ExxonMobil Recognized as A Market Leader in the "Top 20 Lubricants Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant

As defined by the Independent Lubricants Manufacturers Association (ILMA), a lubricant is a chemical or material that is used to lubricate engines and other components. Engine lubrication plays a crucial role in both commercial and automotive engines as it mitigates wear and tear caused by friction within the machinery and components. Lubricants find widespread usage in industrial machinery and engine components, and their formulations vary depending on the specific application, using specific base oils and additives. These base oils can be derived from either petroleum or bio-based sources.

The Lubricants Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Lubricants. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 150 Lubricant companies of which the top 20 lubricant manufacturers were categorized and recognized as the quadrant leaders. The 360 Quadrant effectively maps the companies based on factors such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies that were considered for the market presence of the lubricant's quadrant. While the top criteria for product footprint evaluation included Base Oil (Mineral, Synthetic, and Bio-Based), Product Type (Engine Oil, Gear Oil, Hydraulic Fluid, Compressor Oil, Transmission Fluid, Grease, and Others), and End-Use Industry.

ExxonMobil - The Market Leader

ExxonMobil is one of the most prominent entities in the Lubricants market. It has been recognized as a top lubricants manufacturer by 360 Quadrants owing to its robust global presence and diverse product portfolio. The company has a strong portfolio of base stocks and synthetic lubricants and is now focused on strengthening its position in rapidly growing Asian markets and building on its already existing presence in North America and Europe. The company's lubricants business is currently thriving in the Asia Pacific and industrial sectors. It was evident with the company's recent business expansion in India. ExxonMobil is also gaining momentum in synthetic motor oils through its Mobil brands such as Mobil 1.

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The company holds an industry-leading portfolio of resources and is one of the largest integrated fuels, lubricants, and chemical companies in the world. Its principal business involves the exploration and production of crude oil and natural gas, the manufacture, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products, and the pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, and biofuels. The company also markets marine fuels and lubricants. The range of products offered by ExxonMobil includes circulating and gear oils, refrigeration compressor oils, air compressor oils, greases, hydraulic oils, and other auxiliary lubricants. The company strives to build cutting-edge product solutions such that they help in driving productivity and energy efficiency in the automotive and industrial sectors across geographies.

Globally, the company markets fuels, lubricants, and chemicals under four brands: Esso, Exxon, Mobil, and ExxonMobil globally. The Mobil brand of the company includes Mobil1, Mobil Delvac, Mobil SHC, Mobil Serv, Mobil Super, Mobil EV, and Mobil Grease.

In its recent announcements, ExxonMobil announced plans for more than 40 thousand barrels per day of lower-emission fuels by 2025, including a new renewable diesel unit at the Strathcona refinery, and purchase agreements with Global Clean Energy in the U.S. and Biojet AS in Norway. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.

360 Quadrants Scoring Methodology

360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.

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See Also: Top Lubricants Companies, Worldwide 2023

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This release was published on openPR.