Report : 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)
Bio-Based Lubricants Segment is Expected to be Fastest Growing During the Forecast Period During MEA Region
According to a new market research study on “MEA Lubricants Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Base Oil, Product Type, and End Use” is expected to reach US$ 11.25 billion by 2028 from 9.85 US$ billion in 2021. The market is estimated to grow at a CAGR of 1.9% from 2021 to 2028. The report provides trends prevailing in the MEA lubricants market along with the drivers and restraints pertaining to the market growth. Significant need for synthetic lubricants is the major factor driving the growth of the MEA lubricants market. However, issues associated with frequently changing lubricants specifications hinders the growth of MEA lubricants market.
MEA lubricants market is segmented into base oil, product type, end use, and country. Based on base oil the MEA lubricants market is segmented into mineral oil, synthetic, bio-based lubricants, and others. Mineral oil segment held the largest market share in 2020. Based on product type the MEA lubricants market is segmented into engine oil, hydraulic oil, gear oil, gear oil, compressor oil and others. Engine oil segment held the largest market share in 2020. Based on end-use industries, the MEA lubricants market has been segmented into oil and gas, industrial, chemical, automotive, marine and others end-use industries. The automotive segment led the MEA lubricants market in 2020. Based on country, the MEA lubricants market is segmented into Saudi Arabia, South Africa, UAE, rest of MEA. Rest of MEA held the largest market share in 2020.
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.
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 leading companies in the MEA lubricants market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
MEA Lubricants Market, By Country, 2020 and 2028 (%)
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