29 November 2012 21:29 [Source: ICIS news]
NEW YORK (ICIS)--The global light duty automotive fleet of nearly 900m vehicles will nearly double by 2030 as developing economies demand more cars and demand for smaller, more energy-efficient vehicles increases, said Kurt Barrow of Purvin & Gertz while speaking at the 8th annual ICIS Pan American Base Oils and Lubricants Conference on Thursday.
In the US, corporate average fuel economy (CAFE) requirements have increased greatly, reducing fuel demand. This has caused the US passenger car fleet to downsize and weight of cars to be reduced as well.
More hybrid cars and more efficient powertrains are being built, Barrow said.
Alternative fuel vehicles will grow under most scenarios. Gasoline-powered vehicles represented 72% of cars on the road in 2010, but could be just 51% in 2030.
Hybrid car sales are forecast to continue growing as additional models are offered.
Diesel truck sales are forecast to grow to half of all new pickups built, assuming that automakers will use this as a tool to meet new CAFE standards.
Commercial truck users are already buying diesel-powered large pickups, Barrow said.
Engine oil represents nearly half of all finished lubricant demand and is an important indicator of the base oil market.
The conference ends on Friday.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections