Middle East Lubricant and Grease Market Expected to Reach $16.1 Billion by 2031

According to a new report published by Allied Market Research, titled, “Middle East Lubricant and Grease Market by Type, Application: Opportunity Analysis and Industry Forecast, 2020–2027,” 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% from 2022 to 2031.

A lubricant and grease is a substance that is capable of preventing friction, adhesion, heat, wear or corrosion when applied to a surface or introduced between two surfaces in relative motion, or can be used to transmit mechanical power. The most common ingredients are base fluids and additives. In addition, they are used to prevent corrosion, oxidation, and thermal stability, in industrial parts. Increase in competition among major industry leaders has aided market expansion over time. Major manufacturers are making significant investments in the market to stay ahead of the competition.

A surface can be lubricated using a wide variety of substances, where oil and grease are the most abundant. Grease is made up of oil and a thickening agent to obtain its consistency, while the oil is what actually lubricates. Oils can be synthetic, vegetable, or mineral-based as well as a combination of these. The application determines which oil should be used as the base oil. In extreme conditions, synthetics can be beneficial. Vegetable base oils may be utilized where the environment is of concern. One of the key drivers of the lubricant and grease market is the increased demand from end-use industries. Lubricants and grease are utilized in construction equipment due to their characteristics, including anti-wear and resistance to corrosion. Hydraulic fluids are used in earthmoving equipment such as crawler excavators and mini excavators, owing to their high energy transmission capacity. In addition, they are utilized to improve equipment drain/re-greasing intervals, improve lubricating efficacy, enhance friction pair wear resistance, and prolong equipment lifespan. They are used as hydraulic fluids and compressor oils in the steel industry for various applications. Lubricants are required for equipment, including blast furnaces and continuous castings to decrease downtime and improve operational effectiveness. Such factors will boost market growth during the forecast period.

The Middle East lubricant and grease market is segmented on the basis of type, application, and country. Depending on type, the market is categorized into heavy duty engine oils (HDEO), passenger car motor oil (PCMO), gear oil, hydraulic fluids, turbine oils, greases, compressor oil, and others. On the basis of application, the market is categorized into power generation, automotive, heavy equipment, food & beverage, chemical manufacturing, and others. On the basis of country, the market is studied across Middle East.

Major players operating in the Middle East lubricant and grease market include,  Armor Lubricants, Total, Petromin, Aljomaih And Shell Lubricating Oil Company Limited, Behran Oil Co., FUCHS, Exxon Mobil Corporation, GULF OIL Middle East Limited (GULF OIL International), Emarat, and Idemitsu Kosan Co., Ltd.

Key findings of the study

• On the basis of type, the turbine oils segment is projected to grow at the highest CAGR of approximately 4.5%, in terms of revenue, during the forecast period.
• On the basis of application, the automotive segment is projected to grow at the CAGR of approximately 3.1%, in terms of revenue, during the forecast period.