Lubricants Industry : High-Quality Lubes to Create Lucrative Opportunities for Market Growth
Automotive lubricants accounts ~ 55% of the global lubricants market and the demand for high-quality lube is expected to create significant opportunities over the long-term forecast period.
In the automotive lubricants market several expansion projects are in line by the prominent players such as Royal Dutch Shell PLC, ExxonMobil, Chevron, Total S.A., FUCHS, and others.
For instance, in October 2018, Total S.A. invested ~ USD 50 million for its production plant in the Kaluga region, Russia. The plant is designed to scale up the manufacturing capacity from 40,000 tons to 70,000 tons per annum. This strategic move will allow Total to capture the local automotive lubricants market. Similarly, on 3rd September 2019, FUCHS Petrolub SE joint ventured a project with OPET Petrolcülük located in Izmir, Turkey. With an investment of EUR 24 million, the plant can produce 60,000 tons per annum.
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Bio-based Automotive Lubricants, A Key Market Trend
The study opines that due to adverse effects, the governments in many countries are taking stringent regulatory action to control the harmful impact on the environment caused by transportation-
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