The global lubes market is expected to return to pre-crisis levels by 2016 as oil drives energy market.
A new report from Daedal Research indicates a contrasting picture of growth and decline in lubes demand for different regions. With its rising population and economic improvement, the Asia-Pacific region continues to show unmatched growth, while the mature lubes markets in North America and Western Europe are expected to shrink because of their decline or average growth in production and vehicle sales, combined with the closure of lubricant manufacturing plants.
Although bio-lubricants remain more expensive than crude-based products, their environmental advantages are increasingly being recognised, reflected in increased global demand. The application of bio-lubricants is also being highlighted by several oil majors.
The global base oil market is expected to grow moderately over the next few years, according to the research, with variable market shares for individual segments.
Meanwhile ExxonMobil has highlighted a 35% projected rise in global energy demand from 2010 to 2040. According to its latest report - The Outlook for Energy: A View to 2040 - oil is set to remain the top global energy source and the basis of the majority of transport fuels. Overall global demand for oil is expected to rise by around 25% by 2040, led by increased commercial transport needs.