#lubricant industry

[esglatestmarketnews]

Environmental, Social and Governance (ESG)— A Pivotal Approach to Business in Lubricant Industry

As lubricant industry players face compelling challenges around sustainability issues, including product recyclability and greenhouse gas emission reduction, they are poised to focus on recycling and recovery of lubrication packaging into their ESG goals. Venture capitalists and other investors are prioritizing investment in sustainable businesses with environmental, social and governance concerns integral to corporate strategy. Bespoke solutions to reach sustainability and decarbonization goals could gain ground. ESG will remain pivotal in enhancing business ethics, creating sustainable growth with a resilient supply chain, retaining employees and attracting customers. 

Forward-looking players are expected to foster their footprint on ESG standards that have become invaluable in gauging a company’s capability to make an informed decision. ESG factors are likely to play a vital role in containing organizational risks. It has emerged as the main cog in corporate policies and practices with investors and businesses gearing to address workplace safety, inclusion, access to affordable healthcare and environmental equity. The need for ESG disclosure has shaped how companies allocate funds in the global landscape, and the demand for accountability has underscored ESG disclosure to track sustainability performance. For instance, businesses in Europe are obliged to report the proportion of investment considered sustainable in line with EU regulations. 

Discover more regarding the practices and strategies being implemented by industry participants form the Lubricant Industry ESG Thematic Report, 2022, published by Astra ESG Solutions

Environmental Perspective

Environmental, social and governance aspects are at the forefront as prominent players gear to overcome social, economic and environmental challenges. Leading players are poised to improve, respond and recover their resilience to the shifting ESG landscape. Investors are inclined to know how companies will respond to social, environmental and economic landscape and related opportunities and risks. A host of companies has come forward to publish sustainability reports as organizations across geographies, industries and company sizes allocate more resources toward enhancing ESG. According to the Governance & Accountability Institute, Inc. (G&A) 2021 Sustainability Reporting, 92% of S&P 500 Companies and 70% of Russell 1000 Companies published sustainability reports in 2020. 

A significant part of ESG growth is mainly attributed to environmental factors and apt responses to climate change. Companies are likely to contribute disclosures in energy efficiency, biodiversity, environmental management, water efficiency and GHG emissions. For instance, Chevron Shipping could disclose vessels’ climate alignment scores leveraging the Sea Cargo Charter methodology from 2023. Further, the environmental impact of lubricants has prompted vital players to provide impetus to bio-based lubricants that can boost the sustainability quotient through high viscosity index, enhanced water quality and longer equipment life. Prominently, BP aims to contain scope 1 and scope 2 emissions globally by 30% by 2030. On the other hand, Shell has been providing carbon-neutral lubricants, including biodegradable multi-purpose grease and energy-efficient high viscosity index hydraulic oils to offset carbon footprint. 

Social Perspective

On the social front, lubricant companies have emphasized data privacy, product quality, employee development, community support and development. Stakeholders have dubbed social license as corporate oxygen—impossible to survive without it. Some social practices, such as promoting equality and diversity in the workplace, providing training and well-being support and underpinning local and national charities will augur well for leading companies in the landscape. 

According to Grand View Research Lubricant Industry ESG Thematic Report 2022, Idemitsu Kosan tops the chart in the social category with an impressive score of 70%. The tag is partly due to the institutionalization of human rights monitoring mechanisms across its supply chain operation. Besides, most companies are ISO 45001 standards certified and have rolled out robust healthcare plans and programs, H&S training and health insurance—promising factors bolstering employee retention rates. Meanwhile, Lukoil had the highest employee turnover rate (6.7%) in 2020 amidst comprehensive healthcare plans.

Prominent players have left no stone unturned to underscore their social and community investments. For instance, in 2020, Chevron contemplated injecting USD 15 million to underpin the Black community in the U.S. to address equity barriers. Besides, in 2021, the company poured USD 6.6 million into non-profits and community organizations in Kern, Fresno, and Monterey counties. The U.S.-based company is also said to have employed more than 700 full-time employees, along with 1,600 contract employees in those counties. Incumbent players are poised to get a grip with social factors as the building block of a sustainable world. 

Is your business one of participants to the Global Lubricant Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

Governance is envisaged as an indicator of how transparent, accountable and ethical a company is with stakeholders. It also highlights board structure, audit committee functioning, board independence and financial audit and control. An emphasis on governance could bode well with investors and customers and encourage sound risk management practices. Chevron is at the pole position in corporate governance, notes the ESG scoring model of Grand View Research. It has more than 90% independent directors—the highest in terms of a board comprising independent directors. The American multinational energy corporation established a Supplier Diversity Governance Board providing strategic direction and oversight of supplier diversity strategy across its U.S.-based units. With solid governance being the foundation to create value for stockholders, board members are expected to review operational, financial, market, political and other risks that are inherent in the business. 

ESG is a valuable consideration—one that goes beyond philanthropic perception and is paramount to sustainable development. In essence, Royal Dutch Shell scored more than 80% in corporate governance—second to Chevron. The former has the highest percentage of female members on its board, taking a giant leap toward gender equality. The company is gearing to surpass or reach 40% of women in senior leadership by 2030. Governance will likely leverage companies to cash in on and manage various ESG risks and opportunities. 

Well-established players and new entrants are slated to integrate ESG practices to foster brand reputation, propel sustainability and minimize costs. Companies are likely to focus on generating more environmentally friendly and efficient lubricants. For instance, in March 2021, Castrol rolled out the PATH360 strategy sustainability strategy with 2030 aims and focus areas, including reducing carbon, saving waste and enhancing lives. Stakeholders are bullish on the prospect of lubricants against the backdrop of heightened product demand and emphasis on ESG frameworks. The global lubricant market size garnered USD 125.81 billion in 2020 and could witness a 3.7% CAGR from 2021 to 2028. 

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

[thetejasamale]

Lubricant Industry: Development, Current Analysis & Forecast to 2030

The Lubricants Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.7 % over the forecast period (2022-2028). The global Lubricants Market value is anticipated to be worth USD 167.48 billion by the end of the forecast period.

Lubricants are solutions with the primary function of reducing friction between two surfaces of contact. Besides this lubricants aid in cooling and cleaning moving parts and also prevent metal parts from rusting. A lubricant comprises a base oil and additives and accordingly serve different purposes. The most common lubricant types are Engine oil, gear oil, industrial oil, and hydraulic fluid.

The rapid industrialization and increasing sale of automobiles across the globe are driving the growth of the global lubricants market. With the rise in disposable income of people, automobile sales are at an all-time high which is a major end-user industry of lubricants. Similarly, the rapid industrialization and need for efficient working of machine parts are generating huge demand for lubricants. Modern efficient engines also depend on lubricants to maintain their efficiency which is a positive factor for market growth. Moreover, the advancements in the lubricants industry in developing products for different specific uses are a major factor boosting the market demand.

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The covid-19 pandemic greatly affected the global lubricants market. The automobile sector, the largest end-user, was a major hit which led to a slump in demand for lubricants during the period. Moreover, the closure of industries and manufacturing units to curb the virus spread also led to a fall in the demand for lubricants. Similarly, the production of lubricants and their supply were also negatively impacted during the period.

Market Segmentation

Market Segmentation, by product type

Engine oils

Gear oil

General industrial oil

Process oil

Grease

Metalworking fluids

Transmission

Hydraulic fluid

Market segmentation, by group

I

II

III

IV

V

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Market segmentation, by Base stock

Bio-based lubricants

Semi-synthetic lubricants

Synthetic lubricants

Mineral oil lubricants

Market segmentation, by end-users

Power generation, automotive

Heavy equipment

Food and beverage,

Metallurgy

Metalworking

Chemical manufacturing

Oil and gas

Regional Analysis

The Global lubricants market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among these different regions, the Asia-Pacific region holds the major market share. This dominance is due to rapid industrialization and growing urbanization in this region. This region is emerging as a global manufacturing hub and with the rising disposable income, the demand for automobiles has also increased. Europe holds the second largest market share owing to high demand from the automotive industry. North America is also a major regional market with high demand from the petrochemical industry, automotive industry, and aerospace & defense industry.

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Industry News

The global lubricants industry is witnessing positive market growth. The key players are emphasizing diversifying the products to meet the needs of different Industries.

In July 2021, Steelbird international, the global automobile component manufacturing industry announced the launch of its two new ranges of engine oils and lubricants. This launch includes engine oil, Grease, and fork oil which are made from a semi-synthetic base.

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[minimac-mspl]

Can all contaminants be seen with naked eyes?

As a part 2 of #knowyouroil series, we will discuss about Particle Contamination. Whenever we talk about contamination the first thing that comes to our mind is solid particles that we can see or feel. But what we do not understand is how big a particle can really cause wear and tear to your machines, can all contaminants be seen with naked eyes? Is it too late to wait until then?

 To answer the above questions we must first understand the actual clearance size of the different types of lubrication film formed between rolling and rotating components which is essential for providing proper lubrication. Oil film thickness in machinery is measured in microns (µm), or one-millionth of a meter.

 For queries related to Oil Testing, follow:https://www.minimacsystems.com/oil-condition-monitoring-equipment

 Below are the finest tolerance found in different types of components.

When small particles, which cannot be seen through human eyes, pass through the critical machine parts under load, they create small microtears which get transformed into cracks over a period of time due to continuous stress and strain conditions leading to the more fine generation and hence increase contamination.

The contaminants that are considered to be most damaged are from size 2 to 20 µm and avoiding these are key to keeping your machinery breakdown free.

 But it is also important to understand when to call the oil clean and when dirty, as it is understood that changing oil very frequently and maintenance every time is not feasible.

 Below chart shows us what particle levels are admissible and what harms our system.

 But knowing this is not enough if we don’t know when to get oil sampling and testing done. Below chart provides an estimation for testing and the type of test to be conducted.

 Get your machine's oil check today with our technical expert call +91 7030901266. Ask for a brochure today.

  We at Minimac System Pvt. Ltd. not only design a maintenance schedule for your lubrication oil but also provide OIL TESTING and FILTRATION services and the filtered oil complies to the ISO standard of Super Clean oil as we stand for MINImum MAChinery Maintenance.

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Lubricant Oil Manufacturers & Suppliers in India

Indiabizzness shows a variety of listed Indian Industry based petroleum products & lubricant oils from petroleum product manufacturers, lubricant oil manufacturers, lubricant oil dealers, petroleum product dealers, lubricant oil traders & petroleum products exporters who offer best deals at super finest quality & best rates. Find here best India�s Industry based Petroleum Products & different types of Lubricant Oil and easily contact verified Petroleum Products companies & lubricant oil companies at best prices in India maintaining high quality and best performance. We have a verified list of manufacturers, suppliers, exporters & traders of Petroleum products & lubricant oil from across India at affordable market rates.

Buyers can directly connect via call or SMS at 9811727437 or via email at indiabizzness@gmail.com or indiabizzness99@gmail.com

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Manufacturers of high quality industrial and automobile oils and lubricants in India for cars, light commercial, heavy commercial vehicles and various industrial uses. We are ISO 9001-2008 certified Company from TUV NORD, Germany.

[paraslubricantslimited]

Automobile Oil Manufacturers Engine |Industrial Oil |Lubricants India

Paras Lubricants Limited was incorporated in 1985 as Private Limited Company and subsequently converted into Public Limited Company in 1995. The Company’s Head Office is in Delhi and Western Office is in Mumbai. The overall marketing, administrative matters and the day-to-day activities of the Company are looked after from these two offices. The Company’s products are marketed under the trade name “PALCO” Lubricants are manufactured at two plants located at Khopoli, (Dist. Raigarh, Maharashtra) and Daman (U.T.).

[esglatestmarketnews]

Lubricant Industry ESG Thematic Report, 2022 | Grand View Research, Inc.

The average ESG disclosure score for the lubricant market is between 55% and 65%. Our proprietary Environment, Social, and Corporate Governance (ESG) scoring framework analyzed 65 parameters across ESG, as represented in the methodology section of this document. Royal Dutch Shell, British Petroleum (BP), Chevron, and 11 more market leaders were part of our research. Three out of five companies we researched scored above the average industry score. However, four market leaders need to focus more on ESG reporting and transparency as they scored well below 50%.

For More Details: https://astra.grandviewresearch.com/lubricant-industry-esg-outlook

Environmental insights

Lubricant comprises less than 10% additives and 90% base oil (like petroleum fractions, called mineral oils). In rotating machinery, lubrication is crucial for efficiency and durability. Lubrication reduces friction between machine parts and enables them to move smoothly in a given direction. There is a negative impact of lubricant on the environment, as it causes serious contamination of soils and groundwater, as well as accumulates in plants and animal tissues. There are various measures or technologies used by companies globally for the sustainability of lubricants. One of the main alternatives to petroleum-based lubricants is bio-based lubricants, which can help reduce environmental impact and create green companies. 

Social insights

Broadly, social metrics represent an assessment of risks that a company might experience from human capital and community, both. The parameters that are considered in this category include not only the employee turnover rate but also health & safety parameters, including injury rates, OHSAS certifications, employee engagement programs, training, and community development, among others. Among the companies within the sector, Idemitsu Kosan ranks highest on the social pillar, with a score of around 70%. The company has institutionalized robust human rights monitoring mechanisms not only within its own operations but also across the operations of its entire supply chain.

Governance insights

The governance aspect within the purview of ESG assessment is one of the most important foundation stones of a company, which includes various metrics, including business ethics, board structure, financial transparency, anti-corruption, and insider trading, among others. As per Grand View Research’s ESG scoring model, Chevron ranks the highest in corporate governance among its peers operating within the lubricants sector. The company has the highest number of independent directors (over 90% of the board comprises independent directors), which enhances corporate credibility and governance standards in the eyes of investors and consumers. Chevron has also institutionalized one of the best-in-class ethics platforms that manage any form of misconduct within the company.

Request for Free Demo: https://astra.grandviewresearch.com/lubricant-industry-esg-outlook/request/rs1

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Importance of Tribology Study and its Industrial Applications

Commentary – (2023)Volume 14, Issue 4  View PDF Download PDF Giovanni Andrea* *Correspondence: Giovanni Andrea, Department of Civil Engineering, Sapienza University of Rome, Rome, Italy, Email:  Author info » Description Tribology, derived from the Greek words “tribos” meaning rubbing and “logos” meaning the study, is the science and engineering discipline that explores the complex…

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Premium Lubricants for Industrial Machinery | TGP India

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Lubricants Market - Industry Size, Growth, Trends Report

In the realm of industrial machinery, automotive engines, and marine operations, the unsung heroes ensuring seamless performance are often found in small bottles – lubricants. These essential fluids play a crucial role in reducing friction, preventing wear and tear, and enhancing overall efficiency. In this blog, we will delve into the vast and dynamic Lubricants Market, exploring key segments, major players, and the future trajectory of this indispensable industry.

Size Matters: Global Lubricants Market Size:

The Global Lubricants Market is vast and ever-expanding. As of the market size has reached unprecedented heights, driven by the increasing demand from various industries. The global lubricants market size was estimated at USD 139.44 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. The lubricants sector is witnessing substantial growth owing to advancements in technology, rising industrialization, and the surge in automotive production.

The Global Lubricants Market:

The Lubricants Market is a sprawling landscape encompassing various sectors, each with its unique demands and challenges. Industrial lubricants, essential for heavy machinery and manufacturing processes, are produced by a plethora of industrial lubricant manufacturers worldwide. The automotive sector relies on specialized automotive lubricants, ensuring optimal performance and longevity of engines. Meanwhile, marine operations navigate their way through the Marine Lubricant Market, ensuring the smooth sailing of vessels across the seas.

Driving Forces: Future of Lubricants Industry:

The future of the lubricants industry looks promising, propelled by factors such as technological innovation, stringent environmental regulations, and the need for sustainable solutions. As industries evolve, lubricant formulations are adapting to meet the changing requirements. Specialty lubricants, designed for specific applications, are gaining traction, promising enhanced performance and longevity.

Exploring Regional Landscapes: Lubricant Market in India:

India, with its burgeoning industrial sector and growing automotive market, has emerged as a significant player in the global lubricants market. The lubricant market in India is marked by the presence of numerous industrial lubricant distributors and suppliers, ensuring a steady supply chain to meet the diverse needs of the economy.

Top Players: World's Leading Lubricant Companies:

The global lubricants market is fiercely competitive, with several companies vying for the top spot. Among the top 10 lubricants companies in the world, showcasing their dominance through a wide range of products and a global presence. Similarly, the top 10 lubricant oil brands in the world have etched their names in the industry, providing reliable solutions for diverse applications.

Navigating Partnerships: HP Lubricants Distributors:

HP Lubricants, a well-known player in the industry, has a wide network of distributors ensuring the availability of their products across various regions. These partnerships play a crucial role in maintaining the supply chain integrity and meeting the lubrication needs of industries worldwide.

Conclusion:

In conclusion, the lubricants market is a multifaceted arena, catering to the diverse needs of industries ranging from manufacturing to automotive and marine operations. As we navigate the future, the industry is set to witness further advancements, propelled by innovation and a commitment to sustainability. Stay tuned as the lubricants market continues to evolve, keeping the wheels of the industry turning smoothly.