Saudi Arabia Lubricant Additives Market Size & Outlook
Saudi Arabia lubricant additives market, 2018-2030 (US$M)
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Saudi Arabia lubricant additives market highlights
- The Saudi Arabia lubricant additives market generated a revenue of USD 335.4 million in 2023 and is expected to reach USD 447.6 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 4.2% 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.
Lubricant additives market data book summary
| Market revenue in 2023 | USD 335.4 million |
| Market revenue in 2030 | USD 447.6 million |
| Growth rate | 4.2% (CAGR from 2023 to 2030) |
| Largest segment | Viscosity index improvers |
| Fastest growing segment | Friction Modifiers |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Saudi Arabia accounted for 1.9% of the global lubricant additives market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia lubricant additives market is projected to lead the regional market in terms of revenue in 2030.
- Oman is the fastest growing regional market in Middle East & Africa and is projected to reach USD 131.7 million by 2030.
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Lubricant Additives Market Scope
Lubricant Additives Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia 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 22.63% in 2023. Horizon Databook has segmented the Saudi Arabia 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.
Saudi Arabia is one of the largest and most important lubricate consumers in the Middle East. The region accounts for over 20% of the global oil reserves. Currently about 40% of Saudi Arabia's population is under the age of 15. This has led to accelerated investments in education & infrastructure by the government, in an effort to ensure jobs for the growing population and alleviate a chronically high unemployment rate.
The state has announced plans to build six major economic cities in order to diversify its economy over the forecast period. These factors are expected to drive industrial manufacturing activities in the region, which in turn has promoted lubricant demand to foster faster processing times and improve product quality in various end-use industries.
The lubricants market is expected to boom owing to the introduction of various mega projects taking place in the Kingdom. Saudi Arabia has also joined the World Trade Organization (WTO), which is expected to boost investments in the additives market and encourage new entrants over the forecast period.
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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 country-level data and insights on the Saudi Arabia lubricant additives market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia lubricant additives market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia lubricant additives market size, by product, 2018-2030 (US$M)
Saudi Arabia Lubricant Additives Market Outlook Share, 2023 & 2030 (US$M)
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