Category: Chemicals & Materials
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)
The Middle East & Africa lubricant additives market is expected to grow from US$ 1,555.25 million in 2021 to US$ 1,874.15 million by 2028; it is estimated to grow at a CAGR of 2.7% from 2021 to 2028. The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. The COVID-19 pandemic hampered the growth of this sector during 2020–2021 due to factors such as nationwide lockdowns enacted by governments of the Middle East & African countries and a decline in investments by various stakeholders. Further, the ease of travel restrictions, rise in transportation activities, and implementation of mass vaccination programs aided the growth of this sector in 2021 in the form of elevated automobile sales. As per the report of OICA, the automotive industry recorded an annual growth rate of ~5% in 2021. Companies operating in the automotive market are investing heavily in automobile manufacturing to ramp up production capabilities and corresponding sales. With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions, there has been a remarkable development in lubricating oil formulations. The final standards focus on significantly reducing GHG emissions and other criteria pollutants, which will lead to substantial public health and welfare benefits while providing consumers with savings from reduced fuel usage. Thus, the flourishing automotive sector and stringent government policies on reducing GHG emissions are boosting the Middle East & Africa lubricant additives market. Thus, the Middle East & Africa lubricant additives market is expected to grow at a notable CAGR during the forecast period.
Exhibit: Middle East & Africa Lubricant Additives Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Lubricant Additives Market Segmentation
The Middle East & Africa lubricant additives market is segmented into type, application, and country. Based on type, the market is categorized into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. In 2021, the dispersants segment held the largest market share. Based on application, the market is bifurcated into automotive and industrial. In 2021, the automotive segment held a larger market share. Further, based on country, the Middle East & Africa lubricant additives market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The Rest of MEA has contributed a substantial share in 2021.
Evonik Industries AG, the Lubrizol Corporation, LANXESS, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the Middle East & Africa lubricant additives market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,555.25 Million |
| Market Size by 2028 | US$ 1,874.15 Million |
| CAGR (2021 - 2028) | 2.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| Middle East and Africa | South Africa, Saudi Arabia, UAE, Rest of Middle East and Africa |
| Market leaders and key company profiles |
|
The Middle East & Africa Lubricant Additives Market is valued at US$ 1,555.25 Million in 2021, it is projected to reach US$ 1,874.15 Million by 2028.
As per our report Middle East & Africa Lubricant Additives Market, the market size is valued at US$ 1,555.25 Million in 2021, projecting it to reach US$ 1,874.15 Million by 2028. This translates to a CAGR of approximately 2.7% during the forecast period.
The Middle East & Africa Lubricant Additives Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Lubricant Additives Market report:
The Middle East & Africa Lubricant Additives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Lubricant Additives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Lubricant Additives Market value chain can benefit from the information contained in a comprehensive market report.
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