“GCC off-highway construction equipment lubricants market is anticipated to grow at a CAGR of over 5% from 2020 to 2030”, says Visiongain
29 November 2019
Visiongains’s new report GCC Off Highway Construction Lubricants Market Report : Forecasts by Type (Gear oils, Greases, Heavy-Duty Engine Oils, Hydraulic Fluids, Transmission Fluids, Others), Applications (Compactors and Road Rollers, Dozers, Motor Graders, Pavers/ Asphalt Finishers, Others), by region and analysis of leading companies operating in this industry.
GCC off-highway construction equipment lubricants market was valued at over USD 700 million in 2018 and is anticipated to grow at a CAGR of over 5% during the forecast period from 2020 to 2030. The regional market is likely to be driven by increased demand for heavy-duty engine oils, gear oils, and transmission fluids. Rapid industrialization and urbanization have culminated in a large increase in sales of construction equipment. The GCC area will represent rapid and ongoing sales of construction equipment lubricants due to significant spending on infrastructure development with an estimate of over USD 125 billion in construction projects.
Over the years there have been substantially increased exports of heavy machinery from the Association of Southeast Asian Nations to the GCC region, supported by heavy foreign investment in the region for future infrastructure projects. This is anticipated to boost GCC off-highway construction equipment market over the forecast period from 2020 to 2030. Also, the implementation of various federal programs related to reconstruction and development in sectors such as transportation, road infrastructure, and residential housing, is projected to increase market growth. Also, agricultural support and growing investment activities are likely to contribute to the development of the GCC off-highway construction equipment lubricants market.
Several advanced technologies have been implemented in the consumer category, such as lubricating grease containing ash-free additives, adding thickener matrix to enhance lubricant "spray off" properties, and mixing lithium and calcium soaps to enhance water resistance. The need for technological advancement has increased from several construction projects in the province. The building equipment lubricant industry is driven by strict policies and environmental regulations imposed by governments across the GCC, such as the Royal Decree No. M/38, which requires a license in Saudi Arabia for the transport of lubricants.
Major producers have developed application-specific lubricants, such as ExxonMobil, British Petroleum, and Total, which will also boost market expansion. Also, the demand would be driven by increasing popularity and preference for bio-based equivalents in the GCC region. Many regional governments and regulatory bodies have taken steps to encourage bio-based lubricants and raise awareness of their limited impact on the environment. These regulations are imposed as a step towards a cleaner environment on regional formulators, which also contributes to the expansion of the market.
The Russian economy has a major impact on the industry and any fluctuations in Russia's housing and construction sector have a direct impact on the GCC building market. Moreover, the overall demand for lubricants is reduced due to the fall in global oil prices and economic sanctions imposed on Russia coupled with the country's unstable economic and political situation. In Russia's industrial segment, on the other hand, stability was propelled by the rise in manufacturing activities and the change in trend towards forging alliances with major oil-exporting economies, also led to an increase in industrial output.
Saudi Arabia has been the fastest-growing segment in the GCC region that has transformed the construction business. Due to several pipeline projects, such as the KACARE Renewable Energy Project, the country is expected to represent more growth in the consumption of heavy machinery lubricants.
The Qatar National Vision 2030 and the FIFA World Cup 2022 propel construction development in Qatar. FIFA World Cup investment is projected at USD 30 billion. Continued government spending is a driving force behind economic growth in the country. Implementation of infrastructure and construction projects like Dubai Expo 2020 and Abu Dhabi Vision 2030 will also contribute to the growth of the market. With an investment of over USD 400 million, the United Arab Emirates government plans to build 17 projects. The Public Works Ministry is actively working in all Emirates on 148 housing units and 26 complexes. The dream of the municipality of Dubai to make the city completely sustainable by 2021 has resulted in increased investment.
Some of the key GCC OFF Highway Construction Lubricants market players include Bel-Ray Company LLC., British Petroleum (BP)Bel-Ray Company LLC., Chevron Corporation, Exol Lubricants, Exxonmobil, Fuchs Petrolub SE, Indian Oil Corporation, Kuwait National Lube Oil Mfg. Co, Liqui Moly GmbH, Lucas Oil, Lukoil, Morris Lubricants, Oman Oil Company S.A.O.C, Penrite Oil, Petrochina Company, Petromin Corporation, Petrotek, Phillips 66 Company, Royal Dutch Shell, Solar Lubricants among other prominent players.
Notes for Editors
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