British Petroleum Plc. is planning to get into a swap deal with ConocoPhillips. BP Plc. is in considerations of undertaking Conoco’s 24 percent interest in the Clair field. In exchange, ConocoPhillips is likely to take BP Plc.’s assets based in Alaska. This will help both the companies focus on the projects that yield higher outputs.
Russia based Lukoil, owner of Neftochim Burgas refinery in Bulgaria, is planning to construct a petrochemical complex at the site of the refinery. It is intended to be an upgrade compared to the old production unit. The company has undertaken this expansion to increase the access to cheap raw materials and to quench the demand for polypropylene complex in the markets of Bulgaria. This would be profitable for the company and in turn, will increase the value added.
Strategically, competing companies have economically invested heavily in R&D activities to develop advanced products to cater to the demands of the market. Various strategies are adopted to retain and expand their market share. The main approach of most companies within the global automotive lubricant market is that of expansion and entering into merger & acquisition as well as swap deals which allows two parties to exchange financial instruments. These strategies are widely adopted to achieve operational efficiencies and also spread their geographical presence in the global market. The market demands regular product innovation for product diversification and hence help secure a strategic market position.
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The Automotive Lubricants Market is segmented by type into gear oil, engine oil, grease, engine coolant, transmission fluids, and other fluids. Gear oil is a type of lubricant which is made specifically for transfer cases, transmissions, and differentials in trucks, automobiles, and various types of machinery. Basic properties include high viscosity and usually contains organosulfur compounds. On the other hand, engine coolant is a water-based liquid that tends to absorb the heat from the engine; then the coolant turns hot itself which is then transferred to a radiator located at the front of the car. Engine coolant is the best option rather than using water in the cars, as water is corrosive and destroys the inside of the engine and the water pump.
By Vehicle, the market has been segmented into light, commercial, and heavy. High-performance lubricants are used to ensure that the vehicle works on optimized fuel consumption, increased torque, and reduced carbon emission.
Regional Analysis of Automotive Lubricants Market
Asia-Pacific is one of the dominant regions for the Automotive Lubricants Market. Increasing demand due to increasing population in the Asia-Pacific region is one of the key factors for the high growth in this region. North America and Europe being one of the saturated markets are showing steady growth in the Automotive Lubricants market.
Rest of South America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
Rest of Africa
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