Global Lubricant Sales Revenue Will Reach USD 178.87 Billion in 2020

wallpapers Low Carbon 2020-07-20
In the 21st century, although the supply and demand of the world's lubricants have fluctuated, they have maintained steady growth. According to incomplete statistics of global lubricant consumption (due to difficulties in actual statistical work due to differences in sources and scope), the global lubricant consumption increased from 39.6 million tons to nearly 46.6 million tons from 2013 to 2018. The average growth rate reached 3.53%. Of the demand for lubricants, vehicle oil accounts for 54%, and industrial oil accounts for 46%. At present, the global market for marine lubricants is about 2.5 million tons/year, of which 50% is marine cylinder oil demand, about 1.25 million tons/year, and system oil demand is 35%, about 875,000 tons/year. The need for speed oil accounts for 15%, about 375,000 tons per year. Among them, Asian shipping companies account for more than half of the global market for marine lubricants.
 

According to a 2019 research report, sales of the global lubricating oil market in 2018 were 133.64 billion US dollars, and sales are expected to reach 178.87 billion U.S. dollars in 2020, an average annual growth rate of 5.4%. From 2018 to 2020, the global lubricating oil market will continue to grow, reaching 49.1 million tons by 2020, with an average annual growth rate of 3.2%.

The world's annual per person lubricant consumption is about 5 kg, but the regional differences are very significant. North American consumption in 2013 exceeded 18 kilograms. The per person consumption in the Asia-Pacific region is less than 4 kg, and in Africa, it is only 2 kg. Western Europe consumes about 9 kilograms per person, Eastern Europe and the Middle East consume close to 8 kg, and Latin America consumes just over 5 kg. As the engine of global economic growth, the Asia-Pacific region will continue to maintain its market dominance, and its global market share will increase from 41% in 2011 to 48% in 2020.
 

 

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