COVID-19 Impact on Tire Mounting Lubricants Market
- The COVID-19 outbreak is hampering the demand for tire mounting lubricants in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for tire mounting lubricants.
- Key players operating in the tire mounting lubricants market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
- The COVID-19 outbreak has directly affected the production and demand for tire mounting lubricants. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
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Key Drivers of Tire Mounting Lubricants Market
- Rise in demand for tire mounting lubricants in the automobile industry is a significant factor projected to fuel the global tire mounting lubricants market during the forecast period. Demand for these lubricants is high in a variety of applications such as hose, automotive, rubber, and other products, as they help prevent corrosion as well as cracking issues.
- Rise in usage of tire mounting lubricants in rubber applications is expected to boost the market throughout the forecast period. The market environment for tire mounting lubricants is an attractive prospect for investments by key manufacturers and new competitors around the world due to inexpensive capital investments and low entry barriers.
Restraints of Tire Mounting Lubricants Market
- Fluctuation in prices of raw materials is a key restraining factor of the tire mounting lubricants market. Availability of substitutes is also expected to challenge the market growth in the near future. Furthermore, high cost of tire mounting lubricants over their conventional counterparts is negatively affecting the market. Availability of substitutes is also likely to restrain the market during the forecast period.
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Asia Pacific to Constitute Significant Share of Global Tire Mounting Lubricants Market
- In terms of region, the global tire mounting lubricants market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020; Asia Pacific is the largest market for tire mounting lubricants due to substantial investments in China, Japan, and India for continual improvements in energy efficiency, eco-friendliness, and automation in the automotive industry. Asia Pacific is expected to account for the leading share of the tire lubricants market during the forecast period owing to growth in urbanization and rise in spending power of countries in the region. The tire mounting lubricants market in the region is expected to expand at a rapid pace throughout the forecast period.
- Europe is also one of the key consumers of tire mounting lubricants. The region is expected to account for significant growth in the tire lubricants market, owing to the increase in the number of manufacturers and rise in sales of automotive parts in the region.
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Competitive Landscape of Global Tire Mounting Lubricants Market
Major players operating in the global tire mounting lubricants market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Total SE
- APV Engineered Coatings
- Repsol S.A.
- Behran Oil Company
- Panama Petrochem
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