MEA Lubricants Market, Industry Analysis By Trends, Share Leaders, Regional Outlook, Development Strategy And Forecast
The automotive industry is a major consumer of lubricants, and the MEA region is witnessing significant growth in this sector. Rising disposable incomes, increasing urbanization, and a young population with a growing desire for car ownership are fueling demand for vehicles. This, in turn, translates to a growing need for engine oils, gear lubricants, and other automotive lubricants. The MEA Lubricants market was valued at USD 10.65 Billion in 2023. The Lubricants industry is projected to grow from USD 11.10 Billion in 2024 to USD 13.50 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.45% during the forecast period (2024 - 2032). Industrial Development and Infrastructure Projects The MEA region is experiencing significant industrial development, particularly in sectors like oil & gas, construction, and mining. These industries rely heavily on lubricants for machinery maintenance and smooth operation. Additionally, large-scale infrastructure projects across t