One of the industries where the war between Russia and Ukraine created production and export opportunities was lubricants and petrochemicals. The lubricants and chemicals market in Turkey completed 2022 with a growth of 4,4%, with the effect of domestic brands that increased their export and production volumes.
The lubricants and chemicals sector, which represents the Turkish industry in international markets, started 2023 with hope. While the Petroleum Industry Association (PETDER) data show that the lubricants and chemicals market in our country grew by 2022% in 4,4, the effect of the war between Russia and Ukraine was also seen in the production and export figures of the players in the sector. Stark Petrochemicals Inc. grew above the market average in 2022.
Ebru Saat, Stark Petrokimya Company Partner, shared her assessments on the subject and said, “The Turkish lubricants market continued to grow in 2021 as well as in 2022. Mobility in the automotive sector and the non-warranty vehicle market and the acceleration in the industrial lubricants sector were effective in the growth.”
Russia-Ukraine war changed the balance of demand
The Russian invasion of Ukraine caused a new wave of transformation in all sectors. Many energy companies stopped their activities in Russia and became involved in the sanctions. This situation brought along a remarkable increase in demand, especially from Central Asian countries.
Pointing out that the increase in demand has changed the balance, Ebru Saat said, “The conflicts between Russia and Ukraine caused the supply chains to be reshaped in every sector. The search for new suppliers for mineral oil needs of industry players and manufacturers, especially in Central Asia, created new opportunities for trade and production in the sectors in Turkey. As Stark Petrochemical, our export figures increased after the outbreak of war. With our MSM GERMANY brand registered in Germany and Turkey, we are making progress especially in automotive sector lubricants. Our STARKOIL brand, registered in the USA and Turkey, offers reliable and alternative solutions for industrial purposes. The awareness of both our brands is increasing day by day.”
Industrial lubricants market to reach $2030 billion by 145
The report, published by Reports Insights, predicts that the global industrial lubricants market will grow by a compound annual 2023% between 2030 and 2,6, reaching a size of $2030 billion by 145,8. It was pointed out that the reason for the growth trend is the efforts of the industries to extend the life of the machines, reduce the maintenance costs and increase the overall efficiency.
Emphasizing that economic recession scenarios, consumer preferences and increasing environmental concerns are the topics that directly affect the lubricants and industrial lubricants market, Ebru Saat said, “Companies focus on reducing costs in every item and getting the least damage from the effects of geopolitical tensions and economic adverse winds. While this brings opportunities for the lubricant and petrochemical industry, industry stakeholders need to think deeply about their environmental impacts. As Stark Petrokimya, we shape our production approach within the framework of sustainability.”
“We will grow with innovation in 2023”
Stating that they focus on the concept of quality as a company, Stark Petrokimya Company Partner Ebru Saat concluded her evaluations with the following statements:
“By integrating our quality philosophy into all our units in the most sensitive manner, we have taken permanent steps that help reinforce our reliability principle in every process from production to our corporate approach. It plans to do what has not been done, but what has not been done. In 2023, our US subsidiary Stark Petrolum Corp. We aim to make progress both in the US market and in other markets with our product range produced with new technologies by strengthening our company with innovation. We will continue to work and spread this pride to the whole world to transform the achievements of this culture, which we grew up in thinking about tomorrow, not today, into outputs that make us proud.”