Closed to home Image: Morris Lubricants
The predictions were revealed in the lastest report from US-based research group Freedonia, forecasting a slight decline in the overall market of synthetic and conventional automotive lubes.
Based predominantly on seven main UK lubes suppliers, from the majors to local producers Morris Lubricants and Comma Oil and Chemicals, the report states that the overall market will reach 286,000 metric tons, equating to a 0.2% compound decline by 2021.
Reasons for the downturn are cited as improved engine technologies and lubes formulas which will continue to lengthen drain intervals.
With engine oils accounting for 72% of the total UK market within the next four years, there is good news for synthetic lube producers. Freedonia predicts a year-on-year increase of 2.2% to 126,000 metric tons by 2021 helped by tightening emissions regulations, demand from consumers for improved fuel economy, newer engines across the UK fleet and more affordable full synthetics.
It would seem that producers looking for greater market bouyancy might want to set their sights on the recovering Russian market.
Published 28th February, 2018
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