The global lubricants industry entered 2009 with significant negative momentum. The last quarter of 2008 was very bad in terms of sales growth, and worse was to come. In the first quarter of 2009, sales volumes dropped 20% to 40% depending on the end-use industry, product, and region. The second quarter was flat. Recovery seems to have started sometime in the third quarter of 2009 in Asia – particularly in China and India, as well as Indonesia and South America. In Europe, Germany and France seem to have weathered the recession quite well and are on the road to recovery. On the other hand, the United Kingdom, Ireland, and Spain continue to struggle due to their own housing bubbles. The United States is recovering, but high unemployment will continue to be an enduring problem. More…
written by Milind Phadke, Industry Manager, Energy
