Aug 17, 2025
IndexBox has just published a new report: MENA – Petroleum Lubricating Oil And Grease – Market Analysis, Forecast, Size, Trends and Insights.
Driven by rising demand for petroleum lubricating oil and grease, the MENA market is anticipated to see a steady increase in consumption over the next decade. By 2035, the market volume is expected to reach 776K tons, with a value of $2.2B. Despite a forecasted deceleration in market performance, the industry is still projected to grow at a CAGR of +0.6% in volume and +1.1% in value from 2024 to 2035.
Market Forecast
Driven by increasing demand for petroleum lubricating oil and grease in MENA, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 776K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market value to $2.2B (in nominal wholesale prices) by the end of 2035.
ConsumptionMENA’s Consumption of Petroleum Lubricating Oil And Grease
In 2024, the amount of petroleum lubricating oil and grease consumed in MENA reduced modestly to 725K tons, which is down by -2.7% against 2023. The total consumption volume increased at an average annual rate of +3.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of consumption peaked at 745K tons in 2023, and then shrank modestly in the following year.
The size of the market for petroleum lubricating oil and grease in MENA contracted slightly to $2B in 2024, which is down by -4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The total consumption indicated a resilient expansion from 2013 to 2024: its value increased at an average annual rate of +5.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +2.6% against 2022 indices. The level of consumption peaked at $2.1B in 2023, and then fell slightly in the following year.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were Iran (125K tons), Saudi Arabia (105K tons) and Egypt (94K tons), with a combined 45% share of total consumption.
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Saudi Arabia (with a CAGR of +10.4%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Egypt ($289M), Algeria ($275M) and Turkey ($254M) constituted the countries with the highest levels of market value in 2024, with a combined 41% share of the total market.
In terms of the main consuming countries, Turkey, with a CAGR of +12.3%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other leaders experienced more modest paces of growth.
In 2024, the highest levels of petroleum lubricating oil and grease per capita consumption was registered in Saudi Arabia (2.8 kg per person), followed by Iran (1.4 kg per person), Algeria (1.4 kg per person) and Iraq (1.3 kg per person), while the world average per capita consumption of petroleum lubricating oil and grease was estimated at 1.2 kg per person.
From 2013 to 2024, the average annual growth rate of the petroleum lubricating oil and grease per capita consumption in Saudi Arabia totaled +8.4%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Iran (-0.6% per year) and Algeria (+1.6% per year).
ProductionMENA’s Production of Petroleum Lubricating Oil And Grease
Petroleum lubricating oil and grease production shrank to 665K tons in 2024, leveling off at 2023 figures. The total output volume increased at an average annual rate of +3.0% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 14%. Over the period under review, production attained the peak volume at 685K tons in 2021; however, from 2022 to 2024, production failed to regain momentum.
In value terms, petroleum lubricating oil and grease production reduced modestly to $1.7B in 2024 estimated in export price. The total production indicated a tangible expansion from 2013 to 2024: its value increased at an average annual rate of +4.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +3.6% against 2022 indices. The most prominent rate of growth was recorded in 2018 with an increase of 21%. The level of production peaked at $1.9B in 2021; however, from 2022 to 2024, production stood at a somewhat lower figure.
Production By Country
The countries with the highest volumes of production in 2024 were Iran (120K tons), Saudi Arabia (99K tons) and Egypt (89K tons), together comprising 46% of total production. Algeria, Iraq, Turkey, the United Arab Emirates, Yemen, Syrian Arab Republic and Morocco lagged somewhat behind, together comprising a further 39%.
From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the United Arab Emirates (with a CAGR of +22.7%), while production for the other leaders experienced more modest paces of growth.
ImportsMENA’s Imports of Petroleum Lubricating Oil And Grease
In 2024, overseas purchases of petroleum lubricating oil and grease decreased by -4.2% to 98K tons, falling for the second year in a row after two years of growth. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 14%. The volume of import peaked at 108K tons in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.
In value terms, petroleum lubricating oil and grease imports declined to $449M in 2024. Total imports indicated a notable increase from 2013 to 2024: its value increased at an average annual rate of +4.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +48.2% against 2020 indices. The growth pace was the most rapid in 2022 with an increase of 22%. Over the period under review, imports hit record highs at $482M in 2023, and then fell in the following year.
Imports By Country
In 2024, Turkey (26K tons), distantly followed by Morocco (15K tons), the United Arab Emirates (12K tons), Algeria (9.1K tons), Saudi Arabia (8K tons), Egypt (5.5K tons) and Iran (4.5K tons) were the key importers of petroleum lubricating oil and grease, together creating 81% of total imports.
From 2013 to 2024, the biggest increases were recorded for Algeria (with a CAGR of +14.2%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, Turkey ($127M) constitutes the largest market for imported petroleum lubricating oil and grease in MENA, comprising 28% of total imports. The second position in the ranking was taken by Morocco ($63M), with a 14% share of total imports. It was followed by the United Arab Emirates, with a 13% share.
From 2013 to 2024, the average annual rate of growth in terms of value in Turkey totaled +4.4%. In the other countries, the average annual rates were as follows: Morocco (+9.1% per year) and the United Arab Emirates (+4.9% per year).
Import Prices By Country
In 2024, the import price in MENA amounted to $4,574 per ton, falling by -2.8% against the previous year. Import price indicated a perceptible increase from 2013 to 2024: its price increased at an average annual rate of +4.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, petroleum lubricating oil and grease import price increased by +42.1% against 2018 indices. The pace of growth was the most pronounced in 2022 an increase of 14%. The level of import peaked at $4,703 per ton in 2023, and then shrank in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Saudi Arabia ($5,894 per ton), while Iran ($2,963 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.4%), while the other leaders experienced more modest paces of growth.
ExportsMENA’s Exports of Petroleum Lubricating Oil And Grease
In 2024, overseas shipments of petroleum lubricating oil and grease were finally on the rise to reach 38K tons after two years of decline. Over the period under review, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 194%. Over the period under review, the exports reached the maximum at 70K tons in 2013; however, from 2014 to 2024, the exports failed to regain momentum.
In value terms, petroleum lubricating oil and grease exports expanded significantly to $93M in 2024. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 65% against the previous year. Over the period under review, the exports reached the peak figure in 2024 and are expected to retain growth in the near future.
Exports By Country
The United Arab Emirates represented the largest exporter of petroleum lubricating oil and grease in MENA, with the volume of exports finishing at 24K tons, which was near 63% of total exports in 2024. Turkey (8.7K tons) ranks second in terms of the total exports with a 23% share, followed by Kuwait (5.6%) and Saudi Arabia (5.2%).
Exports from the United Arab Emirates increased at an average annual rate of +5.0% from 2013 to 2024. At the same time, Kuwait (+16.4%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in MENA, with a CAGR of +16.4% from 2013-2024. By contrast, Turkey (-3.1%) and Saudi Arabia (-21.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+43 p.p.), Kuwait (+5 p.p.) and Turkey (+5 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Saudi Arabia (-37.3 p.p.) displayed negative dynamics.
In value terms, the largest petroleum lubricating oil and grease supplying countries in MENA were Turkey ($48M), the United Arab Emirates ($36M) and Saudi Arabia ($3M), with a combined 94% share of total exports.
In terms of the main exporting countries, Turkey, with a CAGR of +7.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
The export price in MENA stood at $2,430 per ton in 2024, with a decrease of -19.1% against the previous year. In general, the export price, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2022 when the export price increased by 68%. The level of export peaked at $3,004 per ton in 2023, and then declined significantly in the following year.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Turkey ($5,557 per ton), while Kuwait ($352 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Turkey (+11.1%), while the other leaders experienced more modest paces of growth.