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Middle East Lubricant and Grease market Report
WILMINGTON, DE, UNITED STATES, October 21, 2024 /EINPresswire / -- The Allied Market Research report estimates the Middle East Lubricant and Grease market at $11.5 billion in 2021, projecting growth to $16.1 billion by 2031, with a CAGR of 3.5% from 2022 to 2031. This detailed analysis covers
investment opportunities, strategies, market drivers, and trends, providing essential insights for
industry stakeholders, investors, and new entrants.
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Report Overview:
- Forecast Period: 2022–2031
- Base Year: 2021
- Market Size: $11.5 billion (2021) to $16.1 billion (2031)
- CAGR: 3.5%
- Key Segments: Type, Application, Country
Key Drivers & Opportunities:
- Drivers: Growth in automotive manufacturing and shipbuilding sectors.
- Opportunities: Increased construction projects across the Middle East and rising demand for eco-friendly lubricants.
- Restraints: Growing adoption of electric vehicles.
Segment Analysis:
- By Product: Heavy Duty Engine Oils (HDEO) dominated in 2021, contributing over 25% of the revenue. Turbine oils are expected to grow the fastest at a 4.5% CAGR.
- By Application: Automotive held nearly 60% of the market in 2021, while the power generation segment is projected to have the fastest growth at a 4.3% CAGR.
Country Analysis:
- Top Revenue Generator: Iran, with over 25% market share in 2021.
- Fastest Growth: Saudi Arabia, expected to grow at a 4.6% CAGR.
Key Players:
Leading companies include Petromin, Armor Lubricants, Total, Behran Oil Co., Exxon Mobil, FUCHS, and others. These companies have adopted strategies such as partnerships, expansions, and joint ventures to strengthen their market presence.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.