Saudi Arabia Automotive Lubricant Market to be dominated by Passenger Cars through 2027
An increase in demand for
commercial utility vehicles and supportive government policies for the
automotive industry is driving the demand for Saudi Arabia automotive lubricant
market in the forecast period, 2023-2027.
According to TechSci Research report, “Saudi Arabia Automotive Lubricant Market By
Region, Competition Forecast & Opportunities, 2027”, the Saudi Arabia automotive lubricant market is expected
to witness a growth of steady CAGR in the forecast period, 2023-2027.
Automotive lubricants play a vital role in the operating and protection of the
vehicle. Low freezing point, high-level thermal stability, and high boiling
point are some of the factors that help the engines to improve their
performance which is the reason automotive lubricants are used in the vehicles.
The rise in the number of on-road vehicles, consumer economic stability, and
aging vehicle fleet are the primary factors driving the demand for the Saudi
Arabia automotive lubricants market. Market players are making significant
investments in research and development activities to improve the performance
of automotive lubricants. They are adopting nanoparticles and are adding them to
automotive lubricants. The addition of the carbon-based nanoparticles in the
automotive lubricants results in lowering the frictional resistance in the
engine and improves the anti-wear properties.
However, growing sales and production of
electric vehicles may restrain Saudi Arabia automotive lubricant market growth
in the forecast period as they do not use engine oil.
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data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Automotive Lubricant Market"
The Saudi Arabia automotive lubricant market
is segmented into vehicle type, demand category, type, application, regional
distribution, and competitive landscape.
Based on vehicle type, the market is
divided into two-wheeler, passenger car, LCV, M&HCV, and OTR. Passenger car
is expected to hold the largest market share in the forecast period, 2023-2027.
Change in preference of consumers to travel via private transport vehicles,
rapid urbanization, and growing disposable income of the middle-class families
are driving the demand for passenger cars across the country. The rise in
awareness about the benefits of using automotive lubricants for the passenger
car owners to increase their life and improve their performance is contributing
to the market growth.
Based on type, the market is divided
into mineral based and synthetic. Mineral based automotive lubricant is
expected to capture the highest market share over the next five years as they
are much lower in cost than its counterpart and are used majorly in older
vehicles.
Based on application, the market is
divided into the engine oil, transmission oil, hydraulic fluids, greases, and
others. Engine oil dominates the market and is expected to maintain its
dominance over the forecast period. Engine oil ensures the proper functioning
of the automobile parts and keeps the engine cool. Frequent changing of oil is
necessary to improve the lifespan of automobiles and avoid the buildup of
contaminants and sludge in the engine. These contaminants can adversely affect
the engine and vehicle's functioning, allowing the vehicle owners to avoid any
trouble. The high number of diesel and gasoline engine vehicles on the road and
the rise in sales of vehicles for commercial and individual users are expected
to bolster the market demand in the coming years.
Major market players operating in Saudi
Arabia automotive lubricant market are:
- AMSOIL Inc.
- BP PLC (Castrol)
- Chevron Corporation
- Eni SpA
- ExxonMobil Corporation
- Fuchs Petrolub SE
- Petromin Corporation
- Petronas Lubricants
International
- Royal Dutch Shell PLC
- TotalEnergies
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“Harmful effects of the automotive
lubricants on the environment and the pollution caused by the emission from the
diesel vehicles is creating the demand for the advent of bio-based automotive
lubricants. Companies provide a wide range of bio-based automotive lubricants
to capture the highest market share. Market players are advised to invest in
developing bio- lubricants that are less toxic and have no effect on the environment.
They are also working on developing less viscous and premium synthetic
lubricants to ensure the durable operation of the engine. High-end investments
by the market players in the research and development activities to enhance the
efficiency and advance the properties of automotive lubricants are expected to
propel the Saudi Arabia automotive lubricants market growth till 2027” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi Arabia Automotive
Lubricant Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV,
OTR), By Demand Category (OEM, Replacement), By Type (Mineral Based,
Synthetic), By Application (Engine Oil, Transmission Oil, Hydraulic Fluids,
Greases, Others), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth
potential of Saudi Arabia automotive lubricant market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia automotive lubricant market.
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