Market Trends of Middle East Automotive Engine Oils Industry
This section covers the major market trends shaping the Middle East Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- Engine oils are the most used automotive lubricants among all the product types. During 2015-2019, the automotive engine oil consumption in the Middle East region increased at a CAGR of 2%. In 2020, engine oils accounted for around 88% of the total automotive lubricant consumption volume in the region.
- In 2020, the COVID-19 outbreak resulted in a huge decline in the usage of the existing Middle East vehicle fleet due to fall in business activities. As a result, engine oil consumption in the region decreased suddenly during 2019-2020.
- Along with the expected recovery in sales and production of automobiles, an increase in the penetration of electric vehicles is expected to have a slight impact on engine oil consumption. Considering these factors, the engine oil consumption is expected to grow at a CAGR of 2.95% during 2021-2026.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">Iran</span>
- During 2015-2019, automotive engine oil consumption in the Middle Eastern region increased at a CAGR of over 2%. During this period, Iran was the leading consumer of automotive engine oils in the region and accounted for around 38% of the total engine oil consumption of the region in 2020.
- The travel restrictions imposed after the COVID-19 outbreak restricted engine oil consumption across the region in 2020. The UAE was the most affected country as it witnessed a 12.78% drop in consumption during 2019-2020, followed by Qatar, which witnessed an 8.16% drop.
- Turkey is likely to be the fastest growing engine oil market as engine oil consumption is likely to record a CAGR of 6.08%, followed by the UAE and Qatar, which are expected to record a CAGR of 2.96% and 2.54%, respectively, during 2021-2026. The expected recovery in automotive sales and production from 2021 is likely to drive this growth.
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