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Europe reported slightly lower grease production in 2019, according to a survey conducted by the United States-based National Lubricating Grease Institute.
North American production of lubricating greases seems to have dipped from 2018 to 2019, according to a survey by the United States-based National Lubricating Grease Institute.
Canadian wax maker The International Group Inc. has acquired Picayune, Mississippi-based Rheogistics LLC, which supplies lubricants and mechanical stabilizers to the rigid polyvinyl chloride industry. The transaction was completed on June 12, according to a press release by investment bank and financial adviser Grace Matthews. Financial terms were not disclosed.
The lubricants market faces a “very gradual” recovery, regardless of the ultimate size of the dip in the economy or the economic modeling scenario, consultants from IHS Markit said during a virtual town hall meeting organized by the Independent Lubricant Manufacturers Association last week.
Rerefiners in North America are feeling the impacts of the Covid-19 pandemic in the form of reduced demand for their base oil and finished lubes, along with less feedstock. This is due to a dramatic decrease in the number of miles driven, with most people teleworking and traveling less for work, recreation and tourism.
While Western businesses may wring their hands in frustration at the difficulties of doing business in Asia, at least one industry insider views high barriers to entry as positive.
ExxonMobil announced last week that it has increased low-viscosity polyalphaolefin production capacity at its Gravenchon, France, plant by 19 percent to 105,000 metric tons per year.
In a country where effective marketing techniques are already significantly different from those in the West, Chinas lubricants market is poised for even more change in the near future, attendees heard during an industry conference held in London last month.
Together with the United States, China will shape the passenger car motor oil market through 2040, said George Morvey of consultancy Kline & Co., speaking at an industry conference in London last month. The countrys emphasis on electric vehicles will play a major role during the latter part of the forecast.