According to the new market research report “COVID-19 Impact on Lubricants Market by Product Type (Engine Oil, Hydraulic Oil, Compressor Oil, Metalworking Fluid, Gear Oil, Turbine Oil, and Grease), End-use Industry, and Region – Global Forecast to 2021″, The global lubricants market size is estimated to reach USD 165.5 billion by 2021, from USD 164.3 billion in 2019.
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Lubricants include various compounds such as fluids, oils, and greases. Lubrication is an essential process for industrial processes, which helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, and bio-based oils are sourced from vegetable oils. The major factor that is driving the lubricants market is massive industrialization, the increasing disposable income, and rapid urbanization in emerging countries.
The engine oil segment is expected to account for the largest share of the lubricants market in 2021, in terms of both volume and value. Engine oil is used mainly in ICEs, where its primary functions include lubrication and heat removal in the automobile and equipment engine. Engines are the most widely used machines, majorly used in vehicles and transport vessels. These engines form the basis of a vehicle function. Engine oil is the most common type of fluid being used in the industry.
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The global lubricants market size is projected to decrease in 2020 from 2019, at a negative growth of 0.95%, in terms of value. COVID-19 has negative impacts on industrial production and vehicles on road, which is expected to decrease the demand for lubricants in 2020. The demand in countries such as China, India, Japan, and the US is expected to decline from both the transport and the industrial sectors.
The lubricants market is evolving, with major players playing a crucial role in the development of new and advanced products. Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), BP P.L.C. (UK), and Total S.A. (France) are the major players in this market.
On the outbreak of COVID-19, where production and supply chain of companies are hampered, ExxonMobil ensures smooth and safe functioning of its refineries, lubricant and chemical plants, and other facilities worldwide to meet the energy needs during this crisis. The company is taking short-term actions, such as reducing the near-term capital and operational expenditure and diversifying resources in the production of isopropyl alcohol for hand sanitizers. It also manufactures a wide range of products that serve as a building block for products used in health, hygiene, and sanitization applications such as performance fluids, polypropylene for production of face masks and medical gowns, oxo alcohols for production of surfactants used in cleaning products. The company is utilizing resources from other lines of businesses to increase the manufacturing of these products. It is entering into a new line of business and has initiated multi-sector and joint development projects to rapidly design and manufacture reusable personal protective equipment for health care workers such as face shields and masks to meet the high demand caused by the pandemic.
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As the negative impacts of COVID-19 continue, the company is focusing on the safety and health of its people and customers, along with the safe business operations around the globe. At each operating site, it is following business continuity plans to sustain its operations and supply chains, to provide vital energy products to countries, communities, businesses, motorists, and homeowners. With a drastic increase in demand for hand sanitizers, hand wash, and surface cleaner products, the company is diversifying its resources in increasing the production of isopropyl alcohol (IPA) and alpha olefin, the main ingredients for hand sanitizers and hand wash, respectively. Despite decreasing crude oil prices, the company is not reducing the price of the final product to balance the loss incurred due to the hampered production and supply chain.
The COVID-19 outbreak is expected to have a negative impact on BP plc’s Q1 2020 results. For the next three quarters, the company is likely to reduce the organic capital spending by 25% from that of planned spending for 2020. The reduced spending will be USD 12 billion for 2020 in comparison to planned spending of USD 16 billion for the same period. In Q1 2020, the company reported upstream production to be lower than that of Q4 2019. The downstream refining availability is expected to be in a range of 95%-96%. The company also expects downstream businesses to be impacted by significant declining demand for fuel, jet fuels, and lubricants, as all countries across the globe implemented significant measures to overcome the spread of COVID-19.
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