26 June 2013 11:29 [Source: ICIS news]
SINGAPORE (ICIS)--Demand for high-performance and light-viscosity lubricants is expected to rise sharply in China in the coming years on the strength of the country’s vehicle sales and its government’s moves to push through with advanced emissions controls, an official from Lubrizol said on Wednesday.
“China’s demand for passenger cars is forecast to hit 100m units in 2013, 140m units by 2015, and 220m units by 2020 - up from 60m units in 2010,” said Mike McCabe, regional marketing manager for Asia Pacific at the US-based global specialty chemicals producer.
McCabe was speaking at the 7th ICIS Base Oils & Lubricants conference in Singapore.
The rapid growth in automotive sales is expected to give rise to greater demand for all types of lubricants and fuels.
“China today represents close to a quarter of world’s lubricants demand, estimated around 6.5m tonnes in 2012, and is forecast to remain the fastest growing market,” said McCabe.
The rise in demand for automobiles in China is expected to be driven by increased urbanisation and inland growth, he added.
This would be in line with the Chinese government’s focus under its 12th five-year plan on spreading development and consumption beyond the coastal areas, into the central, western and northern parts of the country, McCabe said.
Legislation has also contributed to increasing demand for vehicles in China, McCabe said.
“Cars designed in China today meet the latest fuel emission specifications and legislation, as the new laws revolve around advanced fuel efficiency standards, improved fuel quality, new engine designs and after-treatment systems as well as better maintenance practices.”
The new standards would enhance demand for high-quality and efficient lubricants and fuels, he added.
Additional reporting by Veena Pathare
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