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.
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.
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)
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the Sweden Lubricants market
- While studying the market, we observed that metalworking fluids segment is projected to grow at the fastest rate owing to the growing automotive industry in the country.
- The Sweden Lubricants market has been mainly driven by the growing automotive industry in the country.
- The food & beverage industry is expected to offer lucrative opportunity in the coming years owing to the demand for food grade lubricants assisted by the increasing food safety regulations.
What does the report include?
- The study on the Sweden Lubricants market includes qualitative factors such as drivers, trends, and opportunities
- Additionally, the market has been evaluated using the value chain analysis and Porter’s Five Forces’ analysis and PESTEL analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of product type and end-user industry.
- The report provides a deep-dive data analysis for all the end-user industries.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or country presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the Sweden Lubricants market, who want an in-depth insight into the movement of the Sweden Lubricants market. The report will benefit:
- Executives of Sweden Lubricants companies that are engaged in the lubricants production and services
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to Sweden Lubricants market
- Venture capitalists and investors looking for more information on the future outlook of the Sweden Lubricants market
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions for manufacturing lubricants
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies