A new report by analysts GBI Research suggests that the recovery in the global automotive industry is being led by the emerging markets and matched by a surge in the sale of lubricant products.
The report: “Lubricants Industry to 2015 – Surge in Automotive Market in Emerging Economies Driving Demand” forecasts growth up until 2015.
“The global automotive industry is back on the growth path after the setback caused by the financial crisis of 2009,” GBI revealed. “The industry is now actively pursuing innovative new technologies, production and business techniques. Although it is on a growth path, the fact remains that it will take a long time for it to recover Asia has recovered well as compared to the West, and this is reflected in the growing automobile numbers.”
According to GBI, China, the world’s largest automotive market, showed a more than 20% growth in 2010 and its relatively booming along with India, is helping to compensate lubricant demand in the rest of the world.
“In 2009, these countries took over the automotive production leadership position, with over 14 million units – a surge of more than 48% over 2008 – and well over 10 million more than the total production of the US, Canada, and Mexico combined. In India, the production growth was less dramatic,” said GBI.
