Since Ford created the first commercial automobile in the early 20th century, combustion engine design has seen a tremendous evolution. Due to engine advancement, the internal engine components are now exposed to noticeably increased pressure and heat. As a result, motors with extraordinarily high RPMs are needed, which call for engine oil of higher grade. In addition, the internal structure of a vehicle's transmission has improved, allowing for a 150 mph top speed. The technology of the gear system and bearings has also advanced. This wide range of improvements calls for better lubricants, demonstrating the necessity of lubricants' expansion and evolution.
The Lubricants Market is expected to surpass US$ 205.9 billion by the end of 2028 and exhibit a CAGR of 4.0% during the forecast period (2021 to 2028).
Prominent Companies in the Lubricants Industry:
1. ExxonMobil Corporation
Founded in 1870 Exxon Mobil Corporation explores for and produces crude oil and natural gas. The company is headquartered in Irving, Texas. In November, 2022 ExxonMobil and Pertamina, the state-owned energy company for Indonesia, have signed a Heads of Agreement at the G20 Summit in Bali to further progress their previously announced regional carbon capture and storage hub for domestic and international CO2.
2. Royal Dutch Shell Plc
Shell plc operates as an energy and petrochemical company. Shell plc was founded in 1907 and is headquartered in London, the United Kingdom. In November, 2022 shell begins its operation at polymer plant in Pennsylvania.
3. British Petroleum
BP p.l.c. engages in the energy business worldwide. It operates through Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments. The company was founded in 1908 and is headquartered in London, the United Kingdom.In February, 2023 bp and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea.
4. Total S.A.
TotalEnergies SE operates as an integrated oil and gas company worldwide since 1924. It is headquartered in Courbevoie, France. In December, 2022 TotalEnergies and Air France-KLM have today signed a Memorandum of Understanding (MoU) for the delivery of more than one million cubic metres/800,000 tonnes of Sustainable Aviation Fuel (SAF) by TotalEnergies to Air France-KLM Group airlines over the 10-year period from 2023.
5. Chevron Corp.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. Chevron Corporation was founded in 1879 and is based in San Ramon, California. In February, 2023 Chevron New Ventures PTE. LTD. and the Egyptian Ministry of Petroleum and Mineral Resources (MOPMR) have signed a memorandum of understanding (MoU) to share best practices and expertise related to the reduction of methane emissions.
6. Quaker Chemical Corp.
Quaker Chemical Corporation develops, produces, and markets various formulated chemical specialty products for a range of heavy industrial and manufacturing applications. Quaker Chemical Corporation was founded in 1918 and is headquartered in Conshohocken, Pennsylvania.
7. Lukoil
PJSC LUKOIL, together with its subsidiaries, engages in exploration, production, refining, marketing, and distribution of oil and gas. It also produces advanced polymer-bitumen binders. PJSC LUKOIL was founded in 1993 and is headquartered in Moscow, Russia. The company operates in 19 countries.
8. Philips 66 Company
Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. The company was founded in 1875 and is headquartered in Houston, Texas. In January, 2023 Phillips 66 and DCP Midstream, LP announced today that they have entered into a definitive agreement pursuant to which Phillips 66 will acquire all of the publicly held common units representing limited partner interests in DCP Midstream for cash consideration of $41.75 per common unit, increasing its economic interest in DCP Midstream to 86.8%.
*Definition- Lubricants are chemicals that are applied to moving surfaces to lessen friction. In general, lubricants are used to maintain and reliably operate machinery.
