It is reported that an Exxon Mobil official said that due to the slowdown in regional economic growth, the demand for lubricants in Asia will greatly slow in the next few years, and the market will shift to high-quality base oil.
Exxon Mobil
XB Cox, an Exxon Mobil global base oil and special product program manager, told ICIS: “Although the Asia-Pacific region continues to be a global growth market, growth has slowed, especially in China.â€
He said: "So we expect that Asian lubricants will grow moderately in the next few years and demand will shift to higher performance lubricants."
In the world’s second-largest economy, China’s GDP growth rate in the first quarter of this year fell back to 7%, the lowest growth rate in the past six years.
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