Japanese lube demand forecasted to fall
Sep 09, 2019
Japanese global economic uncertainties continue due to trade tensions and problems in the European Union. According to a recent press release by the Petroleum Association of Japan, the Japanese lubricant demand is forecasted to fall in upcoming months. This is a stark shift from last year, as Japanese lubricant demand increased across all major markets in 2018.
The current by lubricants demand is expected to drop 1.4% to 1.4 million metric tons, and automotive lubricant demand will drop 0.3% to 531,000 tons. Many factors influence this decline including the aging population in this region adversely affecting the need for motor vehicles. Industrial lubricant demand is also projected to decrease due to a slowdown in individual consumption and the economies of China and other developing countries.
Read more about this projected regional outlook in the latest Lubes’n’Greases Lube Report Asia article.
Why should you care?
Since the growth of the overall lubricants industry is influenced by the success of regional markets, understanding how these markets are projected to perform can affect the way global players do business.