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Lubricants Market Affects due to Coronavirus Pandemic | Know The Short and Long-Term Actions Taken by Key Players Castrol, Chevron, ExxonMobil, Total, BP, Global Lubricant Industry LLC, JXTG, Fuchs Lubricants Co., etc
Lubricants Market
COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/lubricants-market-101771
This Report Answers the Following Questions:
• What are the market trends, challenges, opportunities, growth drivers, and barriers?
• How will the market be affected in the near future?
• Which company would generate the highest revenue by surging the sales of lubricants?
• Which segment is set to dominate the market in terms of share?
• Which important strategies are being adopted by key players to intensify competition?
Drivers & Restraints- Lubricants Market
Rising Government Initiatives to Develop Environmentally-friendly Products will Drive Growth
In several countries worldwide, the governments are taking various initiatives to encourage the original equipment manufacturers (OEMS) for using lubricants. The main aim behind this is to develop more energy-saving engines, as well as to create environment-friendly products. The parts of an engine that lack lubrication utilize more fuel as they are prone to frictions. Hence, it results in pollution and emission of carbon in the atmosphere. Many lubricant manufacturers are thus, entering into agreements with the OEMs to support the government initiatives. In addition to this, the ongoing technological advancements, as well as rapid industrialization would affect the lubricants market growth positively in the near future. Also, lubricants are extensively used to surge the efficiency of the machinery and equipment. Therefore, they are experiencing high demand for a large number of industries.
Segment - Lubricants Market
Rising Possession of Vehicles to Favor Growth of Automotive Segment
Based on application, the market is fragmented into industrial, automotive, and others. Amongst these, the industrial segment generated 36.30% lubricants market share in 2018. This growth is attributable to the higher demand for industrial lubricants backed by rising industrialization across the globe. These are specially designed to gain maximum efficiency by keeping the equipment running at top speed. They are mainly used in food processing, oil & gas, as well as manufacturing industries. The automotive segment, on the other hand, is set to hold the largest share in the coming years on account of the rising possession of vehicles by the masses.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/lubricants-market-101771
Regional Analysis- Lubricants Market
Asia Pacific to Remain at the Forefront Owing to High Expenditure in Various Industrial Sectors
In terms of region, North America procured USD 26.62 billion revenue in 2018. Asia Pacific is likely to be a key region in the market throughout the forecast period backed by the increasing demand for lubricants from the automotive and industrial applications. Rising expenditure in numerous industrial sectors, as well as the ever-increasing population would contribute to the growth of the market in this region. Additionally, the automotive sector in the countries, such as India, Japan, and China would demand more for lubricants. Europe is anticipated to showcase considerable growth during the forthcoming years as there is persistent development of high-end equipment and machinery for industrial usage. Coupled with this, the increasing need for surging the efficiency of vehicles, as well as the rising demand for equipment flexibility would propel growth in this region.
Competitive Landscape - Lubricants Market
Key Players Engage in Acquisitions to Strengthen Their Positions
The market consists of numerous manufacturers that are currently striving to gain a competitive edge. To do so, they are adopting the strategy of mergers and acquisitions. It is aiding them in strengthening their position, as well as in broadening their geographic footprint. Below are two of the latest industry developments:
• November 2019: The Fuchs Group, an independent supplier of lubricants based in Germany, announced the successful acquisition of Nye Lubricants Inc., a manufacturer of synthetic lubricants. This latest acquisition would enable the former in broadening its specialty lubricants product offerings. It would now provide engineered solutions to a large number of markets by creating new opportunities to better sever the critical and high-end applications.
• February 2019: Amalie Oil Company headqurtered in Florida acquired Lubricating Specialties Co. (LSC), a prominent lubricant manufacturer. The latter possesses three production facilities in Los Angeles. This acquisition would enable the combined businesses to sell and service consumers both internationally and domestically.
Fortune Business Insights™ lists out the names of all the lubricants manufacturers present in the global market. They are as follows:
• Chevron Corporation
• Petro China Company Limited
• The FUCHS Group
• ExxonMobil Corporation
• JXTG Nippon Oil & Energy Corporation
• Royal Dutch Shell Plc.
• AMALIE Oil Co.
• Total Group
• Shield Lubricants
• British Petroleum
• Global Lubricant Industry LLC
• Castrol
• BP plc.
• Valvoline LLC
• Other key market players
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