CLEVELAND—Global process oil demand will grow 1.4 percent per year to 7.2 million metric tons in 2021, according to a new report by the Freedonia Group.
Global Industrial Lubricants by Product, Market and Formulation looks at historical demand data and forecasts for 2021, evaluates market share and analyzes suppliers including BP, Chevron, Exxon Mobil, Shell and Total, according to the Freedonia Group.
The rate of growth for process oil demand will be lower than the global average in North America and Western Europe, where manufacturing will be the slowest, and higher than average in all other regions.
Growth of demand will be fastest in the Africa and Mideast region due to expected above-average increases in African manufacturing, according to the study. While the Asia and Pacific region is home to India, the country expected to undergo the biggest growth, countries with mature manufacturing markets, such as Japan and South Korea will limit aggregate regional growth outlook.