Ivory Coast Lubricants Market is Expected to Reach Around CFA 170 Billion in Terms of Revenues by 2023E: Ken Research
Increasing Demand for Industrial Lubricants from End Users: The contribution of the power generation sector in the GDP of Ivory Coast has been constantly rising from the past few years. Moreover, the increasing government expenditure on the development of infrastructure in the country is expected to increase the share of construction sector in the GDP of the country. The heavy machinery so used for these sectors will drive the demand for industrial lubricants in Ivory Coast.
Growing New Passenger Vehicle Registrations in the Ivory Coast: Demand from this sector is expected to remain consistently high, continuing the present trend in the sector. New passenger vehicle registrations are expected to increase from 10,488 vehicles in 2018 to 13,667 vehicles by the year ending 2022, thereby increasing the demand for automotive lubricants. This will augment the growth in the overall lubricants market in Ivory Coast.
Analysts at Ken Research in their latest publication "Ivory Coast Lubricants Market Outlook to 2023 - By Origin (Mineral, Semi-Synthetic and Synthetic), By Automotive Lubricants (Heavy Duty Diesel Engine Oils, Passenger Car Motor Oils, Hydraulic Oils, Gear Oils, Transmission Fluids and Greases) and Industrial Lubricants (Hydraulic Oils, Industrial Gear Oils, Turbine Oil, Compressor Oils, Greases, Transformer Oils And Industrial Greases), By Automotive and Industrial End Users and By Channels of Distribution" believe that developing industrial lubricants for construction and mining based applications, improving sales and promotion/advertising of lubricants and upgrading production equipment with increased focus on energy efficiency and input-output quality will aid the lubricants market in the Ivory Coast. The market is expected to register a positive CAGR of 10.5% in terms of revenue and a CAGR of 6.7% in terms of sales volume / domestic consumption of lubricants during the forecast period of 2018–2023.
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For more information on the research report, refer to below link:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/ivory-coast-lubricants-market/185629-100.html
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