Middle East finished lubricants market is anticipated to expand at a CAGR of 6.5 percent during the predicted timeline to accrue approximately US $2.14 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
A highly lucrative marketplace for lubricant suppliers, the Middle East region has been witnessing massive market growth owing to burgeoning demand from the end-use industries for a wide array of lubricants.
Expounding the product spectrum, the Middle East finished lubricants market is bifurcated into significant product types including metal working fluids, gear oils, transformer oils, engine oils, and hydraulic oils. Other than the rising demand for automotive lubricants, metal working fluids have garnered the greatest demand in the region over the last two years. According to the report, the demand for metal working fluids accounted for a considerable share of the total industry sales.
Market researchers claim that the dominance of key players makes the market highly competitive for new and small-scale contenders. The report further cites that strategic distribution & supply systems are pivotal for customer retention and improve penetration of target markets. However, the global supply chain has recently been witnessing product portfolio enhancement, along with rising customer complexity. Given the augmented demand for a range of finished lubricant types in the region from a number of emerging industries, market participants are focusing on unique ways for driving efficiencies.
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Speaking of product application, the finished lubricants find extensive application in transformers, compressors, bearings, hydraulics, metal working, heat transfer equipment, natural gas engines, and others. The end-use spectrum of the Middle East finished lubricants market is bifurcated into oil refining, metal working, automotive, textile, petrochemical, industrial, manufacturing, and others.
The country outlook of the Middle East finished lubricants market includes the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Egypt, Morocco, Oman, and the rest of Middle East. The latest report suggests that finished lubricant manufacturers in the region have been focusing on base oil grades which are deployed for lubricant formulation, in order to keep up with the industrial consumers who are specific about the product characteristics. The regional market is thus segmented into various base oil grades – Grade 1, Grade 2, Grade 3, Grade 4 & Grade 5. Market experts estimate that the Grade 2 segment will grow in terms of revenue over the forecast timeline at a 3.8 percent CAGR and will contribute to about 36 percent of the demand by 2026. Also, the Grade 1 segment is anticipated to grow at a moderate pace over 2018-2026.
The competitive gamut of the Middle East finished lubricants market includes multinational players such as Al Maha Petroleum Products Marketing Co., Shell Oman Oil Marketing Company, JX Nippon Oil & Energy Middle East & Africa FZE, British Petroleum, TOTAL Lubricants, Castrol, Oman Oil Marketing Company and ExxonMobil among others. Shell Oman Oil Marketing Company was the top lubricant seller in the region throughout 2017, and up to July 2018.