Market Size of Iraq Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 288.86 Million liters |
| Market Volume (2029) | 330.98 Million liters |
| CAGR (2024 - 2029) | 2.76 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Iraq Lubricants Market Analysis
The Iraq Lubricants Market size is estimated at 288.86 Million liters in 2024, and is expected to reach 330.98 Million liters by 2029, growing at a CAGR of 2.76% during the forecast period (2024-2029).
COVID-19 negatively impacted the Iraq lubricants market in 2020 due to global disruption in the supply chain. During the pandemic, many factories responsible for raw material supply, mainly base oil and additives, for the lubricants industry were shut down. However, the positive outlook of the automotive industry and steady progress in the oil and gas industry in recent times is likely to maintain sluggish but positive growth of the market studied in the coming year.
- Over the short term, increasing consumption in the automotive sector and growing investment in public and private construction products are some driving factors stimulating the market demand.
- Geopolitical impacts like the Russia-Ukraine war and increasing demand for hybrid & electric vehicles are factors hindering the market's growth.
- The promising renewable energy sector, development of low-viscosity lubricants, and growing prominence of bio-lubricants are expected to offer various opportunities for market growth.
- The automotive and other transportation segment is expected to account for the largest end-user industry of the market studied while registering rapid growth over the forecast period.
