Focus On Rising Standard of Living and Government Investment in Infrastructural Projects Are Major Factor Contributing Towards Development of Lubricant Market in Kuwait.
Increasing investments from Major Players: Major players in the lubricant market in Kuwait, such as Total, Kuwait National Petroleum Company (KNPC), and Petrochemical Industries Company (PIC), has invested to expanding their production and distribution capacity in the country. This is expected to increase their market share and also meet the increasing demand for lubricants in the country. For instance, Total, one of the leading lubricant manufacturers in the country, has announced plans to invest in the construction of a new lubricant blending plant in Kuwait. The new plant will have a production capacity of 150,000 tons per year and will enable Total to increase its market share. Similarly, Petrochemical Industries Company (PIC) has also announced a USD ~17 billion worth of investment in expanding the production of chemicals and petrochemicals products in the country. These investments have driven the Kuwait lubricant market.
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Growth of Construction Sector: The Kuwaiti government has been investing in infrastructure development, and there are several large-scale construction projects underway in the country which has fueled the growth in Kuwait Lubricant market. One example of such a project is the Silk City and the Al-Harir City project. This project is a large-scale urban development project that involves the construction of a new city on an area of over 36 square kilometers. The project involves the construction of residential, commercial and industrial buildings, as well as infrastructure such as roads, bridges, and airports. This kind of large-scale construction projects require a large number of machinery and equipment to be used during the construction process, which in turn will increase the demand for lubricants as the machinery and equipment will require lubrication to operate efficiently.
Growing Oil and Gas Sector: The demand for oil and gas continues to grow globally, Kuwait’s oil and gas sector is expanding to meet this demand, which is in turn has driven the growth of the lubricant market in Kuwait. For instance, Kuwait Oil Company (KOC) announced plans to invest over $5 billion in exploration and production activities, including drilling new wells and developing existing fields. This expansion of production and exploration activities has increased the demand for lubricants in the oil and gas sector as a wide range of equipment and machinery used in drilling, production and refining operations, require lubrication to operate efficiently. Additionally, The Kuwait National Petroleum Company (KNPC) has also announced $13 billion investment for upgrading and expanding its refineries which has increased the demand for lubricants in the Kuwait.
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 2023-2027F.
Key Segments Covered in the report:
Kuwait Lubricant Market
By Type, on the Basis of Sales Volume (Mn Lts), 2022 & 2027F:
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.)
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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
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