Lubricant consumption is shifting to higher quality products around the world, but overall volume growth is generally found only in developing countries. Given those trends, it is little surprise that a new study identifies parts of Asia, Latin America and Eastern Europe as the lubricant markets with the most opportunity.
Freedonia Group said Monday it has completed a study forecasting that global consumption of finished lubricants will grow 2.2 percent annually to 39.3 million metric tons in 2008, versus 35.3 million tons in 2003. The Cleveland market research firm identified China, India, Indonesia, Russia, Brazil and Mexico as large markets primed for above-average growth. It projects annual growth of 6 percent for China and of between 3 percent and 3.5 percent for the other five nations.
Get alerts when new Sustainability Blog articles are available.