BRICs & US oil consumption to top nearly $2,000bn and US synthetics to grow


The BRIC countries and the US will continue to drive demand for global energy use and synthetic lubes according to two new reports.

Combined oil consumption is set to reach close to $2,000 billion by 2020 according to the latest date from Lucintel.  Its report, "Regional Benchmarking of Crude Oil Industry 2011--2020: BRIC Countries and US" states that continued strong economic growth in Brazil, Russia, India and China, combined with a currently low per capital energy consumption, will continue to drive the demand for energy as well as influencing climate change.

According to the report, US consumption will also continue to be a primary driver, with oil consumption estimated at $850bn by 2020.  Despite increasing moves towards biofuels and electric transport, the US will remain the largest single consumer.

India and China will continue to head the consumption table amongst the BRIC nations, each showing potential for growth around double-digits over the next eight years.  Brazil's expansion of infrastructure and transportation and Russia's demand for vehicle gasoline and diesel will be the key influencers of energy growth.

Meanwhile a focus on the US' synthetic lubes and functional fluids market by ReportsnReports forecasts national demand to reach $7.6bn over the next four years as higher performing vehicles and equipment puts increasing demands on lubricants quality.

Engine oil will remain the US' fasted growing synth lubes product, helped by the GF-5, API SN and Dexos specifications, with GM, Toyota and Honda amongst the manufacturers recommending synthetics for many of their vehicles.  The report also states that Group III base oils and polyalphaolefins are set to be the fast growing materials while medium and heavy vehicles and equipment will be the fastest growing market for synth lubes.