Base oil demand in Asia-Pacific, not including the Middle East, rose by more than five million metric tons per year in the past decade, according to Shi Yinzhi, Information Manager, Independent Chemical Information Service (ICIS).
The Asia-Pacific region now accounts for more than half of global base oil demand, Shi told the 12th Annual China Lubricants Market Focus conference in Suzhou, with lubricant and base oil consumption in South and Southeast Asia still rising.
A report published by Transparency Market Research (TMR) stated that the global base oil market was valued at $33.2billion in 2017 and is projected to expand at a CAGR of 1.7% from 2018 to 2026. Growth in the global automotive sector and increases in the number of manufacturing plants are key factors driving the global base oil market.
Overall, the international market for Lubricant Additives is expected to grow at a CAGR of 2.6% over the next five years, reaching $162billion in 2024, according to a Global Info Research (GIR) study. Heavy Duty Motor Oils and Passenger Car Motor Oils are the key driving forces behind the ongoing market expansion.
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