-lubricants oils can be available as automotive oils such as transmission fluids, gearbox oils, industrial oils; engine oils, hydraulic fluids and brake fluids; and special oils such as white oils, process oils, and instrumental oils. These products are biodegradable and exhibit good lubricating properties, high ignition temperature, increased equipment service life and are less toxic, thus, providing them an advantage over synthetic lubricants. Furthermore, increasing investment in research & development (R&D) is expected to improve the efficiency of the vehicles and thereby, contribute to the growth of the Sweden lubricants market.
The Sweden lubricants market is highly fragmented with the presence of a large number of global and country level players including Royal Dutch Shell plc, British Petroleum, Total S.A., Chevron Corporation, Fuchs Petrolub SE, Valvoline International, Inc., Castrol, AXEL Christiernsson AB, Nynas AB, Lukoil, BECHEM and Cargo Oil AB among others. There is intense competition across the lubricant supply chain as the key players try to differentiate themselves through supply-chain initiatives, branding, marketing, and product portfolio analysis.
The Sweden Lubricants market is projected to maintain its upward growth trajectory due to various technological advancements integrated by the major key players. For instance, Petro-Canada Lubricants Inc. (PCLI) developed DURON, a next-generation heavy-duty engine oil, which provides higher efficiency for engine protection, durability and reduced wear of the components of an engine.
Sweden Lubricants Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1.4 billion|
|Segment Covered||Product Type, End-user, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Royal Dutch Shell plc, British Petroleum, Total S.A., Chevron Corporation, Fuchs Petrolub SE, Valvoline International, Inc., Castrol, AXEL Christiernsson AB, Nynas AB, Lukoil, BECHEM and Cargo Oil AB|
Key segments of the Sweden Lubricants market
Product Type Overview, 2015-2025 (Kilo Tons) (USD Million)
- Engine Oil
- Transmission & Hydraulic Fluids
- Metalworking Fluids
- General Industrial Oils
- Gear Oil
- Process Oils
End-user Industry Overview, 2015-2025 (Kilo Tons) (USD Million)
- Power Generation
- Automotive & Other Transportation
- Heavy Equipment
- Food & Beverage
- Metallurgy and Metal Working
- Chemical Manufacturing
- Others (Packaging, Oil & Gas (Drilling Fluids)