Middle East and Africa Lubricants Market to Grow at a CAGR of 1.9% to reach US$ 11.25 billion from 2021 to 2028

The lubricants market in 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.

Synthetic lubricants are most widely used in industrial operations and the automotive sector due to their beneficial advantages. Thus, growth prospects in industrial applications and the automotive industry are fueling the demand for synthetic lubricants. Synthetic lubricants are most widely preferred due to their superior characteristics to natural mineral oil. It is used across vertical industries, which requires a high level of consistency. Polyalphaolefin lubricant is the most common synthetic oil widely used in the automotive and industrial sectors. It has excellent physical and chemical properties, such as higher viscosity index, lower volatility, lower pour point, and greater thermal stability. Due to these properties, it is widely preferred among consumers and is expected to trend in the market over the coming years.

Group III and IV base oils are high-quality oils used for high-performance application and low viscosity motor oils in technically advanced automotive engines. Stringent emission norms, better blending flexibility due to advancement in additive technology, and growing fuel efficiency standards are some of the key factors that will boost sales of high-quality group III base synthetic lubricants. It is a premium base oil that caters the complex application.

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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA lubricants market. The MEA lubricants market is expected to grow at a good CAGR during the forecast period.

MEA LubricantsMarket Revenue and Forecast to 2028 (US$ Billion)

MEA Lubricants Market Segmentation

MEA Lubricants Market – By Base Oil

• Mineral Oil
• Synthetic
• Bio-Based Lubricants
• Others

MEA Lubricants Market – By Product Type

• Engine Oil
• Hydraulic Oil
• Gear Oil
• Grease
• Compressor Oil
• Others

MEA Lubricants Market – By End Use

• Oil and Gas
• Industrial
• Chemical
• Automotive
• Marine
• Others

MEA Lubricants Market, by Country

• Saudi Arabia
• South Africa
• UAE
• Rest of MEA

MEA Lubricants Market - Companies Mentioned

• BP plc
• Chevron Corporation
• China Petrochemical Corporation (Sinopec)
• Exxon Mobil Corporation
• Fuchs
• Indian Oil Corporation Ltd
• Lukoil
• Royal Dutch shell plc
• Total
• Valvoline LLC

 

Middle East and Africa Lubricants Market Report Scope

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