Middle East & Africa Lubricant Additives Market Size & Outlook
Middle East & Africa lubricant additives market, 2018-2030 (US$M)
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MEA lubricant additives market highlights
- The MEA lubricant additives market generated a revenue of USD 2,047.2 million in 2023.
- The market is expected to grow at a CAGR of 3.9% from 2024 to 2030.
- In terms of segment, viscosity index improvers was the largest revenue generating product in 2023.
- Friction Modifiers is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Oman is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 2,047.2 million |
| Market revenue in 2030 | USD 2,677.1 million |
| Growth rate | 3.9% (CAGR from 2023 to 2030) |
| Largest segment | Viscosity index improvers |
| Fastest growing segment | Friction Modifiers |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Additives, Antioxidants, Friction Modifiers |
| Key market players worldwide | Basf SE, Lanxess AG, Chevron Corp, Croda International PLC, Evonik Industries AG, Berkshire Hathaway Inc Class A, Brother Industries Ltd |
Other key industry trends
- In terms of revenue, MEA region accounted for 11.6% of the global lubricant additives market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 8,732.7 million by 2030.
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Lubricant Additives Market Scope
Lubricant Additives Market Companies
| Name | Profile | # Employees | HQ | Website |
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Middle East & Africa lubricant additives market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lubricant additives market will help companies and investors design strategic landscapes.
Viscosity index improvers was the largest segment with a revenue share of 22.75% in 2023. Horizon Databook has segmented the Middle East & Africa lubricant additives market based on dispersants, viscosity index improvers, detergents, anti-wear additives, antioxidants, friction modifiers covering the revenue growth of each sub-segment from 2018 to 2030.
Most MEA countries are highly dependent upon crude oil production and the consequent revenue generated from this industry. Numerous countries in this region have undertaken efforts to diversify their economies in an attempt to reduce the dependence on crude oil. This in turn has fostered industrial development and boosted the demand for industrial machinery.
Some countries have initiated a number of actions to secure funding in an attempt to address their macroeconomic imbalances. Saudi Arabia is moving forward with its plan to raise more than USD 10 billion from its international bond sale in October.
Moreover, governments in the region are tapping into domestic bond markets to plug financial holes. These factors are driving regional lubricants market growth, which in turn is conducive to additives consumption.
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Our clientele includes a mix of lubricant additives market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa lubricant additives market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa lubricant additives market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA lubricant additives market size, by country, 2018-2030 (US$M)
Middle East & Africa Lubricant Additives Market Outlook Share, 2023 & 2030 (US$M)
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