According to the "Asian Lubricating Oil Weekly" October 26th news, Klein Consulting's latest report shows that global synthetic base oil demand is expected to grow at an average annual rate of about 6% by 2022, with demand growth in the Asia Pacific. Fast, mainly because of the increasing demand for high quality finished lubricants.
Sharbel Luzuriaga, project manager at Klein, said: “Although synthetic base oils account for only a small percentage of the global finished lubricants industry, about 6% or 7%, this is an attractive area due to the rapid growth in value and demand. ."
Klein expects that Asia Pacific API III base oil demand will grow at an average annual rate of about 9% over the next four years, while poly alpha olefin (PAO) demand will grow at an average annual rate of about 6%.