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India Is The Fastest-growing Country in Asia Pacific Lubricants Market

wallpapers Business 2020-02-24
According to GP Global's recent forecast, with rapid economic growth, India will become the fastest-growing lubricant market in the next few years. "By 2021, Asia, the Middle East, and Africa will account for 57% of global lubricant demand." Sudip Shyam, head of GP Global's base oil and lubricants global business, reported at the ICIS Asia Base Oil and Lubricants Conference.
 
Sudip Shyam said that the share of lubricant demand in the Asia-Pacific region would increase from 46.9% in 2015 to 49.9% in 2021, and the market share in the Middle East and Africa will increase slightly from 6.9% to 7.1%. North American demand will fall from 23.1% to 21.1%, and the European market will fall from 16.9% to 15.9%.
 
GP Global also predicts that global lubricant demand will remain stable in the next five years. India is the third-largest lubricant market after China and the United States. Shyam said: "The demand for finished lubricants, including the automotive and industrial industries is estimated at 2.25 million tons per year, while the demand for automotive lubricants is 1.5 million tons per year." The data shows that India's lubricant production is about 1.3 million tons per year. The average annual growth rate of market demand is 4.2%.
 
From 2019 to 2021, India's economic growth rate is expected to reach 7.5%. By 2030, the GDP of India's top five cities will be comparable to today's middle-income countries. In FY2018, India's commercial vehicle sales exceeded 1 million units for the first time, an increase of 24%.
 
In contrast, the demand for lubricants in the Middle East is estimated to be 2.8 million tons per year, and the need for oils in the Middle East may remain flat or slightly decline in the medium term. Iran is the largest lubricant market in the Middle East, followed by Saudi Arabia, Turkey, and Egypt.


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Tag: Lubricants M