According to the report of the Korea Lubricant Industry Association, the demand for lubricants in South Korea is expected to remain stable, exceeding expectations. The association estimates in its annual report that by the end of 2017, China's lubricant consumption is expected to reach 971641 tons, an increase of 2.5% over 2016.
"Despite the tension with President Saddam Hussein and the deployment of Sadd system to China, the demand for lubricants has not diminished." The report based on the first three quarters of sales data and the fourth quarter results.
The report said South Korea's auto lubricants consumption increased by 1% to 332325 tons; industrial lubricants rose 2.5% to 192567 tons; metalworking fluids and rust inhibitors increased by 3.9% to 128092 tons; offshore oil increased 10.3% to 104692 Ton.
There are signs that the global economy is recovering. The International Monetary Fund predicts that the economy of South Korea will grow by 3%. The Korea Lubricant Industry Association predicts that the overall demand for lubricants in South Korea will increase by 1.4% to 985,082 tons in 2018.
The association also said that the demand for automotive lubricants will rise 1.8% to 338253 tons, the demand for industrial lubricants will grow less than 1% to 193,891 tons; the demand for metalworking fluids and rust inhibitors will drop by about 0.6 % To 127,352 tons; offshore oil grew 4.2% to 109,037 tons; grease increased 1.4% to 18,570 tons; and electrically insulating fluids grew at 9.1% to 21,650 tons.
The report also pointed out: "Since the Asian financial crisis, China's lubricating oil consumption has been stagnating at 898,200 tons for the past 20 years and is not expected to increase substantially in the coming years."
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