The Middle East & Africa lubricant additives market is expected to grow from US$ 1,555.25 million in 2021 to US$ 1,874.15 million by 2028; it is estimated to grow at a CAGR of 2.7% from 2021 to 2028. The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. The COVID-19 pandemic hampered the growth of this sector during 2020-2021 due to factors such as nationwide lockdowns enacted by governments of the Middle East & African countries and a decline in investments by various stakeholders. Further, the ease of travel restrictions, rise in transportation activities, and implementation of mass vaccination programs aided the growth of this sector in 2021 in the form of elevated automobile sales. As per the report of OICA, the automotive industry recorded an annual growth rate of ~5% in 2021. Companies operating in the automotive market are investing heavily in automobile manufacturing to ramp up production capabilities and corresponding sales. With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions, there has been a remarkable development in lubricating oil formulations. The final standards focus on significantly reducing GHG emissions and other criteria pollutants, which will lead to substantial public health and welfare benefits while providing consumers with savings from reduced fuel usage. Thus, the flourishing automotive sector and stringent government policies on reducing GHG emissions are boosting the Middle East & Africa lubricant additives market. Thus, the Middle East & Africa lubricant additives market is expected to grow at a notable CAGR during the forecast period.
Evonik Industries AG, the Lubrizol Corporation, LANXESS, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the Middle East & Africa lubricant additives market.
Middle East & Africa Lubricant Additives Market Segmentation
The Middle East & Africa lubricant additives market is segmented into type, application, and country. Based on type, the market is categorized into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. In 2021, the dispersants segment held the largest market share. Based on application, the market is bifurcated into automotive and industrial. In 2021, the automotive segment held a larger market share. Further, based on country, the Middle East & Africa lubricant additives market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The Rest of MEA has contributed a substantial share in 2021.Evonik Industries AG, the Lubrizol Corporation, LANXESS, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the Middle East & Africa lubricant additives market.
Table of Contents
1. Introduction
3. Research Methodology
4. MEA Lubricant Additives Market Landscape
5. MEA Lubricant Additives Market - Key Market Dynamics
6. Lubricant Additives -MEA Market Analysis
7. MEA Lubricant Additives Market Analysis - By Type
8. MEA Lubricant Additives Market Analysis - By Application
9. MEA Lubricant Additives Market - Country Analysis
10. Industry Landscape
11. Company Profiles
12. Appendix
List of Figures
List of Tables
Companies Mentioned
- Evonik Industries AG.
- The Lubrizol Corporation.
- LANXESS.
- Nouryan.
- EXXON MOBIL CORPORATION.
- Croda international plc.
- Chevron Corporation.
- BASF SE.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | August 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1555.25 Million |
| Forecasted Market Value ( USD | $ 1874.15 Million |
| Compound Annual Growth Rate | 2.7% |
| Regions Covered | Africa, Middle East |
| No. of Companies Mentioned | 8 |
