Market Size of Angola Lubricants Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 40.78 Million liters |
| Market Volume (2029) | 45.88 Million liters |
| CAGR (2024 - 2029) | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Angola Lubricants Market Analysis
The Angola Lubricants Market size is estimated at 40.78 Million liters in 2024, and is expected to reach 45.88 Million liters by 2029, growing at a CAGR of greater than 2% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market. COVID-19-related restrictions led to declined maintenance requirements from several industries, such as oil and gas, automotive, metallurgy, etc. The major impact was observed in the automotive industry. Currently, the market has recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
Increasing demand from the automotive industry in Angola and heavy industrial equipment has been driving the market growth during the forecast period.
However, the increasing adoption of electric vehicles limits the market growth and is anticipated to hinder the growth of the studied market.
Moreover, recycling of used oil is likely to provide opportunities for the market over the next five years.
The automotive sector is likely to be the largest end-user owing to the increasing use of vehicles in the country.
Angola Lubricants Industry Segmentation
Lubricants are substances made from a combination of base oils and additives. These lubricants are used in various automotive applications such as engines, brakes, gears, and other parts lubrication. The base oil composition in the formulation of lubricants is primarily between 75-90%. Lubricants are used to reduce friction between surfaces in contact to minimize energy loss generated from friction.
Angola's lubricants market is segmented by end-user and product type. By end-user, the market is segmented into automotive, heavy equipment, metallurgy and metalworking, power generation, and other end-user industries (oil and gas, etc.). By product type, the market is segmented into engine oils, greases, hydraulic fluids, metalworking fluids, transmission, and gear oils.
For each segment, the market sizing and forecasts have been done on the basis of volume (liters).
| By End-User | |
| Automotive | |
| Heavy Equipment | |
| Metallurgy and Metalworking | |
| Power Generation | |
| Other End-users (Oil and Gas, Etc.) |
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Metalworking Fluids | |
| Transmission and Gear Oils | |
| Other Product Types (Compressor Oils, Process Oils, Etc.) |
Angola Lubricants Market Size Summary
The Angola lubricants market is poised for steady growth, driven by increasing demand from the automotive industry and heavy industrial equipment. The market has rebounded from the setbacks caused by the COVID-19 pandemic, reaching pre-pandemic levels and continuing to expand. The automotive sector, in particular, is expected to be the largest end-user, fueled by the rising number of vehicles and investments in the automotive industry. However, the growing adoption of electric vehicles presents a challenge to market growth. Opportunities for market expansion are also anticipated through the recycling of used oil, which could provide a sustainable avenue for growth over the forecast period.
Angola's lubricants market is characterized by a mix of local and international players, with companies like Sonangol, BP p.l.c., and China Petrochemical Corporation playing significant roles. The market's development is supported by advancements in technology and partnerships with global firms to enhance the quality of engine oils. The country's power generation and heavy construction sectors further contribute to the demand for lubricants, driven by government initiatives to boost electricity access and infrastructure development. The market's partially consolidated nature indicates a competitive landscape, with ongoing investments and strategic partnerships shaping its future trajectory.
Angola Lubricants Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from the Automotive Industry
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1.1.2 Increasing Demand in Heavy Industrial Equipment
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Increasing Adoption of Electric Vehicles Limits the Market Growth
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 By End-User
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2.1.1 Automotive
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2.1.2 Heavy Equipment
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2.1.3 Metallurgy and Metalworking
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2.1.4 Power Generation
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2.1.5 Other End-users (Oil and Gas, Etc.)
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2.2 By Product Type
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2.2.1 Engine Oils
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2.2.2 Greases
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2.2.3 Hydraulic Fluids
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2.2.4 Metalworking Fluids
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2.2.5 Transmission and Gear Oils
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2.2.6 Other Product Types (Compressor Oils, Process Oils, Etc.)
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Angola Lubricants Market Size FAQs
How big is the Angola Lubricants Market?
The Angola Lubricants Market size is expected to reach 40.78 million liters in 2024 and grow at a CAGR of greater than 2% to reach 45.88 million liters by 2029.
What is the current Angola Lubricants Market size?
In 2024, the Angola Lubricants Market size is expected to reach 40.78 million liters.
