Market Research Reports - Ken Research Competition Lubricant Philippines

Philippines Lubricant Market is expected to be driven by Growing Manufacturing
Establishments and Increasing Crude Oil Imports: Ken Research
Surging construction sector, escalating automotive industry, entrance of foreign players,
growing marine industry and increasing Ro-Ro services are the major factors which are
expected to fuel the Philippines lubricants market in future.
Ken Research announced its latest publication on “Philippines Lubricants Market by Type
(Mineral, Semi-Synthetic and Synthetic), by Application (Automotive – Passenger,
Commercial, Marine and Aviation and Industrial – Mining, Construction, Manufacturing, Iron
and Steel, Agriculture, Electricity and Medical) - Outlook to 2021” suggested a rapid growth in
the Philippines lubricants market, majorly driven by boosting crude oil imports, thus assisting
market players to offer more lubricants in the country. Influx of foreign brands and rising
demand of the population to switch to synthetic lube oils are attracting large number of
potential players to enter the space. The market is further expected to witness an incline in
revenues and consumption due to the anticipated increase in the sales of automobiles and the
expansion of industrial sector in the Philippines, thus leading to augmented demand for
automotive and industrial lubricants.
The boosting economy of the Philippines has been supported by the growth of revenues
generated by the manufacturers offering lubricant oils to various customers across automotive
and industrial sectors. Lubricant market of the Philippines is highly competitive with few players
operating in the space to cater the fluctuating demands of the customers. The market has been
dominated by the sales of products offered by global lubricant manufacturers including Shell
and Exxon Mobil. The rising demand for energy resources led to the increase use of lubricants
across automotive and industrial sectors of the country.
Increasing number of machinery installed in the industrial plants to boost the operations has
increased the demand for lubricants in the country. Assembly lines and other machines used in
the manufacturing industry need lubrication to work with precision and last long. Demand for
lubricants by the manufacturing sector has witnessed an increase as shortage of oils and
greasing in machines can cause them to malfunction, resulting in losses and delay in project
deliveries. The growth in imports of crude oil has further led to an increase in the quantities of
lubricants being refined by the manufacturers in the Philippines. This has boosted the overall
revenues of the market by offering more lubricants to fulfill the growing demand in the country
overtime. Lubricant manufacturers and importers not only compete in terms of price, but also
on the quality that should conform to the European standards. Market players faced stiff
competition in expanding their dealership networks across the islands of the Philippines, where
goods were to be transported through ships.