MENA Lubricants Market Is Expected To Reach Over 4 Million Tons In Terms Of Production By 2019-ken Research
Future Growth of MENA Lubricants Market is expected to be led by automotive demand and infrastructure developments taking place.
The leading country UAE is anticipated to maintain its top most position with a ~% share in overall production.
Ken Research announced its latest publication on “Middle East and North Africa Lubricants Market Outlook to 2019” which provides a comprehensive analysis of lubricants in Middle East and North Africa and covers various aspects such as market size of MENA lubricants market in terms of production and consumption, segmentation on the basis of geography, application, and quality of oil, type of oil and volume of exports and imports for lubricants. The report is useful for lubricants manufacturers, wholesalers, distributors and new players venturing in the market.
The Lubricants market in the MENA region has witnessed a growth in recent years on account of rising demand for lubricants fueled by rising vehicle population and infrastructure projects taken up by government. UAE has been the largest country operating in MENA lubricants market in terms of production as of 2014. Other major producers included Iran, Egypt and Saudi Arabia. On the other hand, Iran, Egypt, Saudi Arabia and Algeria have been amongst the highest consumers of lubricants in the MENA region. The MENA Lubricants market has grown at a CAGR of ~% from 2009-2014.
The growth potential in the MENA region has been very much significant from volume and quality point of view. Traditionally, the MENA region has been a low consumer of high-quality engine oils but the trend is anticipated to change as the region looks forward to replace its vehicles and with the government taking steps to reduce vehicular emissions and improve efficiency. It is expected that rise in consumer awareness will shift the focus towards use of high-quality premium products and present significant opportunities for synthetic products. Therefore, the demand for conventional lubricants is likely to swell in a short span of time.
According to the research report, the MENA Lubricants market will grow at a considerable CAGR rate thus exceeding 4,412.9 thousand tons in terms of production by 2019 due to the increasing number of vehicles, infrastructure projects and industrial development.
“While rising vehicle population, boom in infrastructural activities and increasing preference of consumers to use premium quality oil will result in increased spending on lubricants in the MENA region, volatility in crude oil prices and lack of awareness among consumers for good quality oil will be the major challenges that will affect the growth of this industry in the future”, according to the Research Analyst, Ken Research.