The GCC off-highway construction equipment lubricants market size
is projected to reach USD 1.03 billion by 2025, according to a new report by
Grand View Research, Inc. The market is anticipated to register a CAGR of 4.8%
during the forecast period. Rising construction activities in residential as
well as commercial sectors in the region are projected to drive the market. The
industry is characterized by a high number of market entrants who are seeking
to tap the lucrative opportunities across the region.
Whereas, the existing companies are
entering into strategic collaborations and alliances to increase capacities and
expand their reach in the market, thereby establishing a sustainable business
growth model. The Russian economy has a major influence on the GCC market and
any fluctuations in the housing and construction sector in Russia have a direct
impact on the GCC construction industry. Heavy-duty engine oil segment will
exhibit high penetration in the foreseeable future as Russia’s housing
construction is rapidly growing.
The region’s key growth-driving factors
include national-level programs for reconstruction efforts in transportation
infrastructure, affordable housing, industrial infrastructure, and public
spaces. Fluctuating base oil prices and economic conditions prevailing in GCC
had impacted the industry to a certain level in the recent past. However,
construction machinery sector is now defined by stability in trade policies, high
competition among entities due to the dominance of multinational companies
(such as Caterpillar, Hitachi, CNH Industrial, Deer & Co., Liebherr, and
Komatsu), and high fixed costs, and exit barriers as well.
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https://www.grandviewresearch.com/industry-analysis/gcc-off-highway-construction-equipment-lubricants-market
Further key findings from the study suggest:
· Hydraulic fluids segment is projected to
expand at the fastest CAGR of 4.3% over the forecast period
· Construction spending is the key indicator
of economic performance, wherein the GCC construction sector has been driven by
national revenues generated from crude oil trade
· Recent slump in crude pricing has led to
cutbacks on planned projects and those in pipeline
· Governments across GCC are actively looking
for precautionary measures to cope with volatile crude oil prices
· However, key infrastructure areas, such as
education, affordable housing, tourism infrastructure, healthcare, and
hospitality, have registered an increased public spending
· Some of the key companies in this market
are ExxonMobil Corp., Chevron Corp., Royal Dutch Shell PLC, British Petroleum
PLC, and SINOPEC Corp.
Grand View Research has segmented the GCC
off-highway construction equipment lubricants market on the basis of product
and region:
GCC Off-highway Construction Equipment
Lubricants Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 -
2025)
·
Heavy-duty Engine Oils
·
Transmission Fluids
·
Hydraulic Fluids
·
Greases
·
Gear Oils
·
Others
GCC Off-highway Construction Equipment
Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 -
2025)
·
GCC
o
Bahrain
o
Saudi Arabia
o
Qatar
o
UAE
o
Oman
o
Kuwait
About Grand View
Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
