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Synthetic Lubricants Market Analysis by 2024

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Title: Synthetic Lubricants Market Analysis by 2024


1
Synthetic Lubricants Market Analysis And Segment
Forecasts To 2024
2
Synthetic Lubricants Market Analysis And Segment
Forecasts To 2024
  • 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.
  • Browse the report http//www.orbisresearch.com/r
    eports/index/synthetic-lubricants-group-iv-group-v
    -market-analysis-by-product-pao-esters-pag-by-appl
    ication-engine-oils-htf-transmission-fluids-metalw
    orking-fluids-and-segment-forecasts-to-2024
  • 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 RD 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.

3
Synthetic Lubricants Market Analysis And Segment
Forecasts To 2024
  • 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.
  • Request a sample of the report
    http//www.orbisresearch.com/contacts/request-samp
    le/106382
  • 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 RD
    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.

4
Synthetic Lubricants Market Analysis And Segment
Forecasts To 2024
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