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Saudi Arabia Lubricants Market - Growth, Trends, and Forecast (2020 - 2025)

Saudi Arabia Lubricants Market - Growth, Trends, and Forecast (2020 - 2025)

  • September 2020
  • 116 pages
  • ID: 5974113
  • Format: PDF
  • Mordor Intelligence LLP
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The Saudi Arabia lubricants market is expected to register a CAGR of around 1% during the forecast period. Major factors driving the market are the progressing industrial sector in the country and increasing usage of high-performance lubricants.

- However, increase in drain intervals in the automotive and industrial sectors is likely to hinder the growth of the market studied.
- By product type, the engine oil segment dominated the market studied. However, the process oil segment is projected to register the highest CAGR during the forecast period.

Key Market Trends
Semi-synthetic Lubricants to Drive the Market Growth

- Synthetic lubricants are processed from chemically-modified petroleum products and other synthetic raw materials, under controlled conditions. Properties, such as temperature resistance, higher viscosity, and better oxidation stability, when compared to other types of lubricants, are promoting the increasing usage of synthetic lubricants.
- Synthetic lubricants are primarily employed in the automotive, construction, and food and beverage industries. Major applications include engine oil and coolants, transmission fluids, and gear oils, owing to their anti-sludge-forming, and fast-action abilities.
- Saudi Arabia is way beyond other developed nations, in terms of synthetic lubricant consumption, but it is expected to witness a rapid growth during the forecast period.
- Currently, synthetic esters and polyalphaolefins (PAO) are the most widely used synthetic lubricants.
- Despite many technological advantages over conventionally used lubricants, the high cost of synthetic lubricants is hampering their usage.
- Increasing usage of high-end cars and consumer preference for lower maintenance costs are expected to boost the market for synthetic lubricants in the coming years.
- Changing technology, downsizing of engines, and environmental regulations are some of the factors responsible for the expected increase in the consumption of these lubricants over the forecast period.

The Automotive and Other Transportation Segment Dominated the Market

- The automotive and other transportation segment was the major end-user industry in the lubricants market.
- Saudi Arabia is expected to witness a rise in demand for lubricant oils over the forecast period. The country has committed to become the auto hub of the Middle East. The Kingdom is adding rail lines, investing in workforce education, expanding shipping ports, and offering other incentives to attract vehicle makers and suppliers.
- Saudi Arabia is the largest auto and auto parts market in the Middle East, accounting for ~40% of all the vehicles sold in the region. Saudi is the largest importer of US automotive products and parts in the Middle Eastern region, with some of these imports being re-exported.
- Saudi Arabia does not have an automotive production base. However, there is presence of aftermarket services, which contributes a little to the market. The country is focusing on establishing itself as the new automotive hub in the Middle East. Though the country is a large importer of vehicles and auto parts, it is now trying to attract original equipment manufacturers (OEMs), to open their production plants in the country and to develop the domestic auto industry.
- Additionally, the country is experiencing a steady growth in the sales of new cars, with the market expected to reach one million units by 2020, growing at a rate of 6.7% per annum. According to the General Authority for Statistics, the automotive industry is expected to witness a growth rate of around 4-5%, y-o-y, over the next decade.
- Saudi Arabia imported majority of its automobiles till date, but with the government’s invitation for FDI in the automotive sector, the country may stand as one of the major producers of automobiles in the region.
- The Saudi Arabian market is expected to provide huge opportunities for the automobile manufacturers during the forecast period. As per LMC Automotive, the decision to allow women drivers has the potential to increase car sales by 15-20%, annually, in the country.
- Foreign automotive manufacturers are trying to invest in the market, which is expected to open up opportunities for automotive lubricants.
- The country’s economy is expected to have very less effect due to the direct impact of COVID-19. However, the indirect effects of COVID-19, such as decline in demand for crude oil and the international uncertainty among OPEC+ countries in dealing with crude oil supply, are expected to have greater impacts on the economy.

Competitive Landscape
The Saudi Arabia lubricants market is highly consolidated, with the top five players accounting for more than 90% of the market. Owing to the slowdown of the European and North American markets, the emerging market potentials have been clearly visible in the Middle Eastern region, thus, making the market studied as one of the most attractive destinations for lubricant oil producers. Petromin Corporation is the market leader of lubricants in the Kingdom of Saudi Arabia. The company alone accounts for approximately 50% of the market, with over 150 different products.

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