Middle East Lubricants Market - Segmented by Group, Base Stock, Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Middle East lubricants market is expected to register a CAGR of 2.11%, during the forecast period, 2018 - 2023. The major factor driving the growth of the market is the industrial growth in Saudi Arabia, Iran, and UAE. With the rising government focus and investments in various industries, the demand for lubricants in the region is expected to grow significantly.
Lubricants are majorly used in the industrial sector for the proper functioning of machines. They are also used in automobile for smooth functioning and longevity of engines and other components. Lubricants are available in liquid, semi-fluid, or solid state, and possess various characteristics, such as, high viscosity index, high level of thermal stability, low freezing point, and high boiling point, all of which help to reduce friction between surfaces of machine parts and the rate of wear, without compromising operational efficiency.
Fluctuations in Automotive Lubricant Demand
There has been a drop in the sales of new motor vehicles in countries, such as Saudi Arabia, Iraq, UAE and Kuwait in the past 2 years. This can be majorly attributed to the fall in the crude oil prices and a subsequent impact on the economic scenario in the countries. Iraq has witnessed a drastic dip in the sales by a rate of almost 50% between 2015 & 2016. UAE, the second biggest automotive market in the GCC has also seen a gradual decrease in the sales of new motor vehicles between 2013 to 2016. Despite these fluctuations in the sales since the past few years, planned investments by global automotive manufacturers and government steps to boost the manufacturing industry in the Middle-East region are expected to create a surge in the demand for automotive lubricants in the coming years.
High-Performance Lubricants a Potential Segment
The growing demand for high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life), is driving the market. Many major automotive OEMs are recommending the usage of these lubricants for better engine efficiencies and the presence of large number of luxury vehicles in the region is rising the demand for high performance lubricants. Along with this, PAO (polyalphaolefins) synthetic lubricants are finding increasing applications in the construction and food & beverage industries. Initiatives and upcoming programs, such as Dubai Plan 2021, FIFA 2022 World Cup, and planned energy projects in Saudi Arabia are expected to create opportunities for the adoption of high-performance lubricants in the region.
April 2017 - Aljomaih and Shell Lubricating Oil Company Limited (JOSLOC) announced a strategic partnership, with Bakhashab Brothers Holding Company, dealer of ISUZU trucks in the western and eastern regions and the largest distributor of ISUZU trucks in Saudi Arabia
May 2017 - Petromin – Nissan’s authorized dealer in the Kingdom of Saudi Arabia, celebrated the official grand opening of its new dealership in Khobar
February 2017 - Saudi oil & gas giant – Saudi Aramco’s announced to enter base oil marketing business and launch of three B-to-B base oils brands, aramcoDURA, aramcoPRIMA and aramcoULTRA
Major Players: Petromin Corporation, Aljomaih and Shell Lubricating Oil Company Limited, Iranol, Behran Oil Co., Fuchs, among others.
Reasons to Purchase this Report
Current and future of the Middle East lubricant market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Countries that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook