In a recent published report, Kenneth Research has updated the market report for Middle East Finished Lubricants Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Middle East Finished Lubricants Market products.
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A report on Middle East Finished Lubricants Market has recently been added into the repository of market research reports of Kenneth Research. The report, which is calculated for the forecast period 2021 2025, provides an in-depth analysis on the opportunities, latest trends, challenges and the growth drivers that are associated with the growth of the market. The market is thriving on account of the growing need for chemicals that are less toxic, backed by the stringent government regulations to regulate chemical pollution. It is estimated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021. On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities.
Further, the market is projected to grow on account of the growing trade in chemicals worldwide. The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
The Middle East finished lubricants market size is projected to reach USD 2.14 billion by 2026 growing at a CAGR of 6.5% during the forecast period, as per a new research report published by Polaris Market Research. The report ‘Middle East Middle East finished lubricants Market Share, Size, Trends, & Industry Analysis Report, [By Type (Metal Working Fluids, Transformer, Gear, Hydraulic & Engine Oils), By Base Oil Source, By Grade, by Application, By End-Use: Segment Forecast, 2018 – 2026’ offers a wide analysis of different types of lubricants in Middle East along with insights related to current and future trends in the market.
Growing demand from end-use industries for several wide range of lubricant types for different functionality is the primary factor driving the market. Metal working fluids have experienced the highest demand in the past two years in the region apart from increasing demand for automotive lubricants.
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Metalworking fluids demand constituted for a substantial share of the industry sales. The metalworking facilities uses lubricants for several different applications, including grinding, stamping and machining. These products also serve as lubricants or coolants, which depends on the application functionality requirement.
Middle East is a lucrative market space for the lubricant suppliers. However, due to the market dominance of the leading industry participants in the country it makes it a highly competitive environment for the new and small-scale players in the industry. Strategic distribution and supply systems play the most crucial part for customer retention and also increasing penetration of target markets.
The worldwide supply chains have been facing rising product portfolio and customer complexity lately. Heightening and demand for variety of finished lubricants type from several developing industries in the region have forced the industry participants to focus at unique ways to transform the existing ways to drive efficiencies. And also, to offer lower cost products, quality customer service and overall whilst lowering inventory and working capital.
middle east finished lubricants market
Shell Oman Oil Marketing Company has been the leading lubricant brand selling a wide range of finished lubricants in the region in 2017 and till July 2018 as well. The company’s demand driven planning helped it remain ahead of the competition not only in the Middle East but also in the global lubricant market. The company revealed that in order to overcome the increasing complexity in consumer demand, it makes use of inventory buffers in order to break the bullwhip effect in the supply chain.
As per the cross-industry survey from Terra Technologies (E2open), it showed that as the number of finished lubricants sold upsurges, the overall amount sold remains pretty flat in most industries. Hence, as the sales volume of every product goes down, it can be anticipated that forecasting of SKU levels gets more tougher the wider the product portfolio is.
Finished lubricants manufacturers in the region have been very much focused on the base oil grades that are used for formulation of lubricants as industrial consumers have been very specific to their demands for their product characteristics. Grade 2 segment is anticipated to grow at a CAGR of 3.8% from 2018 to 2026 in terms of revenue generated and account for around 36% of expected demand by 2026. Grade 1 lubricants segment is expected to experience a moderate growth over the forecast period.
Middle East finished lubricants market is dominated with sales from the multinational players. To name some of them would include Shell Oman Marketing Company, Al Maha Petroleum Products Marketing Co. S.A.O.C, TOTAL Lubricants, JX Nippon Oil & Energy Middle East & Africa FZE, Oman Oil Marketing Company (Omanoil), ExxonMobil, British Petroleum, and Castrol.
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Polaris Market Research has segmented the Middle East Finished Lubricants market on the basis of product, engine oils viscosity, application, end-use and country:
Middle East Finished Lubricants Product Outlook (Revenue, USD Million, 2015 – 2026)
Metalworking fluids
Transformer Oils
Gear Oils
Hydraulic Oils
Engine Oils
Middle East Finished Lubricants Engine Oils Viscosity Outlook (Revenue, USD Million, 2015 – 2026)
0W, 5W, 10W
15W, 20W, 25W
Middle East Finished Lubricants Base Oil Grade Outlook (Revenue, USD Million, 2015 – 2026)
Grade 1
Grade 2
Grade 3
Grade 4 & 5
Middle East Finished Lubricants Application Outlook (Revenue, USD Million, 2015 – 2026)
Compressor
Transformers
Bearings
Natural Gas Engines
Hydraulics
Metal Working
Heat Transfer Equipment
Others
Middle East Finished Lubricants End-Use Outlook (Revenue, USD Million, 2015 – 2026)
Automotive
Oil Refining
Textile Manufacturing
Metalworking
Petrochemical
Industrial
Others
Middle East Finished Lubricants Country Outlook (Revenue, USD Million, 2015 – 2026)
Saudi Arabia
UAE
Qatar
Morocco
Egypt
Kuwait
Oman
Bahrain
Rest of Middle East
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