Volume 8 Issue 51

Kline: Industry Shrank 10.9% in 2020

The COVID-19 pandemic caused global consumption of finished lubricants to fall 10.9% in 2020 to 36.4 million metric tons, according to a new study released by Kline & Co. consultants. That puts the coronavirus’ impact on the industry on a similar scale to that of the Great Recession, which reduced demand approximately 12.1% between 2007 and 2009.

Copton Up Through Three Quarters

Chinese lubricants blender Qingdao Copton Tech Co. reported higher net profit and operating income for the first nine months of this year, compared to results in the same period last year. In the third quarter, sales revenue and volumes were lower for its automotive and higher for its industrial lube segments, compared to 2020’s third quarter.

Stockholders Aim to Privatize United Global

An investment firm representing the main stockholders of United Global Ltd. announced on Dec. 10 an unconditional cash offer to acquire the rest of the company’s stock in hopes that it will be able to remove the company from Singapore’s stock exchange.

From Other Editions of Lube Report

PC-12 Development Cleared for Takeoff

Supreme Court Reopens Infineum GF-3 Suit

IHS Forecasts Stagnant Lube Demand

Briefly Noted

Sales of motorcycles and scooters in four Southeast Asia countries – Malaysia, the Philippines, Singapore and Thailand – slipped 10% to 288,219 in October, compared to the same month last year, according to Asean Automotive Federation data. Although it was the fourth consecutive month in which sales trailed year-earlier results, it represented a 6% increase from September this year.