The lubricants
market was witnessed to be in its growth stage highly owing to the speedy
industrialization and increasing sales volume of the preowned vehicles thus,
fueling the requirement for both the automotive and industrial lubricants
across the globe and majorly in the underdeveloped regions. However, the
lubricant market in Saudi Arabia is at the maturity stage. In the terms of Sale
of Lubricant in Revenue Millions, Lubricants Markets has
significantly augmented at a positive CAGR during the reviewed period, but
owing to the Oil slump in the recent past years, the growth of the market
slowed down, hence the market is observing a negative growth during the
forecasted period. This reduction in growth was also because of the other aspects
which majorly include Economies such as Brazil, China, Russia and India whose
speedy growth and enlargement generated an unquenchable thirst for oil
initially, started to slow after 2010.
In the recent trend, Uganda lubricants market
is highly importing base oil and completed products owing to the shortage in
terms of technology to extract base oil from crude oil. Over the review
duration, the market is experienced a healthy growth both in terms of revenue
as well as sales volume. Foremost growth drivers involve growth in the sales of
vehicles, enlargement in producing and construction segment and augment in
disposable income of the people who could afford good quality lubricant
variety.
Additionally, the industrial lubricants market in India has stretched
its maturity stage, therefore meeting requirement opportunities of every end
user industry highly by importing base oil from the international corporates
and by locally introducing lubricants within India. Over the forecasted period,
India industrial lubricants market witnessed a vigorous growth both in terms of
revenues as well as consumption volume. Not only has this, growing concerns
from the foremost industries related to the conservation of the machineries in
order to give a good quality output has escalated the requirement for the
synthetic and semi-synthetic lubricants in India.
Sideways, the lubricants market in Algeria is
recently in its growth stage. The market encompasses of both local production
and import of lubricants to meet the domestic requirement for the lubricants.
In Algeria, the lubricant market is estimated to increase at a positive CAGR
during the period. Generally, owing to growing government expenditure on
infrastructure, tourism, health and several other industries.
Although, the UAE lubricant market is at
established stage. Domestic and international players have furnished to the requirement
of lubricants that led to augment in the market revenue. Synthetic lubricants
which have observed an augment in need as they give a better protection to
engine and machinery and increase engine performance in fluctuating
conditions. Therefore, in the near years, it is estimated that the entire
market of lubricants will increase across the globe more positively over the
coming years.
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Ankur Gupta, Head Marketing & Communications
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