"Chevron 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 companies 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.

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Chevron - The Market Leader

Chevron is one of the most prominent entities in the Lubricants market. It has been recognized as a top lubricants company by 360 Quadrants owing to its well-established presence in all major countries and its strong product portfolio. The company has been developing new products and has undertaken several partnerships in order to strengthen its global position and presence. For instance, recently in March 2023, Chevron and Hindustan Petroleum Corporation Ltd (HPCL) entered into an agreement to manufacture, distribute, and market lubricants of Chevron in India. It introduced its Delo TorqForce Syn FD-1 high-performance, a fully synthetic lubricant designed for use in mining applications. The product offers an expanded temperature range, maximizes equipment life in severe service, etc.

The company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives, and develops technologies that enhance its business and the industry. Chevron has more than 30 years' experience in manufacturing finished lubricants formulated with premium base oils. The company's complete line of lubricants and coolants including Havoline, Delo, and Ursa products are sold worldwide under the Chevron, Texaco, and Caltex brands. These premium products help improve fuel economy, lower emissions, and extend the period between oil changes. These products are widely used in passenger vehicles, trucks, buses, industrial machinery, marine, and mining applications among others. Chevron owns 50% of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, produces, and markets petroleum products, petrochemicals, and lubricants.

Through Delo, the company also offers premium motor oils and coolants designed for both on-road and off-road applications, serving various industries such as truck and bus transportation, construction, mining, and agriculture. Their products incorporate Chevron's proprietary ISOSYN technology, which combines premium base oils with additives to deliver performance comparable to that of synthetic lubricants.

The URSA brand, sold in Latin America and Europe, offers premium motor oils and coolants that help protect engines and extend their life. It uses ISOSYN technology. Chevron also sells base oils and additives through Chevron Base Oils and Chevron Oronite.

The company believes that the future of energy is lower carbon and hence aims to grow its traditional oil and gas business, lower the carbon intensity of its operations, and grow lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies.

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 Paint and Coatings Companies, Worldwide 2023

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This release was published on openPR.