Keynote: The Lubricant Industry in 2023: Where Are We Now and Where Are We Going?
Friday, 16 June 2023
While the Lubricants industry is projected to experience a modest growth in market value, with an expected increase from $177.4 billion USD in 2022 to a forecasted $188 billion USD in 2024, significant transformations are underway. The industry is in the midst of a seismic shift, propelled by net zero targets, a changing competitive landscape, and dynamic shifts in world geopolitics. Perhaps the biggest catalyst for change across the sector and all its application areas, is sustainability. Driven by stringent government regulations, the decline of conventional passenger vehicles, and the impacts of electrification, the need to develop sustainable lubricants has become a massive focal point for the industry and its end users.
Moreover, the competitive Landscape is evolving as medium-sized regional players gain ground and eat into the market share of established companies. Concurrently, medium players face the challenge of meeting increasingly specific product requirements and navigating changing and demanding OEM certification processes. To survive and thrive, companies must identify opportunities in increasingly niche and specific lubrication applications. Our headline session will forecast the current and future state of the lubricants industry, unpacking some of the challenges and opportunities that can be found.
Discussion Points:
- What does the future hold for the lubricants industry amidst the shift towards sustainability? Is there still a place for petroleum products?
- How is the competitive landscape evolving? What differentiates majors from medium-sized companies?
- How does the current geopolitical situation impact lubricant supply and global competition?