The Kuwait Lubricant Market Is Expected To Generate $~ Bn By 2027F Owing To Rising Standard Of Living, Rapid Growth In Construction Sector And High Export Of Oil & Gas: Ken Research
Ecosystem of Lubricant Market in Kuwait
Kuwait Lubricant Market is at growing stage and has moderately consolidated market. Top three players which include Kuwait National Petroleum Company (KNPC), Petrochemical Industries Companies (PIC) and Total. While the market is moderately consolidated, new players are still entering the market and with the opportunities presented by the increasing demand and growth in economy, competition is expected to increase in the coming years.
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Key Findings
- Growth of construction sector, increasing demand of automobile, rising private & public investment and with the increasing Governmental support for infrastructural projects have created a strong demand for the Lubricant in Kuwait.
- For end user applications, construction and commercial vehicles are the dominant segments in the Kuwait lubricant market.
Increasing Industrialization: The petrochemical industry in Kuwait is one of the largest in the Middle East and is a major consumer of lubricants. The expansion of this industry is driving the growth of the lubricant market in Kuwait, as lubricants are used in a wide range of applications in the petrochemical sector, such as in refining and production operations, and in equipment used in the transportation and storage of petrochemical products. Many companies have announced major investments to expand their business. For instance, Kuwait’s state-run company, Petrochemical Industries Company (PIC) has announced a multi-billion dollar investments in expanding their production capabilities and increasing the capacity to produce high value-added products such as polycarbonate, polyolefins and petrochemical fertilizers. This expansion of production capabilities will drive the demand for lubricants in the petrochemical industry as the machinery and equipment used in the industry will require lubricants to run smoothly and efficiently.
Additionally, Kuwait National Petroleum Company (KNPC) also announced $5 billion investment in an integrated refining and petrochemicals complex which will increase the production capacity of the company and meet the growing demand of the market. This expansion will also increase the demand for lubricants in the industry.
Growing Automobile Industry in Kuwait: The growth in the automobile industry in Kuwait has largely impacted the lubricant market in Kuwait. As, Kuwait has one of the highest per capita ownership rates of cars in the world because of the growing economy, high purchasing power of the population and various Government policies that encourage people to own cars, such as low taxes and easy financing options. As a result, the demand for lubricants such as motor oils, transmission fluids, and gear oils has increased and to meet this demand, lubricant manufacturers have begun to invest in production and distribution in Kuwait, and retail outlets for automotive lubricants which will fuel the growth in Kuwait Lubricant market in future.
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Favorable Government Initiatives: Government policies like the promotion of bio-based lubricants are driving growth in the Kuwait lubricant market. The Kuwaiti government has implemented various policies and initiatives aimed at promoting environmental sustainability and reducing the environmental impact of lubricants. One of these initiatives is the promotion of bio-based lubricants, which are derived from renewable resources and have a lower environmental impact than traditional mineral oil-based lubricants. For instance, the government is offering tax breaks and other incentives to companies that produce or use bio-based lubricants, with the goal of increasing the adoption of bio-based lubricants in the country. Additionally, the Ministry of Oil has also announced plans to require that all lubricants sold in Kuwait meet international environmental standards and regulations, with the goal of encouraging the use of more environmentally friendly lubricants.
Analysts at Ken Research in their latest publication “Kuwait Lubricant Market Outlook to 2027F- Segmented by Origin (Mineral, Synthetic & Semi-Synthetic), By Lubricant Type (Automotive & Industrial), By Automotive Lubricants (By Product Type, By End-Users & By Distribution Channels) and By Industrial Lubricants (By Product Type, By End-Users & By Distribution Channels)”by Ken Research observed that lubricant market has grown at a fast pace in the past decade and is expected that in the next decade, both production and demand will continue to grow in Kuwait. The favorable government initiatives, growth in construction sector, increasing industrialization, rising standard of living and increasing influx of investments are the major factors that are expected to contribute to the market growth over the forecast period. The market is expected to grow at a ~% CAGR during 2022-2027F.
Key Segments Covered in the report:
Kuwait Lubricant Market
By Type, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Industrial Lubricant
- Automotive Lubricant
By Grade, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Mineral
- Semi-Syntenic
- Synthetic
Kuwait Industrial Lubricants Market:
By Type, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Hydraulic Fluid
- Gear Oil
- Grease
- Metalworking Fluid
- Others (Turbine Oil, Compressor Oil, etc.)
By End Use, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Construction and Mining
- General Manufacturing
- Metal Production
- Power Generation
- Food Processing
- Others (Agriculture, Medical, etc.)
By Distribution Channel, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Dealer Network
- Direct Sales
Kuwait Automotive Lubricants Market:
By Type, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Heavy-Duty Diesel Engine Oil
- Passenger Vehicle Motor Oil
- Transmission Fluids
- Hydraulic Oil
- Greases
- Others
By End Use, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Commercial Vehicles
- Passenger Cars
- Motor Cycles
- Marine
- Others (Aviation, etc.)
By Distribution Channel, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
- Service stations/Local Workshops
- OEMs
- Supermarkets/ Hypermarkets
- Online
Key Target Audience:
- Lubricants Manufacturers
- Lubricants Distributors Refining Companies
- Construction and Mining Industry
- General Manufacturing Industry
- Metal Production Industry Base-oil Companies
- Additive Companies
- Metal Production Industry
- Power Generation Industry
- Food Processing Industry
- Agriculture Industry
- Medical Industry
- Automotive OEMs
- Automotive Dealerships
- Government Agencies
- Consulting and Advisory Firms
Time Period Captured in the Report:
- Historical Period: 2017-2021
- Base Year: 2022
- Forecast Period: 2023-2027F
Companies Covered:
- Kuwait National Petroleum Company (KNPC)
- Petrochemical Industries Company (PIC)
- Total
- Exxon Mobil
- Gulf
- Shell
Key Topics Covered in the Report:
- Overview of Kuwait Lubricant Market
- Value chain analysis
- Kuwait Lubricant Market Size by Revenue
- Major Players in the Kuwait Lubricant Market
- Market Segmentation by Origin (Mineral, Synthetic & Semi-Synthetic), By Lubricant Type (Automotive & Industrial), By Automotive Lubricants (By Product Type, By End-Users & By Distribution Channels) and By Industrial Lubricants (By Product Type, By End-Users & By Distribution Channels)”
- Government Regulations and Standards
- Growth Drivers and Restraints
- Company profile of Major Companies in Kuwait
- Future Outlook
- Analyst Recommendation
For more insights on the market intelligence, refer to the link below
Kuwait Lubricant Manufacturing Companies
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