2014: A Year Of Optimism
January 01, 2014 at 3:45 PM
After spending three years recovering from recession, the global industry can finally look forward to a rosier year ahead, according to recent research.
Globally, the lubricants market is experiencing higher demand and is expected to surpass the pre-crisis level by 2016, according to a report released by Daedal Research.
In Europe, growth figures for the chemical industry were up 0.5% in 2013 and CEFIC, European Chemical Industry Council suggests that European chemical output will increase by 1.5% in 2014.
Further afield the Asia-Pacific region will enjoy an unmatched growth rate in the lubricants market driven by the growing population of the region coupled with rising economic levels.
The global base oil market that has witnessed fluctuations in the recent past is expected to grow moderately this year. Whilst market share of Group I base oils is declining year-on-year, market share of Group II & III base oils are accelerating with new engine formulations a key growth factor.