The global synthetic lubricants market is expected to reach USD 23.45 billion by 2024, according to a new report by Grand View Research, Inc. The rapidly expanding automotive industry, coupled with rising popularity of synthetic lubricants for automobile applications is projected to propel the market especially in countries such as South Korea, Brazil, and China.
Synthetic lubricants provide numerous benefits when used for automotive applications such as excellent thermal stability and low friction. Rising awareness regarding the advantages of the product, as opposed to its mineral counterparts, will augment industry growth over the forecast period. A major application of synthetic lubricants is their use as heat transfer fluids in heavy machinery and heat exchangers. Rising industrial sector in Asia Pacific countries will propel product demand over the forecast period.
Increasing R&D investment by companies for the introduction and development of improved grades is expected to fuel demand over the next eight years. However, low cost of mineral oils may reduce synthetic oil demand thus hampering industry development over the forecast period. Technological innovations related to anti-slip and flow properties of these products is expected to have a positive impact on the market over the forecast period.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/synthetic-lubricants-market
Further key findings from the report suggest:
·
The global synthetic lubricants market demand
was around 3,821.8 kilo tons in 2015 and is projected to reach 4,900.1 kilo
tons by 2024 growing at a CAGR of 2.8% from 2016 to 2024.
·
PAO (Group IV) based synthetic lubricants was
estimated at over 2,000.0 kilo tons. The compatibility of other mineral oils
with synthetic oils is anticipated to be a major driver propelling the market.
Although ester and PAG-based oils offer significantly better properties in
comparison to PAO based oils, they are relatively more expensive which has thus
resulted in lower market demand.
·
Engine oil was the largest application segment
valued over USD 6,000.0 million in 2015. Rising need for high fuel economy
coupled with growing demand for high-quality gear and motor oils is expected to
have a positive impact on the market over the forecast period.
·
Asia Pacific is expected grow at a CAGR of over
3.0% from 2016 to 2024 on account of the growing industrial and automobile
markets in the region. Furthermore, the European region witnessed the highest
growth over the past few years on account of its large automotive manufacturing
base in Germany.
·
The synthetic lubricants market is fragmented
with few manufacturers investing heavily in R&D to gain a greater share of
the market. Rising expenditure on the development and introduction of
fire-resistant type hydraulic fluids and food grade oils is expected to be one
of the critical success factors over the forecast period. Prominent market
players include British Petroleum, Valvoline, Chevron, Shell, Exxon Mobil and
Total.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented
the global synthetic lubricants market on the basis of product, application and
region:
Synthetic Lubricants Product Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- PAO
- Esters
- PAG
Synthetic Lubricants Application
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Engine Oil
- Heat Transfer Fluids (HTF)
- Transmission Fluids
- Metalworking Fluids
- Others
Synthetic Lubricants Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Latin America
- Brazil
- MEA
- U.A.E
For free sample of this report - http://www.grandviewresearch.com/press-release/global-synthetic-lubricants-market
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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