Automotive lubricants are fluids comprised of base oils and additives intended to reduce friction between surfaces and the contacts such as vehicles or roads. By reducing friction, these lubricants are meant to protect parts of the vehicle & enhance the overall efficiency and lifespan. Besides, lubricants also act as a noise-reducing cushion, coolant, and sealant between engine piston rings and cylinder walls.
The GCC Automotive Lubricants Market is projected to grow at a CAGR of around 3.0% during the forecast period, i.e., 2022-27. The market is swiftly driven by the increased production of vehicles leading to tremendous growth in the automotive industry over the years, demonstrating an up-thrust for better-performing lubricants.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|CAGR (2022-27)||3.0 %|
|Region Covered||Saudi Arabia, The UAE, Oman, Qatar, Kuwait, Bahrain|
|Key Companies Profiled||ADNOC, Aramco, Chevron Lubricants, Gulf Oil International, FUCHS Lubricants Germany GMBH, Exxon Mobil, British Petroleum, Valvoline, Total Energies, Oscar Lubricants LLC, Kuwait Lube Oil Co., EPCCO Lubricants, Others|
|Unit Denominations||USD Million/Billion|
In addition, the current inclination of consumers & manufacturers toward environment-friendly products is also paving the way for chemical-free bio-based automotive lubricants, resulting in a vast influx of funds by prominent players in the market. Besides, the wide utility of these lubricants in oil & gas exploration is another aspect fostering the growth of the GCC Automotive Lubricant Market.
Another growth-inducing factor is the growing affinity for heavy-duty motor vehicle engine oils to endure adverse geographical conditions and emission standards in on & off-highway heavy vehicles, further catalyzing the market growth for GCC Automobile lubricants. Moreover, the concerted efforts made by the companies to advance their products and to expand their portfolios for automotive lubricants accompanying large-scale ventures and acquisitions shall further prompt the upward trajectory of the market. For instance,
Further, with initiatives such as Abu Dhabi Vision 2030 and Dubai Plan 2021, countries like UAE, being the second largest automotive market in the GCC hint toward a potential for the automotive lubricants industry to further expand in the coming years. The active participation of the governments in promoting the automotive industry further enthralled market growth. For instance,