Process oil de­mand to grow fastest in Africa/Mideast Re­gion

Chemical Industry Digest - - News & Views -

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.

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