Saudi Arabia Lubricants Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Saudi Arabia Lubricants Market is expected to register a CAGR 1.13% of during the forecast period, 2018 to 2023. Automotive & Other transportation segment accounted for the largest market, accounting of more than 60% of the market share, while Power Generation is estimated to register the fastest CAGR through the forecast period, 2018-2023. EXPANSION OF INDUSTRIAL SECTOR IN THE COUNTRY Saudi industrial sector has experienced a steady development from the immense support given by the Saudi government to the sector, which is considered an important sector in achieving strategic and economic objectives of the Kingdom. The efforts from the Saudi government include, creation of required infrastructure, and establishment of industrial cities all over the Kingdom, such as Jubail and Yanbu, etc. Construction, petrochemical & refineries, and mining & metals are primarily driving industrial growth in Saudi Arabia.
According to the Jeddah Chamber of Commerce and Industry, the industrial sector witnessed a CAGR of over 12% between 2011 and 2016. An investment of about USD 4 trillion is expected in the non-oil sector in the country, by 2030. The building & construction sector is the strongest sector that is growing, from an estimated USD 200 million in 2015 to USD 0.3 trillion in 2016. ENGINE OIL TO BE THE LARGEST AND FASTEST GROWING SEGMENT Engine oils are widely used for lubricating internal combustion engines in different types of automotive. They are typically used for applications, such as wear reduction, corrosion protection, and ensuring smooth operation of the engine internals. The oils function by creating a thin film between the moving parts for enhancing heat transfer and reducing tension during contact of the parts.
The stabilization of the economy in 2017, the government focusing on developing the domestic automotive industry (by encouraging global OEMs to set up manufacturing plants in the country), and women being permitted to drive vehicles via the royal decree, has opened new avenues for the OEM players. The decision of permitting women to drive was made by the government to encourage foreign investment in the automotive industry and other industries, as Saudi Arabia is trying to shift its economy away from its heavy dependence on oil.
Notable Developments in the Market
• Apr 2017: Aljomaih and Shell Lubricating Oil Company Limited (JOSLOC) announced a strategic partnership, with Bakhashab Brothers Holding Company, dealer of ISUZU trucks in the western and eastern regions and the largest distributor of ISUZU trucks in Saudi Arabia.
Major players in the market include
PETROMIN CORP., ALJOMAIH AND SHELL LUBRICATING OIL COMPANY LIMITED, ALHAMRANI-FUCHS PETROLEUM SAUDI ARABIA LTD, CASTROL (BP PLC), etc. and other market players include ADINLUB, AMSOIL INC., EXXON MOBIL CORPORATION, RAF OIL INDUSTRIES LLC and TOTAL.
Reasons to Purchase this Report
• To analyze various product types in the market
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• End-user industry that is expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players
• 3 months analyst support along with the Market Estimate sheet in excel.
Customization of the Report
• This Saudi Arabia Lubricants Market Research Report can be customized to meet your requirements.
Published By: Mordor Intelligence
Published Date: Q1 2018