Impact of COVID-19 on Lubricant Market – Global Forecast to 2021

PUNE, India, 2020-Apr-30 — /EPR Network/ — The global lubricants market size is expected to witness a downfall in 2020, with a negative growth of 0.95%,  although, the market is expected to rebound and witness recovery in 2021 with positive growth rate over 2020. The decline in the market is primarily due to the spread of COVID-19 across the globe, impacting the functioning of key end-use industries using lubricants. Almost, the entire world was under lockdown in a different period to prevent the spread of the virus, leading to a temporary halt in industrial and transportation activities and a decrease in demand for lubricants. 

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Based on product type, the lubricants market is segmented into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others. Engine oil is the largest and most impacted product type of lubricants due to COVID-19. The engine oil segment is expected to witness a negative impact due to lockdown, as demand from the passenger car segment is at an all-time low. The demand is relatively low in the commercial segment as well. OEMs have also halted production, which has further decreased the demand for engine oil. Due to nationwide lockdown, Germany, the US, China, Indian, and France have witnessed a downfall in traffic and very little to no automotive movement.

Based on application, the lubricants market is segmented into transportation and industrial lubricants. Currently, all heavy transport is suspended for at least a month. However, due to a few of the necessary goods still being produced and transported, such as food products, metal and mining, and healthcare products, commercial fleets are operating at very low output. This will have a huge impact on the commercial vehicle segment. In 2020, the market is expected to fall, as per industry experts. After the lockdown is over, the market will grow as the industry will have to finish supply laggards and pending orders. Especially when all the important industries will resume production, the supply chain industry is expected to get boom from the start.

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The automotive industry has been under crisis since 2019 due to the worldwide downfall of automotive sales. With changing regulations and policies, the consumer trend has declined; for example, in India, shifting from BS4 to BS6 norms for automotive engines. As per industry experts, the market was expected to increase; however, amidst the pandemic, the sales have declined, and due to the lockdown, personal vehicles are not utilized. This will lead to low oil change requirements; thus, adversely impacting the lubricants market sales. 

The APAC and North American lubricants markets are adversely affected by COVID-19 and expected to witness a decline in 2020 and further, market is expected to rebound in 2021. Although Europe is one of the major hotspots for COVID-19, the market in the region is expected to witness lesser impact than APAC and North America that have large number of manufacturing industries and vehicles on road. Governments in different countries are imposing lockdown to avoid the spread of the coronavirus, which has made industries such as cement production, automotive manufacturing, chemical, and oil & gas suspend their operations. It is affecting the demand for lubricants. 

Royal Dutch Shell (Netherlands), ExxonMobil (US), BP PLC (UK), Chevron Corporation (US), Total S.A. (France), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited  (China), Fuchs Petrolub AG (Germany), Valvoline (US), Lukoil (Russia), Petronas (Malaysia), and Gazprom Neft (Russia) are the leading players in the  lubricants industry. These players have a strong foothold in the global lubricants market as well as a strong distribution network across the globe.

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