Investing in an industrial grease factoryproject in Saudi Arabia represents an investment opportunity during 2022, especially in light of the Kingdom of Saudi Arabia’s 2030 vision to advance the national economy, strengthen the components of the non-oil economy, and seek to occupy a distinguished position among global economies.
What is an industrial grease plant?
The industrial grease factory converts refined oil into industrial grease, and the factory’s products are grease in various sized containers. Industrial grease is used in the maintenance of equipment, anchor areas and rollers, where industrial grease contributes significantly to reducing wear between parts, facilitating movement, cooling the surface and resisting rust, and softening the areas of movement and friction in machines and equipment of various types and sizes, which leads to improving the performance of these machines and equipment and extending their life span. The industrial grease factory targets shops and showrooms selling grease and spare parts, gas stations, and vehicle repair and maintenance workshops.
In 2020, the value of Industrial Lubricants Market 148.18 billion U.S. dollars and is expected to grow industrial grease oils market is expected to grow at a CAGR of 2.7% over the coming years to reach USD 190.64 billion by 2028.
According to the latest statistics, the number of factories in the Kingdom reached 10,675 (9052 factories in production and 1623 factories under construction).
The total capital of factories in the Kingdom is about 1,361,750 million riyals (1,295,005,005 million riyals for existing factories and 66,745 million riyals for factories under construction).
The number of licensed workers in the Kingdom’s factories is 1,047,174 (980,694 for existing factories and 66,480 for factories under construction).
The number of factories in the Kingdom grew by 15.9% in two years (June 2020: June 2022).
For more details about the latest economic indicators and investment opportunities in Saudi Arabia, as well as the most prominent financing entities that support successful investment projects in Saudi Arabia, you can contact the investor service team from Mashroo3k Consulting.
