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Process oil demand to grow fastest in Africa and Middle East region

Industry

Global process oil demand is forecast to grow 1.4 per cent per year to 7.2 mmt in 2021, according to the Freedonia Group, a Cleveland-based international business research company

Growth for process oil demand will be fastest in Africa and the Middle East region due to expected above-average increases in African manufacturing. While the Asia-Pacific is home to the country expected to undergo the biggest growth, India and countries with mature manufacturing markets, such as Japan and South Korea, will limit aggregate growth outlook for the region.

According to the review, the rate of growth is expected to be lower than the global average in North America and Western Europe, where manufacturing growth will be the slowest and higher than average in all other regions.

Few factors that will be driving the market include

· Increase in world rubber consumption is forecast to accelerate, particularly in developing countries as a result of expanding vehicle parks

· Fast population growth in developing regions will boost the level of food and beverage manufacturing

· Mature manufacturing industries and the offshoring of operations to utilise cheaper labour costs will limit process oil requirements in developed areas of the world

The report said that the major driving factors for global process oil demand will be:

· Increased manufacturing activity, particularly in developing regions

· A heightened level of global trade

· Growing level of global energy consumption

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