The market for Sri Lanka Lubricants is expected to grow at a CAGR of more than 2% during the forecast period. Increasing usage of lubricants in automobiles and other reasons are driving the market growth.
Decreasing mining and construction activities and the Impact of COVID-19 which in turn is expected to hinder the market growth.
Key Market Trends
Growing Demand for Heavy Equipment from Agriculture Segment
– Sri Lanka, though a small nation, is reasonably endowed with industrial minerals but not with metallic and energy minerals. Sri Lanka’s mining industry majorly focuses on ceramic raw materials, construction materials, fertilizer materials, graphite, and other materials.
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– Tractor, Cultivator, Plows, Harrows, Seed Drills, Transplanter, and others are the common farming equipment that are being used for agriculture purposes. These types of heavy machinery need lubricants for continuous smooth functioning and efficient farming activities.
– The Sri Lankan government introduced Three year National Food Production Programme in 2016 that mainly focuses on increased production of crops locally, minimum food imports, and others. These factors have resulted in the growth of the agriculture segment in the country.
– Overall, LKR. 1.7 billion has been allocated in 2019 for agriculture sector modernization programs that enhance technologies and agricultural infrastructure.
– According to the Department of Census & Statistics Sri Lanka, agriculture production has witnessed highs and lows in recent years. The impact of COVID-19 on this region is one the main reasons in declining the usage of farming technologies and production of various agriculture machineries in recent times.
Expansions in Lubricant Production and other Manufacturing Activities
– During the year 2018, a total of 4,442.3 Kilo Liters of Lubricants were exported to regional markets around Sri Lanka. Chevron Ceylon Limited, Indian Oil Corporation Limited, Shell Markets (Middle East) Limited, and ExxonMobil Asia Pacific Pte. Limited are the major exporters to other regions.
– Leading companies such as Chevron Ceylon Limited, IOC, and Laugfs Holdings Limited have blending plants in Sri Lanka that offer products for both the automobile, industrial sectors, with export capabilities to other regions.
– Recently, another world-leading lubricant company Hyrax Oil Sdn opened a lubricant plant in Sri Lanka in 2019 in collaboration with the Ceylon Petroleum Corp. which can increase the supply of lubricants.
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