Oman Lubricants Market Outlook to 2027F

Market Overview:

According to Ken Research estimates, the Oman Lubricants market is growing at a steady rate with a CAGR at ~% owing to the country’s high oil imports. Strong delivery network accompanied by authorized distributors to reach out to customers through both online and offline modes led to an increase in the overall sales of lubricants in the Oman. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Oman Lubricants Market

According to Ken Research estimates, the Oman Lubricant Market – which grew from approximately USD ~ Bn in 2017 to approximately USD ~ Bn in 2022 – is forecasted to grow further into USD ~ Bn opportunity by 2027F, owing to the favorable government initiatives, rising export of Oil & Gas and rising infrastructural projects.

• Market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, rising private and government investments; cost effective manufacturing operations.

• Upstream sector has dominated the Oman oil and gas market in recent years and is expected to continue to do so during the forecast period too

Key Trends by Market Segment:

By Type of Lubricant: The boosting sales of automobiles in the country have significantly led to the increased consumption of automotive lubricants than industrial lubricants. The increased sales were also supported by the continuous improvement in the refining process of the existing players and the upgradation of refineries by the lubricants giants operating in the country.

By Distribution Channel: Most of the lubricants consumed by the industrial sector of the Oman have been supplied by the widespread network of authorized and local distributors across various regions of the Oman. Distributors might be dealing in a particular brand or can have multiple brands of lubricants that are used for industrial purposes. Distributers are in direct contact with the company, thus creating the trust among the customers to buy genuine products from them.

Competitive Landscape

In Oman Lubricant Market there are about ~ players operating in the overall market, and top players accounted ~% share in the market in terms of revenue. The top players are Oman Oil Marketing Company and Oil industry company (OQ). While the market is moderately consolidated, new players are still entering the market and with the opportunities presented by the increasing demand and growth in economy, competition is expected to increase in the coming years.

Future Outlook

Increasing production and sales of light commercial vehicles as well as heavy duty vehicles, primarily for trade transport is expected to propel demand for automotive lubricants across Oman in the coming years.

Additionally, growth in automotive repair services market across the country coupled with rising adoption of synthetic and semi-synthetic lubricants is further anticipated to fuel growth in Oman automotive lubricants market during the forecast period.