Singapore Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Singaporean market for lubricants is expected to witness a CAGR over 3% during the forecast period (2019 – 2024). One of the major factors driving the market studied is the growing demand for new automotive vehicles. Reducing chemical production is expected to hinder the growth of the market studied.

• The automotive and other transportation industry dominated the market in 2018, and it is expected to grow during the forecast period.
• Increasing adoption of synthetic lubricants is likely to act as an opportunity in the future.

Key Market Trends

Increasing Demand for Automotive and Other Transportation Sector

• Automotive and other transportation sector is the largest consumer of lubricants in Singapore. The lubricants are majorly used in automobiles in the form of engine oil, coolants, brake oil, and other transmission oils.
• The sales of the new motor vehicles increased rapidly over the period of 2013-2017. The reason was the rising standard of living of the middle-class population. Singapore currently has one of the highest per capita incomes.
• The Government of Singapore issues the Certificate of Entitlement (COE) to its citizens, to state the right to the ownership of a vehicle. In recent years, the government has issued a large number of COEs to the citizens, in turn, leading to the higher sales of vehicles.
• Additionally, Singapore is considered the gateway for trade in the Asia-Pacific region, owing to the infrastructure and the logistic facilities available. Also, Singapore has one of the largest ship repairing and manufacturing facilities inbound around the world.

Growing Demand for Industrial Grease

• Grease is the thicker product formed by the suspension of oil in thickening agent and additives. It is the gel form of lubricants having multiple applications in the different end-user industries.
• Grease is majorly used for clean lubrication purposes, can provide better protection from contaminants, and also simplifies the maintenance, and reduces leaks. Grease is used as lubricating material where the internal heat generation or the external heat transfer is lower.
• In Singapore, the manufacturing activities have been gaining pace in the recent past. A downfall of industrial manufacturing was observed in the year 2016 due to the global economic crisis. However, after that, manufacturing activities have been regaining pace and further growth is expected in the near future.
• Increasing manufacturing activities and operating cycles in different industries are expected to propel the demand for grease through the study period.

Competitive Landscape

The Singapore lubricants market is fragmented. The major companies include Chevron Singapore Pte Ltd, Exxon Mobil Corporation, Royal Dutch Shell PLC, Total and Sinopec Lubricant (Singapore) Pte Ltd.

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