GCC Off-Highway Construction Equipment Lubricants Market Growth & Trends
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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GCC Off-Highway Construction Equipment Lubricants Market Report Highlights
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.