Middle East and Africa Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others

Middle East and Africa Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil & Gas, Industrial, Chemical, Automotive, Marine, and Others)

The lubricants market in the MEA is expected to grow from US$ 9.85 billion in 2021 to US$ 11.25 billion by 2028; it is estimated to grow at a CAGR of 1.9% from 2021 to 2028. The power generation industry, of which the renewable energy industry is a subsegment, is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy technologies, which holds a potential share for consuming lubricants in the power industry. It is estimated to install wind power three times faster over the next decade to meet net-zero emissions and avoid the worst impacts of climate change. Thus, such a growth trajectory of wind power is anticipated to hold potential opportunities for lubricants producers, driving the market over the forecast period.

Based on base oil, the MEA lubricants market has been segmented into mineral oil, synthetic, bio-based lubricants, and others. The bio-based lubricants segment is expected to be the fastest-growing segment during the forecast period. The bio-based lubricants segment was valued at US$ 0.99 billion in 2020 and is expected to grow at a CAGR of 3.3% during the forecast period to reach US$ 1.35 billion by 2028. Bio-based lubricants are formulated with biodegradable base stocks, renewable sources, and vegetables. Bio-based lubricants are used for various applications when there is the possibility of a leak into the environment or biodegradability is required by governmental regulations. The bio-based lubricant offers advantages such as a higher viscosity index, higher lubricity, high flash point, base stock renewability, and domestic agricultural support. Bio-based lubricants can tackle technical challenges such as limited viscosities, poor thermal and hydrolytic stabilities, and relatively high pour point temperatures. It has features of biodegradability and biocompatibility that make it attractive for outdoor application in environmentally sensitive areas where leaks and spills may occur. The adoption of bio-based lubricants depends on overcoming the disadvantages while being price competitive with mineral-based and synthetic lubricants. The most common examples of these base stock materials would be rapeseed, soybean, and sunflower products.

South Africa witnessed the highest number of COVID-19 cases in the MEA, followed by Saudi Arabia and UAE. The UAE was the first country in MEA to report a confirmed case of COVID-19. Various chemicals & materials companies remained closed due to the pandemic, which led to the reduced sale of products, hampering the MEA lubricants market. However, the current surge in demand for oil & gas across various industry verticals is fueling the demand for lubricants. The pandemic has significantly slowed down the production of lubricants as well.

The MEA lubricants market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA lubricants market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MEA lubricants market. Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Indian Oil Corporation Ltd, Lukoil, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the key players operating in the market in this region.

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