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Norway Lubricants Market Size (2024 - 2029)

The lubricants market size in Norway is anticipated to experience growth during the forecast period, driven by expanding applications in the automobile and transportation sectors and a rapid increase in the power generation industry. The country's commitment to net zero emissions and the electrification of its automobile industry pose challenges to traditional lubricants, particularly for internal combustion engines. However, the market's potential is bolstered by opportunities in biofuels and the expected rise in electricity demand due to decarbonization efforts and new electricity-intensive industries.

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Market Size of Norway Lubricants Industry

Norway Lubricants Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 1.00 %
Market Concentration Low

Major Players

Norway Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order

Norway Lubricants Market Analysis

The lubricants market in Norway is expected to register a CAGR of over 1% during the forecast period.

The automotive supply industry was impacted by the COVID-19 crisis, as both the production and sales of motor vehicles came to a sudden halt. These work stoppages led to a loss in the production of millions of vehicles worldwide. The market recovered during 2021, with the operation of automotive, power, and other business. According to Statnett, Norway's power demand is expected to increase by 60% to 220 terawatt hours (TWh) by 2050 due to decarbonization efforts and the establishment of new electricity-intensive industries.

  • In the short term, the growing applications in the automobile and transportation industry and the rapid growth in the power generation sector have driven the lubricants market in Norway.
  • Also, Norway's net zero ambitions will add 40-60 TWh of additional electricity demand. It is expected to drive market growth during the forecast period.
  • Norway's automobile industry mainly comprises electric vehicles. The country's efforts towards complete electrification are a hindrance to the conventional engine oil and other IC engine lubricants market.
  • Increasing research and adoption of biofuels is projected to act as an opportunity for the market in the future.

Norway Lubricants Industry Segmentation

A lubricant is a substance used to control (or, more commonly, to reduce) friction and wear on the surfaces of bodies in relative motion. Lubricants also remove heat and wear debris, supply additives into the contact, transmit power, protect, and seal depending on their nature. Based on the base oil, liquid lubricants are classified as synthetic/semi-synthetic, mineral, or environmentally acceptable (biodegradable). The majority of lubricants contain additives to improve their performance. The application specifies which base oil should be used. Synthetic oils are typically used in extreme conditions. When the environment is at stake, environmentally friendly lubricants must be used. The Norway lubricants market is segmented by product type and end-user industry. The market is segmented by product type: engine oil, transmission and gear oils, hydraulic fluids, metalworking fluids, greases, and other product types. The market is segmented by end-user industries: power generation, automotive, heavy equipment, metallurgy and metalworking, and other end-user industries. The report offers market sizing for each segment, and forecasts have been made based on volume (million liters).

By Product Type
Engine Oil
Transmission and Gear Oil
Hydraulic Fluids
Metalworking Fluids
Greases
Other Product Types
By End-user Industry
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Other End-user Industries
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Norway Lubricants Market Size Summary

The lubricants market in Norway is poised for moderate growth, driven by the expanding applications in the automotive and transportation sectors, alongside the rapid development in power generation. The market's recovery post-COVID-19 disruptions has been bolstered by Norway's ambitious decarbonization efforts, which are expected to significantly increase electricity demand. This surge in demand is anticipated to propel the lubricants market, despite challenges posed by the country's shift towards electric vehicles, which limits the market for conventional engine oils. The growing interest in biofuels presents future opportunities for market expansion. Key sectors utilizing lubricants include power generation, transportation, and various industrial applications, with transmission and gear oils playing crucial roles in ensuring efficient operations across these industries.

Norway's position as a major power exporter in Europe, with hydropower and wind energy forming the backbone of its electricity supply, further supports the lubricants market's growth. The country's commitment to electric vehicles has led to a significant increase in EV sales, which, while impacting traditional lubricant demand, also drives innovation and adaptation within the market. The presence of major global players like Shell, BP, and ExxonMobil, along with strategic partnerships and product innovations, underscores the competitive landscape of the Norwegian lubricants market. These dynamics, coupled with the increasing demand for high-performance lubricants in various sectors, are expected to sustain the market's growth trajectory over the forecast period.

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Norway Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand for Lubricants from the Automotive Industry

      2. 1.1.2 Increasing Power Generation Projects

    2. 1.2 Restraints

      1. 1.2.1 Increasing Adoption of Electric Vehicles to limit Market Growth

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 By Product Type

      1. 2.1.1 Engine Oil

      2. 2.1.2 Transmission and Gear Oil

      3. 2.1.3 Hydraulic Fluids

      4. 2.1.4 Metalworking Fluids

      5. 2.1.5 Greases

      6. 2.1.6 Other Product Types

    2. 2.2 By End-user Industry

      1. 2.2.1 Power Generation

      2. 2.2.2 Automotive

      3. 2.2.3 Heavy Equipment

      4. 2.2.4 Metallurgy and Metalworking

      5. 2.2.5 Other End-user Industries

Norway Lubricants Market Size FAQs

The Norway Lubricants Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)

Shell PLC, ExxonMobil Corporation, TotalEnergies SE, FUCHS and BP PLC are the major companies operating in the Norway Lubricants Market.

Norway Lubricants Report Snapshots

Norway Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)