DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
Global lubricants market is forecasted to recover in 2021 after negative impact to COVID-19.
The decline in the global lubricants 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 has been under lockdown in different periods to prevent the spread of the virus, leading to the suspension of industrial and transportation activities.
Engine oil to be the most affected product type segment in the global lubricants market.
Engine oil is the largest and most affected product type segment in the lubricants market. It is expected to witness a negative impact due to lockdown, as demand from the passenger vehicle 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, India, and France have witnessed a downfall in traffic and very little to no automotive movement.
Transportation is the largest and most affected end-use industry segment in the global lubricants market.
Currently, all heavy transport is suspended at least for 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.
North America and APAC are expected to be the most affected region for lubricants market due to COVID-19.
The APAC and North American lubricants markets are adversely affected by COVID-19 and expected to witness a decline in the market in 2020. The market is also expected to witness recovery in 2021. Although Europe is one of the major hotspots for COVID-19, it is expected to witness lesser impacts than North America and APAC because of their 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.
Key Topics Covered:
2 Research Methodology
3 COVID-19 Assessment
3.1 COVID-19 Health Assessment
3.2 COVID-19 Economic Assessment
3.2.1 COVID-19 Economic Impact - Scenario Assessment
4 Impact of COVID-19 on Lubricants Ecosystem
4.1 Value Chain of Lubricants Industry
4.2 Key Takeaways
4.2.1 Impact on Transportation
4.2.2 Impact on Industrial Applications
4.3 Factors Driving the Growth
4.3.1 COVID-19 Impact: Factors Driving the Growth
18.104.22.168 Emission Limits and Fuel Economy Requirements to Drive the Demand for Lubricants in Emerging Markets Such As China and India After COVID-19
22.214.171.124 Growth in Demand for Biocompatible Silicone-Grade Lubricants for Medical Devices
126.96.36.199 Lower Crude Oil Prices will Benefit Lubricants Suppliers After COVID-19
188.8.131.52 Demand for Renewable Energy and Power Generation to Positively Impact the Lubricants Market
5 Impact of COVID-19 on Lubricants Market, Customer Analysis
5.1.1 Disruption in the Automotive Industry
5.1.2 Disruption in Metal & Mining Industry
5.1.3 Disruption in the Construction Industry
5.1.4 Disruption in the Oil & Gas Industry
6 COVID-19 Impact: Short-Term Strategies of Lubricant Companies
6.1 Impact on Lubricant Companies
6.2 Winning Strategies to Overcome the Situation
6.2.1 Strategies Adopted by Stakeholders
6.3 Viewpoint on Strategies to Overcome the Situation
7 Impact of COVID-19 on Lubricants Market, by Product Type
7.2 Engine Oil
7.3 Hydraulic Oil
7.4 Metalworking Fluid
7.5 Gear Oil
7.6 Compressor Oil
7.8 Turbine Oil
8 Impact of COVID-19 on Lubricant Market, by End-Use Industry
9 Impact of COVID-19 on Lubricants Market, by Region
9.3 North America
9.5 Middle East & Africa
9.6 South America
- BP Plc
- Chevron Corporation
- ExxonMobil Corporation
- Gazprom Neft
- Jxtg Group
- Petrochina Company Limited
- Phillips 66
- Repsol SA
- Royal Dutch Shell Plc.
- Sinopec Limited
- Total S.A.
For more information about this report visit https://www.researchandmarkets.com/r/vx62x6