The lubricant industry has been hit hard by the COVID-19 pandemic, and demand could remain depressed at least into 2022, threatening the survival of many suppliers, according to two speakers at a webinar last week.
United Kingdom-based Verification of Lubricant Standards announced last week that it reported an engine oil marketed by HyperDrive Lubricants to the National Trading Standards Board for failing to meet its performance claims.
Authorities in Ajman, United Arab Emirates, confiscated 100,000 packs of fake engine oil after a sweep last week on a counterfeit operation in the tiny emirate’s industrial area. The Department of Economic Development’s Control and Consumer Protection Department seized what it described as international trademarked products worth 20 million dirham (U.S. $5.45 million).
A United Kingdom organization that polices engine oils accused of violating performance claims or industry specifications has stepped up its activities by starting a program to test samples drawn from market.
A new report by market research company Data Bridge forecasts the food-grade lubricants segment will grow by 7.1 percent by 2027 to a value of U.S. $387.83 million, driven by increasing concerns about food safety and a growing population.
Fears that the market for aviation lubricants and greases in the Middle East is unravelling as a result of the Covid-19 pandemic are exaggerated, analysts say.
The share of vehicles in Russia that use American Petroleum Institute’s API SM or API SN motor oil categories increased in the last couple of years, a new market study found.
One of Azerbaijan’s few lubricant producers is a three-year-old start-up that is using just a fraction of its manufacturing capacity. But Technol officials say the company is growing and that it aims to become a major player in its home market while also developing an export business.
Russian lithium hydroxide producer Khimiko-Metallurgicheskiy Zavod posted more than a tenfold increase of its operating profit to 167 million rubles (U.S. $2.3 million) for 2019, according to the company’s latest earnings report.
The 22 associate members of the Spanish Lubricant Association sold 348,000 metric tons of lubricants in the country in 2019, down 1.3 percent from 2018, according to the group’s statistical commission.