According to the US Energy Information Administration’s (EIA) International Energy Outlook for this year, the global demand for energy is expected to rise through the first half of this century to fuel economic growth and meet the needs of a growing population.
Renewables will grow the fastest, with them representing the lion’s share of new power generation capacity, but as the report notes, fossil fuels will remain an important part of the energy mix to ensure stability:
“Although new generation will largely be powered by renewables, dispatchable generation sources—such as natural gas- and coal-fired generating technologies as well as batteries—will remain important, especially for grid reliability.”
The EIA also sees oil and natural gas production rising over the coming decades, despite increasing sales of electric vehicles. Indeed, while sales of vehicles with internal combustion engines should peak in 2023 for the developed economies, global sales will not peak until 2038. The EIA’s reference case sees liquid fuel consumption doubling in emerging Asian economies between 2020 and 2050, with the higher demand being met mostly by greater oil production in the Middle East.
Hydrocarbons will also remain important as feedstock for industry, such as to make the Quaker Houghton Dromus range of metalworking fluids, as well as industrial and automotive lubricants. If you need to procure lubricants, greases or fluids, our team at TrAchem can help you source products from a range of brands and ensure you’re using a great product at the right price.