Over the past years, emerging economies accounted for more than two-thirds of the world’s GDP growth and are the major consumers contributing 50% of the overall consumption. Also, most proportion of population resides in emerging economies, contributing significantly to the global growth. For instance, according to the Global Economy and Development Paper by Brookings Institution (U.S.), in emerging economies like Asia-Pacific, the middle-class population was 1.5 billion in 2015, which is expected to increase to ~3.5 billion in 2030.

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With this increase in middle-class population in emerging economies, the disposable income is increasing simultaneously, increasing the consumer demand, which ultimately led towards the growth of various industries. For instance, according to the National Bureau of Statistics (NBS), in China, the value output of the industry reached $816.6 billion in 2017; number of construction companies reached 300,000; and railway construction and reach has expanded to 127,000 km. Similarly, in India, in 2019, the government planned to promote domestic manufacturing of aircrafts and construction of new terminals with an investment of $2.32 billion (Rs 15,000 crore).

Further, emerging economies are the cheap labour factory in the world. According to the Diplomat (online international news magazine), emerging economies such as India, Malaysia, and Thailand have a large base of well-educated university graduates, which is an important asset for productive manufacturing and growth of industries. On the top of it, these graduates are available for work at lower price, when compared to the developed countries like the U.S. In addition, the manufacturing costs are fairly low in developing economies and the cost of raw materials required is considerably at reach, which is the key factor boosting the industrial growth.

Moreover, due to high market opportunities, the government focus for the improvement and setting up of new industries has further provided new growth prospects to the vendors operating in this field. For instance:

  • In Qatar, the government is keenly focusing on the development of infrastructure facilities such as stadiums, expressways, and local road projects, which is expected to boost the production of construction, oil gas, and power generation industries.
  • Similarly, in India, the government has allowed 100% Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries, which is expected to attract investments, both domestic and foreign investment. (Source: India Brand Equity Foundation)
  • Also, the Philippine government committed to invest up to $180 billion until 2022 in 75 projects, primarily in railways, roads & bridges, airports, new city development and mass transit systems.

Increasing government investments and initiatives in expansion of industries is boosting the demand for industrial lubricants, as there is huge demand for metal joining fluids used across diverse industrial applications in the region. According to the Meticulous Research®, the growth of industries in emerging economies is steadily propelling the growth of global industrial lubricants market at a CAGR of 6.4% to reach $20.49 billion by 2025.

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