Like many specialty chemicals industries, lubricants manufacturing and distribution is characterized by a handful of large, global companies that account for the lion's share of the market, followed by a substantial number of smaller niche players that serve specialized markets or geographies. Our experience as investment bankers working almost exclusively in the chemical markets is that such industry structures represent fertile ground for mergers and acquisitions (M&A). It's not just larger companies buying up smaller ones — smaller companies are joining together in order to remain competitive in today's market.
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