
Middle East and Africa Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others
Description
Middle East and Africa Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil & Gas, Industrial, Chemical, Automotive, Marine, and Others)
The lubricants market in the MEA is expected to grow from US$ 9.85 billion in 2021 to US$ 11.25 billion by 2028; it is estimated to grow at a CAGR of 1.9% from 2021 to 2028. The power generation industry, of which the renewable energy industry is a subsegment, is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy technologies, which holds a potential share for consuming lubricants in the power industry. It is estimated to install wind power three times faster over the next decade to meet net-zero emissions and avoid the worst impacts of climate change. Thus, such a growth trajectory of wind power is anticipated to hold potential opportunities for lubricants producers, driving the market over the forecast period.
Based on base oil, the MEA lubricants market has been segmented into mineral oil, synthetic, bio-based lubricants, and others. The bio-based lubricants segment is expected to be the fastest-growing segment during the forecast period. The bio-based lubricants segment was valued at US$ 0.99 billion in 2020 and is expected to grow at a CAGR of 3.3% during the forecast period to reach US$ 1.35 billion by 2028. Bio-based lubricants are formulated with biodegradable base stocks, renewable sources, and vegetables. Bio-based lubricants are used for various applications when there is the possibility of a leak into the environment or biodegradability is required by governmental regulations. The bio-based lubricant offers advantages such as a higher viscosity index, higher lubricity, high flash point, base stock renewability, and domestic agricultural support. Bio-based lubricants can tackle technical challenges such as limited viscosities, poor thermal and hydrolytic stabilities, and relatively high pour point temperatures. It has features of biodegradability and biocompatibility that make it attractive for outdoor application in environmentally sensitive areas where leaks and spills may occur. The adoption of bio-based lubricants depends on overcoming the disadvantages while being price competitive with mineral-based and synthetic lubricants. The most common examples of these base stock materials would be rapeseed, soybean, and sunflower products.
South Africa witnessed the highest number of COVID-19 cases in the MEA, followed by Saudi Arabia and UAE. The UAE was the first country in MEA to report a confirmed case of COVID-19. Various chemicals & materials companies remained closed due to the pandemic, which led to the reduced sale of products, hampering the MEA lubricants market. However, the current surge in demand for oil & gas across various industry verticals is fueling the demand for lubricants. The pandemic has significantly slowed down the production of lubricants as well.
The MEA lubricants market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA lubricants market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MEA lubricants market. Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Indian Oil Corporation Ltd, Lukoil, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the key players operating in the market in this region.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA lubricants market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the MEA lubricants market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the lubricants market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
The lubricants market in the MEA is expected to grow from US$ 9.85 billion in 2021 to US$ 11.25 billion by 2028; it is estimated to grow at a CAGR of 1.9% from 2021 to 2028. The power generation industry, of which the renewable energy industry is a subsegment, is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy technologies, which holds a potential share for consuming lubricants in the power industry. It is estimated to install wind power three times faster over the next decade to meet net-zero emissions and avoid the worst impacts of climate change. Thus, such a growth trajectory of wind power is anticipated to hold potential opportunities for lubricants producers, driving the market over the forecast period.
Based on base oil, the MEA lubricants market has been segmented into mineral oil, synthetic, bio-based lubricants, and others. The bio-based lubricants segment is expected to be the fastest-growing segment during the forecast period. The bio-based lubricants segment was valued at US$ 0.99 billion in 2020 and is expected to grow at a CAGR of 3.3% during the forecast period to reach US$ 1.35 billion by 2028. Bio-based lubricants are formulated with biodegradable base stocks, renewable sources, and vegetables. Bio-based lubricants are used for various applications when there is the possibility of a leak into the environment or biodegradability is required by governmental regulations. The bio-based lubricant offers advantages such as a higher viscosity index, higher lubricity, high flash point, base stock renewability, and domestic agricultural support. Bio-based lubricants can tackle technical challenges such as limited viscosities, poor thermal and hydrolytic stabilities, and relatively high pour point temperatures. It has features of biodegradability and biocompatibility that make it attractive for outdoor application in environmentally sensitive areas where leaks and spills may occur. The adoption of bio-based lubricants depends on overcoming the disadvantages while being price competitive with mineral-based and synthetic lubricants. The most common examples of these base stock materials would be rapeseed, soybean, and sunflower products.
South Africa witnessed the highest number of COVID-19 cases in the MEA, followed by Saudi Arabia and UAE. The UAE was the first country in MEA to report a confirmed case of COVID-19. Various chemicals & materials companies remained closed due to the pandemic, which led to the reduced sale of products, hampering the MEA lubricants market. However, the current surge in demand for oil & gas across various industry verticals is fueling the demand for lubricants. The pandemic has significantly slowed down the production of lubricants as well.
The MEA lubricants market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA lubricants market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MEA lubricants market. Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Indian Oil Corporation Ltd, Lukoil, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the key players operating in the market in this region.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA lubricants market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the MEA lubricants market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the lubricants market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
153 Pages
- 1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 2. Key Takeaways
- 3. Research Methodology
- 3.1 Scope of the Study
- 3.2 Research Methodology
- 3.2.1 Data Collection:
- 3.2.2 Primary Interviews:
- 3.2.3 Hypothesis formulation:
- 3.2.4 Macro-economic factor analysis:
- 3.2.5 Developing base number:
- 3.2.6 Data Triangulation:
- 3.2.7 Country level data:
- 4. MEA Lubricants Market Landscape
- 4.1 Market Overview
- 4.2 Porter’s Five Forces Analysis
- 4.3 Expert Opinion
- 4.4 Value Chain Analysis
- 4.4.1 Raw Material:
- 4.4.2 Manufacturing/Process:
- 4.4.3 End Use:
- 5. MEA Lubricants Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Automobile Sector at High Rise
- 5.1.2 MEA Witnessing Rapid Industrial Growth
- 5.2 Restraints
- 5.2.1 Constant Change in Lubricants Specifications
- 5.3 Market Opportunities
- 5.3.1 Wind Energy Industry Raising Demand for Lubricants
- 5.4 Future Trend
- 5.4.1 Significant Need for Synthetic Lubricants
- 5.5 Impact Analysis of Drivers and Restraints
- 6. Lubricants Market - MEA Analysis
- 6.1 Lubricants Market Overview
- 6.2 MEA Lubricants Market -Revenue and Forecast to 2028 (US$ Billion)
- 7. MEA Lubricants Market - By Base Oil
- 7.1 Market Overview
- 7.2 MEA Lubricants Market, By Base Oil (2020 and 2028)
- 7.3 Mineral Oil
- 7.3.1 Mineral Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 7.4 Synthetic
- 7.4.1 Synthetic: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 7.5 Bio Based Lubricants
- 7.5.1 Bio Based Lubricants: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 7.6 Others
- 7.6.1 Others: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 8. MEA Lubricants Market - By Product Type
- 8.1 Market Overview
- 8.2 MEA Lubricants Market, By Product Type (2020 and 2028)
- 8.3 Engine Oil
- 8.3.1 Engine Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 8.4 Hydraulic Oil
- 8.4.1 Hydraulic Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 8.5 Gear Oil
- 8.5.1 Gear Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 8.6 Grease
- 8.6.1 Grease: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 8.7 Compressor Oil
- 8.7.1 Compressor Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 8.8 Others
- 8.8.1 Others: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 9. MEA Lubricants Market Analysis - By End-Use Industries
- 9.1 Overview
- 9.2 MEA Lubricants Market, By End-Use Industries (2020 and 2028)
- 9.3 Oil and Gas
- 9.3.1 Oil and Gas: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 9.4 Industrial
- 9.4.1 Industrial: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 9.5 Chemical
- 9.5.1 Chemical: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 9.6 Automotive
- 9.6.1 Automotive: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 9.7 Marine
- 9.7.1 Marine: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 9.8 Others
- 9.8.1 Others: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- 10. MEA Lubricants Market - Country Analysis
- 10.1 Overview
- 10.1.1 Middle East and Africa: Lubricants Market , by Key Country
- 10.1.1.1 South Africa: Lubricants Market -Analysis and Forecast to 2028 (US$ Billion)
- 10.1.1.1.1 South Africa: Lubricants Market , by Base Oil
- 10.1.1.1.2 South Africa: Lubricants Market, by Product Type
- 10.1.1.1.3 South Africa: Lubricants Market , by End-Use Industry
- 10.1.1.2 Saudi Arabia: Lubricants Market -Analysis and Forecast to 2028 (US$ Billion)
- 10.1.1.2.1 Saudi Arabia: Lubricants Market , by Base Oil
- 10.1.1.2.2 Saudi Arabia: Lubricants Market , by Product Type
- 10.1.1.2.3 Saudi Arabia: Lubricants Market , by End-Use Industry
- 10.1.1.3 UAE: Lubricants Market -Analysis and Forecast to 2028 (US$ Billion)
- 10.1.1.3.1 UAE: Lubricants Market , by Base Oil
- 10.1.1.3.2 UAE: Lubricants Market , by Application
- 10.1.1.3.3 UAE: Lubricants Market, by End-Use Industry
- 10.1.1.4 Rest of the Middle East and Africa: Lubricants Market -Analysis and Forecast to 2028 (US$ Billion)
- 10.1.1.4.1 Rest of the Middle East and Africa: Lubricants Market, by Base Oil
- 10.1.1.4.2 Rest of the Middle East and Africa: Lubricants Market, by Product Type
- 10.1.1.4.3 Rest of the Middle East and Africa: Lubricants Market , by End-Use Industry
- 11. Impact of COVID-19
- 11.1 MEA: Impact Assessment of COVID-19 Pandemic
- 12. Industry Landscape
- 12.1 Overview
- 12.2 Merger & Acquisition
- 12.3 Business Planning and Strategy
- 12.4 Expansion & Collaboration
- 12.5 Product News
- 13. Company Profiles
- 13.1 Royal Dutch Shell plc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 EXXON MOBIL CORPORATION
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Total
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 Chevron Corporation
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 BP p.l.c.
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Lukoil
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 FUCHS
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Valvoline LLC
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Indian Oil Corporation Ltd
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 China Petrochemical Corporation (Sinopec)
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
- 14. Appendix
- 14.1 About The Insight Partners
- 14.2 Glossary of Terms
- list of Tables
- Table 1. MEA Lubricants Market -Revenue and Forecast to 2028 (US$ Billion)
- Table 2. South Africa Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Billion)
- Table 3. South Africa Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Billion)
- Table 4. South Africa Lubricants Market, by End-Use Industry- Revenue and Forecast to 2028 (US$ Billion)
- Table 5. Saudi Arabia Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Billion)
- Table 6. Saudi Arabia Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Billion)
- Table 7. Saudi Arabia Lubricants Market, by End-Use Industry- Revenue and Forecast to 2028 (US$ Billion)
- Table 8. UAE Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Billion)
- Table 9. UAE Lubricants Market, by Application - Revenue and Forecast to 2028 (US$ Billion)
- Table 10. UAE Lubricants Market, by End-Use Industry- Revenue and Forecast to 2028 (US$ Billion)
- Table 11. Rest of the Middle East and Africa Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Billion)
- Table 12. Rest of the Middle East and Africa Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Billion)
- Table 13. Rest of the Middle East and Africa Lubricants Market, by End-Use Industry- Revenue and Forecast to 2028 (US$ Billion)
- Table 14. Glossary of Terms, MEA Lubricants Market
- List of Figures
- Figure 1. MEA Lubricants Market Segmentation
- Figure 2. MEA Lubricants Market Segmentation - By Country
- Figure 3. MEA Lubricants Market Overview
- Figure 4. Mineral Oil Segment Held the Largest Share of MEA Lubricants Market
- Figure 5. Rest of MEA Held the Largest Share of MEA Lubricants Market
- Figure 6. Expert Opinion
- Figure 7. Value Chain Analysis: MEA Lubricants Market
- Figure 8. Composition of Raw Materials
- Figure 9. MEA Lubricants Market Impact Analysis of Drivers and Restraints
- Figure 10. MEA: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 11. MEA Lubricants Market Revenue Share, By Base Oil (2020 and 2028)
- Figure 12. MEA Mineral Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 13. MEA Synthetic: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 14. MEA Bio Based Lubricants: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 15. MEA Others: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 16. MEA Lubricants Market Revenue Share, By Product Type (2020 and 2028)
- Figure 17. MEA Engine Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 18. MEA Hydraulic Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 19. MEA Gear Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 20. MEA Grease: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 21. MEA Compressor Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 22. MEA Others: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 23. MEA Lubricants Market Breakdown, by End-Use Industries (2020 and 2028)
- Figure 24. MEA Oil and Gas: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 25. MEA Industrial: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 26. MEA Chemical: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 27. MEA Automotive: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 28. MEA Marine: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 29. MEA Others: Lubricants Market - Revenue and Forecast to 2028 (US$ Billion)
- Figure 30. Middle East and Africa: Lubricants Market, by key Country - Revenue (2020) (US$ Billion)
- Figure 31. Middle East And Africa: Lubricants Market Revenue Share, By Key Country (2020 And 2028)
- Figure 32. South Africa: Lubricants Market -Revenue and Forecast to 2028 (US$ Billion)
- Figure 33. Saudi Arabia: Lubricants Market -Revenue and Forecast to 2028 (US$ Billion)
- Figure 34. UAE: Lubricants Market -Revenue and Forecast to 2028 (US$ Billion)
- Figure 35. Rest of the Middle East and Africa: Lubricants Market -Revenue and Forecast to 2028 (US$ Billion)
- Figure 36. Impact of COVID-19 Pandemic on Lubricants in MEA
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