Press release
Growth Dynamics on Lubricants Market 2020-2027| Key Players: PetroChina Co. Ltd., Chevron, ExxonMobil, Royal Dutch Shell, Global Lubricant Industry LLC, Shield Lubricants, The Fuchs Research Group,etc
Lubricants Market
The outbreak of the COVID-19 pandemic is causing huge losses for numerous industries worldwide. Until and unless a vaccine is invented, we don’t know till when the situation would stabilize. Social distancing and sanitation practices are being followed by the companies to prevent the infection. Our reports are specially developed to help our clients get a glimpse of the effects of this pandemic on every market.
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Market Drivers & Restraints-
Rising Development of Environment Friendly Products to Propel Growth
The governments of several countries are persistently trying to promote the usage of lubricants to create energy saving engines and to develop environment friendly products. This is because the parts of the engine that lack lubricants require more fuel for operation as they are prone to friction. This further causes pollution and emission in the atmosphere. Many OEMs have started entering into agreements with other prominent lubricant manufacturers to act in accordance with the government policies. These factors are expected to augment the lubricants market growth in the near future.
Manufacturers Shift to Polypropylene Production amidst COVID-19
However, the current outbreak of the COVID-19 pandemic has declined the sales of lubricants across the globe. This has caused numerous manufacturers, such as ExxonMobil and 3M to shift to the production of polypropylene from lubricants and oils. Polypropylene is extensively used for producing hand sanitizers, gowns, medical shields, and masks. This way, they are able to generate more sales by helping in fulfilling the ever-increasing demand for preventive measures.
Regional Analysis-
Rising Demand for Equipment Flexibility to Favor Growth in Europe
In terms of region, North America procured USD 27.18 billion revenue in 2019. Asia Pacific is expected to grow significantly backed by the high demand for lubricants from the automotive and industrial sectors. Apart from that, the increasing expenditure in multiple industrial sectors and growing population are likely to affect the market positively in this region.
Europe, on the other hand, is expected to grow considerably fueled by the rapid development of high-end equipment and machineries in the industrial sector. Also, the rising need to surge the efficiency of vehicles, as well as the high demand for equipment flexibility would drive the market growth in this region.
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Competitive Landscape-
Key Players Aim to Strengthen Position through Acquisition Strategy
The companies present in the market are mainly based in North America and Europe. However, the maximum demand comes from Asia Pacific. These companies are engaging in the strategy of acquisition to intensify competition and strengthen their position.
Industry Developments:
• November 2020: The FUCHS Group successfully acquired Nye Lubricants Inc. to broaden its portfolio of synthetic lubricants and thereby create an opportunity to better serve its consumers and multiple markets.
Some of the Key Players of the Lubricants Market include:
• Petro China Company Limited
• Chevron Corporation
• ExxonMobil Corporation
• Royal Dutch Shell Plc.
• Total Group
• BP plc
• Castrol
• Valvoline LLC
• Global Lubricant Industry LLC
• Shield Lubricants
• JXTG Nippon Oil & Energy Corporation
• The FUCHS Group
• AMALIE Oil Co.
• Other key companies
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