European and international lubricant market
According to the latest data of the research company Freedonia Group Inc (2015), the total global lubricant consumption is estimated at 41.7 million metric tons in 2015, showing an increase of 6.5% compared to 2012, while it is expected to reach almost 44 million metric tons in 2017 (an increase of 5.3% compared to 2015).
The increase of global lubricant demand (in quantity) is expected to mainly come from the region of Asia / Pacific. In particular, the consumption in this region is expected to be increased by about 10% during 2015-2017. The Asian share in total global consumption of lubricants is expected to range around 43% in 2017 (Chart 4).
Demand is expected to grow rapidly in this area, since many Asian countries (mainly China and India) are increasing their industrial production, as well as the fleet of their vehicles (Chart 5).
Especially for Europe in 2014, despite the recess in many EU countries, the 5 largest markets cover 2/3 of the total lubricant demand (Chart 6).
For 2015 it is estimated that the Western Europe countries will cover 11.5% of the global lubricant consumption. For 2017 it is estimated that the demand from this region will be restricted by 4.3% compared to 2015.
Respectively the Eastern Europe countries in 2015 cover 9% of global consumption. For 2017 it is estimated that the consumption in these countries will be increased by 6.5% (compared to 2015) (Chart 7).
According to estimates of Kline & Co. research company, the economic crisis that has hit several countries in Europe slows down the further development of lubricant consumption. The exceptions are Russia and Germany for which a moderate growth is predicted in the coming years. However, countries such as England, France, Italy, Belgium and Spain are expected to show significantly reduced demand for lubricants in the coming years.