Iraq Lubricants Market Size (2024 - 2029)

Iraq Lubricants Market Analysis

The Iraq Lubricants Market size is estimated at 288.86 Million liters in 2024, and is expected to reach 330.98 Million liters by 2029, growing at a CAGR of 2.76% during the forecast period (2024-2029).

COVID-19 negatively impacted the Iraqi lubricants market due to global supply chain disruption. During the pandemic, many factories responsible for raw material supply, mainly base oil and additives, for the lubricants industry were shut down. However, the positive outlook of the automotive industry and steady progress in the oil and gas industry in recent times are likely to maintain positive growth for the studied market in the coming year.

In the short term, increasing consumption in the automotive industry and growing investment in public and private construction projects are expected to drive the market's growth.

However, geopolitical impacts, such as the conflict between Iran and Israel and increasing demand for hybrid and electric vehicles, hinder the market's growth.

The promising renewable energy source, the development of low-viscosity lubricants, and the growing prominence of bio-lubricants will likely create lucrative market opportunities in the coming years.

The automotive and transportation segment is expected to dominate the country's market, and power generation will likely witness the highest annual growth rate during the forecast period.

Iraq Lubricants Industry Segmentation

Lubricant is a fluid that reduces friction between contact surfaces to avoid wear and tear. It is prepared with specific additives and group base oils depending on the end users. The composition of base oil in the formulation of lubricants is primarily between 75% and 90%. Lubricants help prevent material degradation, erosion, corrosion, and rust development on metallic surfaces.

The Iraqi lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, general industrial oil, gear oil, grease, and other product types. By end-user industry, the market is segmented into power generation, automotive and transportation, heavy equipment, food and beverage, and other end-user industries. For each segment, the market sizes and forecasts are based on volume (liters).