Market Trends of saudi arabia lubricants Industry
This section covers the major market trends shaping the Saudi Arabia Lubricants market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the Saudi Arabian lubricant market was dominated by the automotive industry, which accounted for around 71% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased by around 11.4%.
- In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 7.05% during the year, compared to 2019, followed by heavy equipment (6.53%).
- Power generation is likely to be the fastest-growing end-user industry of the market studied, with a CAGR of 6.25% during 2021-2026, followed by metalworking and metallurgy (2.52%). The growing vehicle population in the country is likely to drive the consumption of lubricants in the automotive industry in the next few years.
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