Report : Middle East & Africa Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Regional Analysis– by Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agents, Emulsifiers, and Others), and Application (Automotive and Industrial)
At 2.7% CAGR, the Middle East & Africa Lubricant Additives Market is speculated to be worth US$ 1874.15 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Middle East & Africa lubricant additives market was valued at US$ 1555.25 million in 2021 and is expected to reach US$ 1874.15 million by 2028, registering an annual growth rate of 2.7% from 2021 to 2028. Rapid industrial growth and flourishing automotive sector are the critical factors attributed to the market expansion.
Lubricants are among the key components used in the industrial sector, as they help equipment in operating at peak efficiencies and with maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are several types of lubricants that are used as additives across the automotive, oil & gas, textile, glass, power generation, paper and pulp, chemicals and petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries, among others. The proliferation of these industries across the world results in the generation of a huge demand for lubricants, as well as lubricant additives. Thus, the extensive application of lubricants in various industries and the rapid growth in the industrial sector are the key factors driving the MEA lubricants additives market as these additives are blended into lubricants to enhance their performances and service lives.
On the contrary,stringent government policies regarding application of lubricant additives hurdles the growth of the Middle East & AfricaLubricant Additives Market.
Based on type, The Middle East & Africa lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, others. The dispersants segment held 64.7% market share in 2021, amassing US$ 1006.04 million. It is projected to garner US$ 1221.25 million by 2028 to expand at 2.8% CAGR during 2021–2028.
Based on application, The Middle East & Africalubricant additives market is segmented into automotive, industrial. The automotive segment held 66.8% market share in 2021, amassing US$ 327.62 million. It is projected to garner US$ 386.67 million by 2028 to expand at 2.4% CAGR during 2021–2028.
Based on country, The Middle East & Africalubricant additives market has been categorised into the South Africa,Saudi Arabia,UAE and Rest of MEA. Our regional analysis states that Rest of MEA captured 25.9% market share in 2021. It was assessed at US$ 402.67 million in 2021 and is likely to hit US$ 489.12 million by 2028, exhibiting a CAGR of 2.8% during the forecast period.
Key players dominating The Middle East & Africa lubricant additives market are Evonik Industries AG,the Lubrizol Corporation, LANXESS, Nouryan, EXXON MOBIL CORPORATION,Croda international plc, Chevron Corporation and BASF SE among others.
- Oct-2022,The company has announced that it has restructured its oil additives business line distribution setup for its products in South Africa, with Umongo Petroleum (PTY) Ltd. as its new distribution partner. The lubricant additives business develops formulation solutions and base oil technologies that improve fuel economy and flow efficiency of automotive lubricants for passenger cars and commercial vehicles and increase energy efficiency and productivity of industrial lubricants for construction, mining, agricultural, and manufacturing equipment.
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