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Pakistan Lubricants Market Size Forecast to Reach $1.91 Billion by 2025

Pakistan Lubricants

iCrowdNewswire   Oct 29, 2020  10:45 AM ET

Pakistan Lubricants Market size is forecast to reach $1.91 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Lubricants create a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts. Due to which they are used for applications such as wear reduction, corrosion protection, and smooth operation of engine internals. Owing to the increasing use of lubricants in textile and automotive, the growth of the Pakistan Lubricants Market is expected to accelerate in the forecast era.

By Type – Segment Analysis

Engine Oil is extensively used in Pakistan Lubricants Market. Engine oil is crucial in the smooth running of engines, reducing fuel emissions, and increasing engine efficiency. Engine oils provide better lubrication, cleaner engine, effective cooling, protects from corrosion, and acts as a seal owing to which it is vastly preferred for various transportation modes. Engine oil helps to cut expensive maintenance for vehicle owners and also gives longer engine lifespan. Since, engine oils clean, cooling, and prevent corrosion of the engine, they save the engine from being clogged and damaged. Because of this, mechanical components last longer and corrode less, and engines, in turn, have a longer and safer lifespan. Also, by using good engine oil, there is a reduction in emissions and fuel consumption which anticipates enhancing the market in the forecast era.

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By End Use -Segment Analysis

Automotive Industry held the largest share in the Pakistan Lubricants Market in 2019and is projected to grow at a CAGR of 7% during the forecast period 2020-2025. Lubricant generally acts as a fluidic material with the primary function of reducing friction between surfaces in contact. Good quality engine oil is very essential for the appropriate working of an engine in automotive; this helps to operate engines efficiently, prevents damages, and helps in extending the life of the engine. Engine oil is a specific type of lubricant that is developed for application in engines. Gear oils are used mainly in automobiles gearboxes such as manual, automatic, etc. Generally formulated with high viscosity base oil and specific additives, it guarantees superior protection of gear parts against high mechanical strain. Also, hydraulic oil is used to transfer hydrostatic power in hydraulic machinery. Because of the large number of lubricants used, and the various components in which they are utilized, there are many different methods used to analyze lubricants in the automotive sector.

Country- Segment Analysis

Pakistan Lubricants Market share is growing at a moderate pace. Lubricants have a function of transmitting forces, transporting foreign particles, or heating or cooling the surfaces due to which it is preferred in various end use industries. According to the Ministry Of Textile, Pakistan’s textile industry has an enormous economic influence, contributing 60% to the country’s exports. Also, the textile industry is Pakistan’s largest export sector, with hosiery and ready-made garments contributing 544 billion PKR/3.47 billion USD to overall trade. COVID-19 pandemic has been devastating for Pakistan’s textile industry. As per the Pakistan Workers’ Federation, nearly half a million workers in the textile and garment industries have been dismissed in Punjab province alone since March. Around 2.2 million workers are involved in the production of garments in Pakistan and as many as 1.8 million in the textile industry. Owing to nationwide shutdown, textile industries in Pakistan have been closed, henceforth leading to impact the Pakistan Lubricants industry in 2020-2021.

Drivers –Pakistan Lubricants Market

The Rapid Growth of Lubricants in the Textile Industry

The textile industry uses lubricants such as greases, heat transfer fluids, gear oils, engine oils, transmission, and hydraulic fluids, and anti-static oils. The textile lubricants are specifically engineered to withstand various loads, even at full machine operation, and also to protect the friction points from wear and corrosion over a long period for low maintenance operations. Pakistan, which is the world’s fourth-largest producer and third-largest user of cotton, the textile industry’s growth by making good use of its abundant cotton resources has been a focus area for industrialization. Pakistan has the longest supply chain, with a characteristic value-adding capacity at each manufacturing point, from cotton to ginning, spinning, fiber, dyeing and finishing, make-ups, and clothes. Due to which the Pakistan Lubricants market is estimated to rise in the forecast period.

Increasing Use of Lubricants in Wind Energy Sector

Wind-turbine lubricants play a critical role in equipment operation, maintenance, and reliability of a wind farm. New installations of a wind farm will drive up lubricant consumption for the initial fill of the wind farm. Increasing demand of lubricants in the wind energy sector is due to the number of lubrication using points in wind turbines such as rotor shaft, pitch gear, gearbox, open gear, pitch bearing, yaw bearing, yaw gear, hydraulic systems, and generator bearings. These points require various lubricants such as gear oils, hydraulic oils, and greases. Gear oil is used in lubricating gearboxes; grease is used on the main rotor shaft bearing, yaw bearing, pitch drive gears, blade bearing, and generator bearing. Also, Hydraulic fluid is used in hydraulic systems for blade pitch control owing to which the growth of lubricants in the wind energy sector is estimated to rise steadily.

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Challenges –Pakistan Lubricants Market

Increasing demand for Electric Vehicles

Fueling with electricity offers some advantages which are not available in conventional internal combustion engine vehicles. Increasing Use of Electric Vehicles is one of the major growth challenges for the Pakistan Lubricants Market. Considering the strengthen environment rules, Electric Vehicles (EVs) reduces the emissions that contribute to climate change and smog, improve public health, and reduce ecological damage. Also, EVs are connected more digitally than traditional vehicles, with many EV charging stations providing the ability to monitor charging from a mobile application. According to the National Electric Vehicle (EV) Policy 2019, the goal of new sales is 30% by 2030 and 90% by 2040 for Electric Vehicles. It has also focused on building a national charging infrastructure to ease electric vehicle adoption.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Pakistan Lubricants Market. Major players in the Pakistan Lubricants Market are Chevron Pakistan Lubricants (Pvt.) Limited (Chevron Corporation – Caltex), Euro Oil Pakistan, Karachi Lubricants (Pvt.) Ltd, Pakistan Lubricants (Pvt.) Ltd , Pak HY-Oils, Pakistan State Oil, Shell Pakistan Limited (Royal Dutch Shell PLC), Hascol Petroleum Ltd, Hi-Tech Lubricants Limited among others.

Acquisitions/Technology Launches

In February 2020, Euro Oil Pakistan inaugurated its three new retail sites Nawab Allah Yaar Filling Station in Okara, Chaudhry Tayyab Filling Station in Kharian & Rehman Petroleum Filling Station in Khushaab to become one of Pakistan’s top OMC by offering the highest quality petroleum products and services – fueled by the passion to provide unparalleled customer service.

Key Takeaways

Increasing the use of Engine oils in Pakistan, which usually consist of 75-90% base oils and 10-25% additives for lubricating internal combustion engines, is anticipated to boost the market in the estimated forecast period.

Most of the light and heavy-duty diesel and gasoline engines use 10W40 and 15W40 grade viscosity oils, whereas multi-grade oils, such as 15W50 and 20W50, are used in aircraft engines.

Considering climatic conditions, increasing the use of Electric Vehicles to promote the protection of the environment by reducing greenhouse gas emissions, will create hurdles for the Pakistan Lubricants Market in the forecast period.

Due to the COVID-19 pandemic and nationwide lockdown, vehicle sales have plunged in Pakistan. Pakistan’s weakening economy may mean addressing stimulus packages and may not get much attention from other aid sought by the automotive sector during 2020-2021.

Related Reports :

A. Lubricant Additives Market

B. Industrial Lubricants Market

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