Process Oil Demand to Grow Fastest in Africa/Mideast Region

Date : 04/16/2018 @ 4:30PM
Source : PR Newswire (US)

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.

Freedonia Group logo (PRNewsFoto/The Freedonia Group)

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

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/process-oil-demand-to-grow-fastest-in-africamideast-region-300630355.html

SOURCE The Freedonia Group

Copyright 2018 PR Newswire

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