The lubricants market in the Middle East region is expected to reach over 4 million tons in terms of production by 2019, according to a report.

The region's lubricants market has witnessed a tremendous growth in recent years on account of solid demand fueled by rising vehicle population and infrastructure projects taken up by government, stated Ken Research in its latest publication on “Middle East and North Africa (Mena) Lubricants Market Outlook to 2019.

The UAE dominates the Mena lubricants market list in terms of production as of 2014. The other major producers included Iran, Egypt and Saudi Arabia, said the report which provides a comprehensive analysis of lubricants in Mena and covers various aspects including the market size.

According to Ken Research, Iran, Egypt, Saudi Arabia and Algeria are amongst the highest consumers of lubricants in the region.

The growth potential in the Mena region has been very much significant from volume and quality point of view. Traditionally, the region has been a low consumer of high-quality engine oils but the trend is anticipated to change as the region looks forward to replace its vehicles and with the government taking steps to reduce vehicular emissions and improve efficiency.

It is expected that rise in consumer awareness will shift the focus towards use of high-quality premium products and present significant opportunities for synthetic products. Therefore, the demand for conventional lubricants is likely to swell in a short span of time, said the report.

According to the research report, the MENA Lubricants market will grow at a considerable CAGR rate thus exceeding 4,412.9 thousand tons in terms of production by 2019 due to the increasing number of vehicles, infrastructure projects and industrial development.

“While rising vehicle population, boom in infrastructural activities and increasing preference of consumers to use premium quality oil will result in increased spending on lubricants in the region, volatility in crude oil prices and lack of awareness among consumers for good quality oil will be the major challenges that will affect the growth of this industry in the future”, it added.-TradeArabia News Service