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
Related studies include:
#3515 Drilling Fluids & Chemicals Market in the
US (May 2017)
#3478 Synthetic Lubricants & Functional Fluids Market in
the US (January 2017)
About The Freedonia Group, a division of
MarketResearch.com – The Freedonia Group is a leading
international industrial research company publishing more than 100
studies annually. Since 1985, we have provided research to
customers ranging in size from global conglomerates to one-person
consulting firms. More than 90% of the industrial companies in the
Fortune 500 use Freedonia Group research to help with their
strategic planning. Additional Chemicals studies can be purchased
at https://www.freedoniagroup.com/, www.marketresearch.com and
www.profound.com.
Press Contact:
Corinne
Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com
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SOURCE The Freedonia Group