Market Size of Pakistan Lubricants Industry
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2019 - 2022
|> 3.50 %
*Disclaimer: Major Players sorted in no particular order
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Pakistan Lubricants Market Analysis
The Pakistani lubricants market is estimated to reach over 400 million l by the end of this year and is projected to register a CAGR of around 3.5% during the forecasted period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe disrupted manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the sector is recovering well since restrictions were lifted. An increase in automotive sales, power generation, and demand for food and beverages have led the market recovery over the last two years.
- The primary factor driving the market's growth is the augmenting automotive production in Pakistan. With the increasing Chinese investment in the past few years, the market studied is expected to see an increase in demand over the forecasted period.
- On the flip side, the sluggish growth in the textile industry is anticipated to restrain the development of the target industry over the forecast period.
- Potential growth in the renewable energy sector will likely act as an opportunity for the market studied.