Iraq Lubricants Market Size (2024 - 2029)

The Iraq lubricants market is projected to experience modest growth over the forecast period, driven by factors such as increased consumption in the automotive sector and investments in construction projects. Despite challenges posed by geopolitical events and the rising demand for hybrid and electric vehicles, the market's expansion is supported by opportunities in the renewable energy sector, the development of low-viscosity lubricants, and the growing prominence of bio-lubricants. The automotive and transportation segments are anticipated to remain the largest end-user industries, contributing significantly to the market's overall size.

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Market Size of Iraq Lubricants Industry

Iraq Lubricants Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 2.76 %
Market Concentration Medium

Major Players

Iraq Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order

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).

Product Type
Engine Oils
Transmission and Hydraulic Fluid
General Industrial Oil
Gear Oil
Grease
Other Product Types
End-user Industry
Power Generation
Automotive and Transportation
Heavy Equipment
Food and Beverage
Other End-user Industries
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Iraq Lubricants Market Size Summary

The Iraq lubricants market is poised for moderate growth over the forecast period, driven by increasing demand in the automotive sector and investments in construction projects. The market experienced setbacks due to the COVID-19 pandemic, which disrupted supply chains and halted production of essential raw materials. However, the recovery of the automotive industry and advancements in the oil and gas sector are expected to sustain positive growth. The market is influenced by geopolitical factors and the rising popularity of hybrid and electric vehicles, which present both challenges and opportunities. The development of low-viscosity and bio-lubricants, along with the promising renewable energy sector, is anticipated to further stimulate market expansion.

The automotive and transportation segments are expected to be the largest consumers of lubricants, with engine oils playing a crucial role in vehicle maintenance and performance. The demand for lubricants is bolstered by the growing sales of light motor vehicles, two-wheelers, and three-wheelers in Iraq, as well as the recovery of the private sector and the presence of major automotive manufacturers. The market is also supported by infrastructure projects and the expansion of industrial cities, which cater to the lubricants demand from various sectors. Key players in the market, such as Shell Plc, Behran Oil Company, and Fuchs, continue to innovate and expand their product offerings to meet the evolving needs of the automotive industry.

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Iraq Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Consumption in the Automotive Indsutry

      2. 1.1.2 Increasing Investments in Public and Private Construction Projects

    2. 1.2 Restraints

      1. 1.2.1 Geopolitical Impact

      2. 1.2.2 Increasing Demand of Hybrid and Electric Vehicles

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Volume)

    1. 2.1 Product Type

      1. 2.1.1 Engine Oils

      2. 2.1.2 Transmission and Hydraulic Fluid

      3. 2.1.3 General Industrial Oil

      4. 2.1.4 Gear Oil

      5. 2.1.5 Grease

      6. 2.1.6 Other Product Types

    2. 2.2 End-user Industry

      1. 2.2.1 Power Generation

      2. 2.2.2 Automotive and Transportation

      3. 2.2.3 Heavy Equipment

      4. 2.2.4 Food and Beverage

      5. 2.2.5 Other End-user Industries

Iraq Lubricants Market Size FAQs

The Iraq Lubricants Market size is expected to reach 288.86 million liters in 2024 and grow at a CAGR of 2.76% to reach 330.98 million liters by 2029.

In 2024, the Iraq Lubricants Market size is expected to reach 288.86 million liters.

Iraq Lubricants Market Report Snapshots

Iraq Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)