Process oil demand to grow fastest in Africa/Mideast Region
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.
According to a report released by ‘The Freedonia Group,’ 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.
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.