Impact of COVID-19 on the Industrial Lubricants
Many regions and countries are continuously under the threat of COVID-19. Most of the countries were under the lockdown due which many of industrial activities has slow down or stopped the production activities. The industrial lubricant industrial also impacted severely from the demand side.
In the early stage of COVID-19, most of the automotive, heavy industries, plastics & rubber industries, were under the lockdown has impacted on the demand of industrial lubricants. Its overall demand of industrial lubricants has contracted. The industries such as food & food processing industries which accounts less than 5% of the industrial lubricant market, is important industrial sector which provides food items are expected to work at fully / optimal rate. So the industrial lubricant manufactures should focus on these type of sectors during this hard times. The majority of industrial lubricants demand was from the countries such as China, US, India which were severely impacted due to the outbreak of noble corona virus.
In recent time, most of the countries are opening the economies and trying to start the economy. In China, the outbreak of COVID-19 is now under control and the Chinese government has started the industrial output. The countries in EU, US, India has started their production units with strict guidelines and rules. Due to these factors the demand of industrial lubricants will increase in the coming time.
In this hard time the industrial lubricants must think differently. Companies should realign their business model on the basis of monthly/quarterly development, also focus on product portfolio, pricing, competitive developments.