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.
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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.
Key suggestions from the report:
- 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.
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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
- Gear Oils
GCC Off-highway Construction Equipment Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Saudi Arabia
Find more research reports on Petrochemicals Industry, by Grand View Research:
Synthetic Lubricants Market – The global synthetic lubricants market size valued at USD 4.40 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2019 to 2025.
Transmission Fluids Market – The global transmission fluids market size was estimated at 2.56 million tons in 2016.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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