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.
Moove – Cosan’s lubricants production and distribution arm – reported lower net income, revenue and sales volumes for the first quarter ending March 31.
Canada-based distributor Parkland Fuel Corp. posted a 26 percent increase in consolidated revenue for its lubricant segment for the quarter ending March 31, boosted by higher sales for its United States segment.
Calumet Specialty Products Partners L.P. reported a net loss, Valvoline posted a slight decrease in operating income, HollyFrontier’s lubricants and specialty products segment reported higher income from operations and Quaker Chemical posted a net loss, for the quarter ending March 31.
Canada-based distributor Parkland Fuel Corp. posted a 122 percent jump in consolidated revenue for its lubricant segment for full year 2019, thanks to acquisitions that helped it break into overseas markets.
The Canadian government decreed this month that it will permit 9-octadecenoic acid (Z)- compound with (Z)-N-9-octadecenyl-1,3-propanediamine to be used as an ingredient in engine oils and transmission fluids even though it suspects the substance to be toxic.
The Fuchs Group acquired Zimmark Inc., a Canadian company offering services in the lubricants and chemicals process management space, effective Nov. 1. Terms were not disclosed.
Shell was the largest North American lubricants supplier in 2018, beating out ExxonMobil and Chevron, according to consultancy Kline & Co., which also predicts North American finished lube sales will stay flat in the near future.
Shell plans to invest $16 million to expand its lubricant blending and packaging plant in Brockville, Canada, according to an Ottawa newspapers report.
North Americas lubricant market is expected to inch up from 2.9 billion gallons in 2017 to 3 billion gallons by 2020, with industrial oils continuing to constitute the largest share, according to consultancy Kline & Co. Government policies, including potential changes to the North American Free Trade Agreement and new environmental rules in the United States, should spur growth in some cases and tamp down demand in others.
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