Process Oil Demand to Grow Fastest in Africa/Mideast Region
CLEVELAND, April 16, 2018 /PRNewswire/ — Global process oil demand is forecast to grow 1.4% per year to 7.2 million metric tons in 2021. The rate of growth is expected to be lower than the global average in North America and Western Europe – where manufacturing growth will be the slowest – and higher than average in all other regions. Factors driving the market:
- Increase in world rubber consumption is forecast to accelerate, particularly in developing countries as a result of expanding vehicle parks.
- Fast population growth in developing regions will boost the level of food and beverage manufacturing.
- Mature manufacturing industries and the offshoring of operations to utilize cheaper labor costs will limit process oil requirements in developed areas of the world.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-industrial-lubricants-by-product-market-and-formulation-3589.htm
Growth for process oil demand will be fastest in the Africa/Mideast region due to expected above average increases in African manufacturing. While the Asia/Pacific is home to the country expected to undergo the biggest growth – India – countries with mature manufacturing markets, such as Japan and South Korea, will limit aggregate growth outlook for the region. These and other trends are presented in Global Industrial Lubricants, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Global demand for all types of industrial lubricants is expected to increase 1.6% per year through 2021. The major driving factors will be:
- increased manufacturing activity, particularly in developing regions
- a heightened level of global trade
- growing level of global energy consumption
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SOURCE The Freedonia Group