The report "Middle East & Africa Lubricants Market by Type (Mineral Oil, Synthetic Oil, Bio-based Oil, and Greases), by Application (Passenger Vehicles, Commercial Vehicles, Aviation and Marine and Industrial Machinery and Equipment) - Global Trends & Forecasts to 2019", defines and segments the Middle East & Africa lubricants market with analysis and forecast in terms of volume.
The Middle East & Africa lubricants market is estimated to be worth of $14.7 billion in 2013 and is projected to reach $17.9 billion by 2019 and is growing with a CAGR of 3.4% between 2014 and 2019.
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Middle East and Africa market, together accounted for over 10% share of the global market in terms of volume in 2013. The growing automotive, marine, and aviation industries have led to an enhanced demand for lubricants from these regions. The Iranian market was the largest lubricants market in the Middle East & Egypt was the largest market in Africa, in terms of consumption of lubricants in 2013. The market in Nigeria in Africa and Iran in Middle East are estimated to grow at high rates in the next five years.
The transportation sector has a high consumption share in the Middle East & Africa lubricant market. The transportation and non-transportation sectors are estimated to grow exponentially. The adoption of synthetic lubricants to increase the efficiency and reduce the drain out time of vehicles is the current trend in the automotive industry which is boosting the overall lubricants demand for automotive utilization in the Middle East & Africa. The need to enhance fuel efficiency of vehicles has lead to replacement of traditional lubricants with innovative and newer lubricants.
The top companies in the Middle East & Africa lubricants market include Royal Dutch Shell plc (U.K.), ExxonMobil Corporation (U.S.), BP plc (U.K.), Chevron Corporation (U.S.), Total S.A. (France), Lukoil Oil Company (Russia), and PetroChina Company Limited (China), among others. The Middle East & Africa lubricants industry has witnessed high expansion and new product launches in the recent past.
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