21 February 2013 22:58 [Source: ICIS news]
LONDON (ICIS)--Global automotive trends will impact the lubricants industry, according to consultants speaking at the 17th ICIS World Base Oils conference on Thursday.
William Downey Jr, a partner at Roland Berger Strategy Consultants, said several key global automotive trends are impacting the lubricants industry: changing demographics; market globalisation; sustainability; the evolution of mobility – including the mobility of communication; technology; and "de-motorisation".
The change in demographics is resulting in a shift in demand and production to Asia, but also involves choices being made by today's younger generation.
Sustainability and staying connected while in a vehicle – or the mobility of communication – are becoming keynotes for computer and social-media-oriented generation, the consultant said.
The term "de-motorisation" also refers to the potential vehicle and transportation choices of the younger generation, as research indicates that vehicle ownership and premium brands as status indicators are waning.
Interest in smaller, lighter vehicles is on the upswing and, in some global regions, student populations are turning to vehicle timesharing as an option to outright ownership.
Downey said choosing electric vehicles could displace about 120-140 tonnes of lubes from global markets by 2025 if projected sales of 15m-18m electric vehicles are achieved.
“Electric vehicles do not use engine oils,” the speaker said.
The 17th ICIS World Base Oils conference takes place from 21-22 February.
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