Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Qatar Automotive Lubricants Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)”under Saudi Arabia Chemical and Materials Market category. The Qatar Automotive Lubricants Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
The Automotive Lubricants Market in Qatar (henceforth referred to as the market studied) was is expected to register a CAGR of over 1% during the forecast period.
– The major factor driving the growth of the market studied is the increasing demand from the construction sector.
– Additionally, the production of bio lubricants from renewable feedstocks is expected to provide a key growth opportunity for the market studied.
– Some of the major players in the market are Royal Dutch Shell PLC, Exxon Mobil Corporation, Total SA, and Qatar Lubricants Company (QALCO), among others.
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Key Market Trends
Passenger Cars the Largest Segment
– The automotive industry in Qatar continued to experience a slowdown in 2018, as the ongoing trade embargo held back consumers and businesses from purchasing new vehicles. Growth in the later years is likely to be supported by an expected increase in population and tourist arrivals in the build-up of the mega football event (FIFA) in 2022.
– The total number of passenger cars in use in Qatar is expected to surpass the 900-thousand-mark post 2020, registering the GCC region‘s highest annualized growth during the period, 2016-2020.
– High urbanization rate and increasing number of affluent consumers have been propelling the demand for different types of passenger cars in the country.
– In Qatar, the number of passenger cars in use is projected to account for around 7% of the GCC car fleet in 2020, which is an incremental growth when compared to 2016. The new car sales in the country are expected to register a CAGR of 1.5% in Qatar over the forecast period.
– Additionally, the government is developing the National Museum of Qatar, beaches, shopping malls, and entertainment facilities, to attract an estimated seven million tourists by 2030. Such factors are expected to act as demand catalysts for vehicle sales in the country to some extent.
– Given the country’s extensive infrastructure projects in preparation for the upcoming FIFA World Cup 2022 and North Field LNG expansion, the year 2019 was expected to be more robust for both commercial and passenger vehicles.
– Despite Qatar’s 6% decline in the new vehicle sales, in 2018, Asian brands dominated the market with the following market share: Toyota (~32%), Nissan (~15%), Mitsubishi (~8%), Kia (7%), Lexus (~6%), Hyundai (3%), and Honda (3%). American brands follow with an approximate combined market share of 13% split among Chevrolet, GMC, Cadillac, and Ford, as the most popular American brands. The luxury car market appears to be still growing, while electric vehicles (EVs) are rarely seen in the country, and the EV charging stations remain limited.
Engine Oil Dominating the Market
– Engine oils are widely used to lubricate internal combustion engines and are generally composed of 75-90% base oils and 10-25% additives.
– They are typically used for applications, such as wear reduction, corrosion protection, and smooth operation of engine internals. They function by creating a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts.
– High-mileage engine oils are in demand lately, owing to the properties that help in the prevention of oil leaks and reduction of oil consumption.
– Most of the light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity-grade oils, whereas multi-grade oils, like 15W50 and 20W50, are used for aircraft engines.
– The light motor vehicle segment recorded the highest consumption rate of engine oils among all the segments. Owing to the technological improvements and government-mandated requirements for fuel economy, the automakers have been manufacturing lighter vehicles with tighter tolerances (which make the vehicles more durable).
– The average age of vehicles in Qatar and Middle East has been increasing at a constant rate over the years. This factor provides an opportunity, in terms of the refill market. The increasing average age of passenger cars and growing urban population in the developing countries are the factors expected to drive the market for engine oils
– However, the increased engine oil change intervals and technological advancements are imposing a threat to the growth of the engine oil segment, in terms of volume consumption.
– The decline in the sale of vehicles during 2019 is further expected to affect the demand for engine oils till 2020. This decrease is expected to hamper the demand for engine oil in the country, during the forecast period.
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