Hyderabad, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Iraq Lubricants Market Report (2023-2028)," the market is estimated at 281.10 million liters in 2023. It is expected to register a CAGR of 2.76% during the forecast period.
The growing automotive industry and the progress in the oil and gas sector in Iraq are expected to contribute to sluggish but positive growth of the lubricant market in the country in the coming years. The increased consumption in the automotive sector and investment in construction products are driving the demand for lubricants. However, geopolitical issues and rising demand for hybrid and electric vehicles remain concerns. Despite these challenges, the renewable energy sector, low-viscosity lubricants, and bio-lubricants are expected to bring more opportunities to grow in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | 281.10 million liters |
| Market Size (2028) | 322.09 million liters |
| CAGR (2023-2028) | 2.76% |
| Study Period | 2018-2028 |
| Forecast Units | Value (liters) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growth of the automotive industry. |
| Investments in construction. |
Who are the Top Companies in the Iraq Lubricants Market?
The market is partially consolidated. The significant players in the Iraqi lubricants market are,
- AMSOIL Inc.
- Behran Oil Company
- Fuchs
- Kuwait Dana Lubes (shields Lubricants)
- Enoc Company (ALMEAAD Co.)
- Morris Lubricants
- Petrol Ofisi AS
- Petromin Corporation
- Rock Oil
- Shell PLC
- TotalEnergies
- Valvoline Inc.
Other Reports That Might Be of Your Interest:
- Italy Lubricants Market Report - The lubricants market in Italy is projected to register a CAGR of over 2.5% over the next five years.
- Singapore Lubricants Market Report - The lubricants market in Singapore is expected to witness a CAGR of over 3% over the next five years.
Key Highlights from the Iraq Lubricants Market Report:
Demand for Engine Oils to Continue
- Engine oils are essential lubricants for internal combustion engines to reduce wear, protect against corrosion, and ensure smooth engine operation by creating a thin film between moving parts.
- Light motor vehicles are major consumers of engine oils due to advancements in vehicle technology and fuel economy requirements in Iraq. Economic recovery and increased automotive sales are projected to drive moderate growth in the automotive lubricant market. The growing demand for two-wheeler and three-wheeler vehicles in Iraq has led to increased consumption of engine oil in the country.
- The power generation sector, population growth, and energy consumption contribute to the rising demand for engine oils in various sectors.
Automotive and Transportation Sectors to Dominate the Market
- Improved engine designs for performance, efficiency, and environmental regulations are expected to drive the growth of the Iraqi lubricants market in the years ahead.
- Lubricants like engine oil, gear oil, transmission oil, greases, and compressor oils are widely used in light-duty vehicles such as two-wheelers and passenger cars.
- Increasing demand for passenger cars and medium-duty trucks in Iraq will boost the demand for lubricants in the automotive sector.
What are the Latest Developments in the Iraq Lubricants Market?
- In January 2023, FUCHS launched TITAN GT1 PRO GLV-1 SAE 0W-8 engine oil with ultra-low viscosity grade for hybrid electric vehicles.
- In August 2022, Gulf Oil Middle East restructured its global lubricants product portfolio based on the company's breakthrough ThermoShield and Wear-Guard technologies, delivering the required performance and protection for modern cars in current driving conditions.
Mordor Intelligence has Segmented the Iraq Lubricants Market Based on Product Type and End-user Industry.
- By Product Type (Market Size and Forecast based on Value (liters), 2018-2028)
- Engine Oils
- Transmission and Gear Oils
- Hydraulic Fluids
- Metalworking Fluids
- Greases
- Other Product Types
- By End-user Industry (Market Size and Forecast based on Value (liters), 2018-2028)
- Power Generation
- Automotive
- Heavy Equipment
- Metallurgy and Metalworking
- Other End-user Industries
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Iraq Lubricants Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- United Arab Emirates Lubricants Market Report - The UAE lubricants market is expected to register a CAGR of more than 1% over the next five years.
- Philippines Lubricants Market Report - The Philippines lubricants market is expected to register a CAGR of more than 3% over the next five years.
- Polyurea Grease Market Report - The global polyurea grease market is expected to register a CAGR of greater than 7% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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