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)
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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
- BP plc
- Chevron Corporation
- China Petrochemical Corporation (Sinopec)
- Exxon Mobil Corporation
- Fuchs
- Indian Oil Corporation Ltd
- Lukoil
- Royal Dutch shell plc
- Total
- Valvoline LLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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