Singapore Passenger Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Singapore Passenger Vehicles Lubricants Market stood at 6.27 million liters in 2021 and is projected to register a CAGR of 2.64% to reach 7.15 million liters in 2026.

Key Highlights

• Largest Segment by Product Type - Engine Oils: Engine oils form the leading product type due to their high volume requirements and short drain intervals, as they are used in high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission & Gear Oils: Increasing electric vehicle (EV) sales and the adoption of automatic transmissions in the country are expected to enhance transmission oils' demand in the coming years.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• In Singapore, passenger vehicle (PV) was the second-largest segment in terms of automotive lubricant consumption in 2020. During 2015-2019, the country recorded a 0.69% drop in PV lubricant consumption as the high ownership costs negatively affected the PV usage.
• In 2020, passenger vehicles accounted for about 49.16% of the total automotive lubricant consumption in the country. Engine oils accounted for the largest share of about 90% in PV lubricant consumption during the year. During 2020, PV lubricant consumption declined by 17.58% due to the less usage of the vehicle fleet post the COVID-19 outbreak.
• During 2021-2026, the transmission oils segment is expected to be the fastest-growing segment, with a CAGR of 3.70%. This growth is likely to be driven by a rise in sales of passenger cars and a recovery in average distance traveled in the country.

Competitive Landscape

The Singapore Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 52.95%. The major players in this market are BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

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