GS Caltex reported increased operating profit for its base oil and lubricant business, and KH Neochem Co. poster lower operating profit for its performance materials segment, which includes raw materials for refrigeration lubricants, for the first quarter. Meanwhile, 2019 financial year profit was up for lubricant company Yushiro Chemical Industry.
Covid-19 pandemic lockdowns in Asia have resulted in increased demand for food-grade lubricants, industry insiders said.
Asia accounted for more than half of 11.2 billion pounds of global wax supply in 2019, leading in petroleum waxes in large part because of China refineries’ widespread production of wax through processes not involving API Group I base oil, an industry insider said.
Japan exported 4.8 million motor vehicles in 2019, a marginal increase from 2018, while domestic sales for all motor vehicles dropped 1.5 percent, according to data compiled by the Japan Automobile Manufacturers Association.
Japans volume of primary energy supply - oil, natural gas, coal, nuclear and renewable electricity - is projected to decline by 0.4 percent in fiscal year 2020 due in part to continued energy efficiency improvements, according to a recent report from the country's Institute of Energy Economics.
JXTG Holdings Inc. will change its trade name and the name of its lubricant and grease producing subsidiary to Eneos and integrate its management structure to create a global brand for its overseas market, the company announced recently.
Afton Chemical completed an expansion of its Japan Technology Center in Tsukuba to give it increased lubricant additive testing capabilities for the Asia-Pacific region, the company announced on Oct. 30. The expansion is part of an effort towards more collaboration with Japans original equipment manufacturers.
Japans lubricant demand for full-year 2019 is expected to fall by 1.4 percent to 1.4 million metric tons, according to a recent press release by the Petroleum Association of Japan.
Japan's Adeka Corp. will complete an expansion of its lubricant additive plant this month, and seeks to expand sale of its engine oil additives to the United States and China, a company representative told Lube Report.
Japans introduction of an ultra-low viscosity passenger car motor oil specification, GLV-1, in October will drive demand for base oils with a higher viscosity index, according to a senior official at Toyota Motor Corp.