Review article

THE WORLD LUBRICANTS AND BASE OILS MARKET

Manfred Fuchs

Abstract

For the global lubricants industry, 2002 and 1st half 2003 were challenging! Global demand declined due to weak economies and structural reasons. This was particularly true in North America and Western Europe and – as a result of the political uncertainties – in Middle East. Inventories of base oils and finished lubricants have very much declined since 2001. Base oil prices are at peak levels and did not soften after the Iraq war.
While lube refining margins are high since second quarter 2003, margins and profits for most manufacturers of finished lubricants were under pressure. Concentration and consolidation of the global lubricants industry progressed and lead to new rankings in the world’s “top league”. Overcapacities continue to be a problem and will trigger more rationalisation and streamlining.
Technical and ecological requirements for lubricants and related specialties will become ever more demanding.However, the mid and long-term future will also offer opportunities.

Keywords

market development and forecast; lubricants; base oil; world; time interval 2002-2003. y

Hrčak ID:

7343

URI

https://hrcak.srce.hr/7343

Publication date:

31.12.2003.

Article data in other languages: croatian

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