In the January 2024 edition of Lubes 'N 'Greases magazine, Lubrizol shared perspectives on trends expected to shape the global lubricants industry in 2024 and beyond. Population growth, increasing urbanization and other broad demographic shifts are expected to be drivers for the biggest industry changes.
Sustainability efforts were predicted to continue in this year as evolving governmental emissions rules require vehicle manufacturers to further reduce CO2 emissions in new vehicles. Beyond sustainability, new technology will bring even more changes to the types of fuels that power ICE vehicles. Manufacturers will also work to improve the range and reduce the cost of battery-electric vehicles to deliver on consumer demand. A third major trend identified for 2024 is the impact of smart manufacturing, or Industry 4.0, on the lubricant industry. Because manufacturing processes are increasingly digitized and data systems are used more often to evaluate performance and make decisions, operators can be expected to know as much about the data systems at work as the lubricants themselves.
Read the full article "Why These Key Trends Will Shape the Lubricants Industry in 2024" in Lubes'N'Greases.
