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Global lubricants market: Asia-Pacific both largest and fastest growing region

Press release   •   May 01, 2013 12:31 BST

In recent years, debt has meant that developed US and European economies have moved into decline, while there is a promising outlook for the global lubricants market in emerging economies in the regions of Asia-Pacific and Middle East and Africa in coming years. The Asia-Pacific region accounted for the largest share of global lubricants demand with 42% of the overall lubricants market in 2012. By 2017, with the exception of Europe and North America, all regions are expected to increase their global share, with the Asia-Pacific region expected to account for 46%, while the Middle East and Africa and South and Central America are expected to account for respective shares of 11.6% and 8.9% of the global lubricants market. Europe and North America are expected to account for 16.7% of global lubricants demand each by 2017.

The Asia-Pacific region is the largest and fastest growing regional lubricants market worldwide. The region accounted for a share of almost 42% of the global lubricants market in 2012. Asia-Pacific is expected to register the highest growth of any region worldwide, to reach 17 million tons by 2017. Other regions such as Middle East and Africa and South and Central America are also expected to contribute substantially to the growth of the global lubricants market by 2017. Increasing consumption in emerging economies such as China and India is no surprise to the industry. Foreign lubricant marketers, base stock manufacturers and additive suppliers are establishing their operations in these countries, encouraged by the steady growth rate.

Motor vehicles are one of the largest markets for lubricants. In 2012, motor vehicles accounted for almost 56% of global lubricants demand. The global automotive industry is now on the growth path after a setback caused by the financial crisis. Global motor vehicle sales, which dipped in 2008 and 2009 due to the economic crisis, re-gained momentum in 2009. The industry is now actively pursuing innovative new technologies, production and business techniques.

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