The Sweden Lubricants Market Size is projected to reach USD 1.4 billion by 2025, assisted by the rapid growth of end-user industries in the country. The rapid advancement of Sweden’s automotive industry is one of the key factors contributing to the growth of the lubricants market. The rapidly increasing demand for commercial as well as passenger vehicles has resulted in an increase for greases, transmission fluids and engine oil. According to the International Organization of Motor Vehicle Manufacturers (OICA), 442,835 vehicles were sold in 2017, an increase of 2.6% from 2016. The new era of automotive digitalization has stimulated the sales of vehicles with integrated telematics systems that provide greater safety and control effective features for consumers. This technological development is expected to propel the sales of automobiles, thereby, leading to the growth of the Sweden lubricants market.
One of the recent market trends is the development of bio-lubricants owing to the growing concern regarding the environmental impact and stringent regulations on the disposal of lubricants in Europe. Bio-lubricants help in reducing contamination of water from leaks in engines or hydraulic systems, thus, increasing its adoption across various end-user industries in the coming years. The development of "green" lubricants to address the environmental measures will also affect global vehicle and equipment manufacturers.
Based on product type, metalworking fluids is projected to be the fastest growing product with a valuation of USD 48.1 million by the end of 2025. Metalworking fluids include a range of liquids and oils that help to lubricate and cool metal workpieces. They help to prevent burning and smoking by reducing the heat and friction between the cutting tool and the workpiece. Increasing demand for metalworking fluids in the automotive industries, especially for heavy equipment, is projected to be a key factor for the increasing demand of this segment.
Based on end-user industry, food & beverages is projected to be the second fastest growing segment within the Sweden lubricants market. On account of the stringent food safety regulations in Europe, the demand for food-grade lubricants is witnessing an increasing trend. Highly publicized cases of foodborne illness outbreaks in Europe have increased the awareness of consumers. There are also various standards published to improve the safety of food products. This has made lubricants an essential component of food processing in the country.
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The Sweden lubricants market is fragmented with the presence of a large number of players. Some of the key players include Royal Dutch Shell plc, British Petroleum, Total S.A., Chevron Corporation, Fuchs Petrolub SE, Valvoline International, Inc., Castrol, AXEL Christiernsson AB, Nynas AB, Lukoil, BECHEM and Cargo Oil AB. These companies have established their presence in the market owing to continuous R&D activities and their various strategic initiatives.
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