Middle East Lubricant and Grease Market Likely to Enjoy Promising Growth by 2031

According to a report by Allied Market Research, the Middle East lubricant and grease market was valued at $11.5 billion in 2021 and is projected to reach $16.1 billion by 2031, growing at a CAGR of 3.5% during the forecast period (2022-2031). The report provides a comprehensive analysis, including investment opportunities, growth strategies, key drivers, restraints, and evolving market trends.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/31487

Key Report Highlights

Report Details Insights

Forecast Period 2022-2031
Base Year 2021
Market Size (2021) $11.5 Billion
Market Size (2031) $16.1 Billion
CAGR (2022-2031) 3.5%
Report Length 197 Pages
Segments Covered Type, Application, Country

Market Dynamics

Drivers:

- Growth in automotive manufacturing and shipbuilding industries.

Opportunities:

- Upcoming construction projects across the Middle East.
- Rising demand for environmentally friendly lubricants.

Restraints:

- Increasing adoption of electric vehicles.

Segment Analysis

By Product:

- The heavy-duty engine oils (HDEO) segment accounted for over one-fourth of the revenue in 2021 and is expected to maintain its dominance through 2031.
- The turbine oils segment is projected to exhibit the fastest growth, with a CAGR of 4.5%.
- Other segments include hydraulic fluids, passenger car motor oil (PCMO), gear oil, greases, and compressor oil.

By Application:

- The automotive sector generated nearly 60% of the market share in 2021 and remains the largest segment.
- The power generation sector is anticipated to grow at the fastest CAGR of 4.3%.
- Additional applications include heavy equipment, food & beverage, and chemical manufacturing.

By Country:

- Iran accounted for over one-fourth of the market revenue in 2021 and is expected to retain the largest share.
- Saudi Arabia is poised to grow at the fastest CAGR of 4.6% during the forecast period.
- Other countries covered include UAE, Kuwait, Bahrain, Qatar, and the rest of the Middle East.

Key Players and Strategies

Leading market players include:

- Petromin
- Armor Lubricants
- Total
- Behran Oil Co.
- Idemitsu Kosan Co., Ltd.
- FUCHS
- Exxon Mobil Corporation
- Gulf Oil Middle East Limited
- Emarat
- Aljomaih and Shell Lubricating Oil Company Limited

These companies are leveraging strategies such as partnerships, expansions, collaborations, and joint ventures to strengthen their market position.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/middle-east-lubricant-and-grease-market-A31037

Contact:

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.