Turkey Commercial Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Turkey Commercial Vehicles Lubricants Market stood at 111.34 million liters in 2021 and is projected to register a CAGR of 4.98% to reach 141.99 million liters in 2026.

Key Highlights

• Largest Segment by Product Type - Engine Oils: Engine oil is the leading product type due to its high volume requirements and shorter drain intervals, as it is used in high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Greases: The predicted rebound in commercial vehicle imports and sales, along with rise in business activities from 2021, is expected to increase grease consumption in near future.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• In Turkey, Commercial vehicles (CVs) is the largest vehicle type in terms of automotive lubricant consumption. During 2015-2019, the CV lubricant consumption declined by around 7% primarily owing to the declined industrial activity owing to economical crisis.
• In 2020, CVs accounted for about 56% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in the PV lubricant consumption, with a share of around 72% during the year. During 2020, CV lubricants consumption declined by 7.1% due to the lower usage of the vehicle fleet post COVID-19 outbreak.
• The grease segment is likely to be the fastest-growing lubricant type exhibiting a CAGR of 7.04% during 2021-2026. This growth is likely to be driven by rise in sales of commercial vehicles and recovery of freight transportation in the country.

Competitive Landscape

The Turkey Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 90.90%. The major players in this market are BP PLC (Castrol), FUCHS, Petrol Ofisi, Royal Dutch Shell PLC and TotalEnergies (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support