Global megatrends affecting finished lubricant market

02 July 2013 21:23  [Source: ICIS news]

RIO DE JANEIRO, Brazil (ICIS)--Global megatrends are pushing the lubricant market, according to consulting group Roland Berger.

Megatrends such as changing demographics, sustainability issues and shifting preferences in transport modes are all affecting the finished lubricant market, said consultant Stephan Keese, who made his comments at the ICIS/Lube em Foco Meet the Market conference.

According to a study conducted by the firm, a shift bringing more attention and improved economics to the BRIC (Brazil, India and China) nations is driving the change in demographics.

De-motorisation is part of the changing preferences in transport modes, as smaller vehicles are becoming more common and shared ownership/use of vehicles is emerging in some regions.

Increased car production in China is expected to triple the demand for industrial lubricants for automobiles made in that country, Keese said.

However, specific to Brazil, the speaker said that mid-sized luxury cars such as the Volkswagen Jetta and the Toyota Corolla were popular because these models denote a degree of status in the South American country, he said.

The Meet the Market conference ends on Tuesday, 2 July.

By: Judith Taylor
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