LONDON, Jan. 6, 2016 /PRNewswire/ -- This reports presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by formulation, product and market for six world regions and 23 major countries. The study also considers key market environment factors, evaluates company market share and profiles global industry players
World demand to rise 2% annually through 2019
World demand for lubricants is projected to rise two percent yearly through 2019. The fastest gains are expected in the Asia/ Pacific region, where a greater number of motor vehicles in use and continued industrialization in large countries such as China and India will support rising demand for lubricants. Developing regions such as Central and South America and the Africa/Mideast region will also post healthy gains in response to economic growth, rising manufacturing output, and increasing motor vehicle production and ownership rates. More mature markets, such as Western Europe, Japan and the United States, are expected to stay fairly flat through 2019, as a greater availability of premium lubricant products with longer drain intervals will curb growth. Additionally, many of these developed countries enforce strict regulations on the use and disposal of lubricants, which will fuel demand for more environmentally friendly bio-based lubricants, as well as the increased use of lubricants derived from re-refined base oils.
Longer drain intervals to temper growth in engine oils
As motor vehicles continue to account for the majority of lubricant demand, rising motor vehicle ownership rates in developing countries will support increasing demand for engine oils. However, these advances will be tempered by motor vehicle manufacturer efforts to lengthen drain intervals in the motor vehicle aftermarket. Similar trends will also be evident in off-highway and stationary markets where engine manufacturers will demand higher performing lubricants capable of protecting engines in extreme environments, and with longer drain intervals, in order to facilitate reduced maintenance costs for their customers.
Process oils to be fastest growing product category
Process oils are expected to be the fastest growing product category going forward, supported by gains in manufacturing output, particularly in the Asia/Pacific region and other industrializing regions. Additionally, because process oils are often a component of a finished manufactured product, it is difficult to reduce their volume usage even as quality improves due to increasingly stringent performance requirements. Demand for hydraulic fluids, metalworking fluids, and other lubricants will also be positively impact ed by improving economic conditions and rising manufacturing output in developing regions, although gains will be more limited than those seen in the process oil category. Bio-based hydraulic and metalworking fluids will exhibit healthy gains as these products can meet environmental and safety regulations.
Download the full report: https://www.reportbuyer.com/product/1592819/
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
SOURCE ReportBuyer
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article