Global Synthetic Lubricants Market is Expected to Reach US$ 33.8 Bn by 2023: Credence Research

Global Synthetic Lubricants Market is Expected to Reach
US$ 33.8 Bn by 2023: Credence Research
According to a new market report published by Credence Research “Synthetic Lubricants Market - Growth,
Future Prospects, Competitive Analysis & Forecast, 2016 - 2023,” the synthetic lubricants market is
expected to reach US$ 33.8 Bn by 2023, expanding at a CAGR of more than 2.8% from 2016 to 2023.
Browse the full Synthetic Lubricants {Group IV (PAO), Group V (PAG), Group V (Esters)} Market for
Transmission Fuels, Engine Oils, Heat Transfer Fluids (HTF), Metalworking Fluids and Other Applications-
Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023 report at
http://www.credenceresearch.com/report/synthetic-lubricants-market
Market Insights
Growing demand from the automobile industry is the major factor driving the growth of global synthetic
lubricants market. In addition, increasing sales of branded cars is another factor contributing to the
growing demand for synthetic lubricant in the market. The demand for automobiles from both the
developing and developed economies has boosted growth of global synthetic lubricants market in 2015
and is anticipated to increase in the near future. The properties of synthetic lubricants such as high
viscosity index, low additive solvency, low biodegradability, hydrolytic stability, good high temperature
properties and excellent low temperature fluidity are some primary properties leading to high demand
for synthetic lubricants in the global market.
Based on products, the global synthetic lubricants market is segmented into group IV (PAO), group V
(PAG), and group V (Esters). Among these, group IV (PAO) a synthetic lubricant accounted for major share
of global synthetic lubricants market in 2015 and is anticipated to increase in the near future. PAO
synthetic lubricants are most commonly used as base oils. They are also known as high performance
lubricants that provide excellent properties such as varnish control for heavy duty services applications
and reciprocating compressors. Other products such as PAG and Esters are also expected to boost high
demand for synthetic lubricants in the market. Engine oils accounted as the largest application of global
synthetic lubricants market in 2015 and are expected to retain its position in the near future. High demand
for engine oils from emerging economies such as India and China in Asia Pacific is anticipated to fuel
growth of synthetic lubricants in the market. Other applications of synthetic lubricants such as
transmission fuels, heat transfer fluids, metalworking fluids and others are also projected to fuel growth
of global synthetic lubricants market in the near future.
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Competitive Insights
Europe accounted for major share of global synthetic lubricants market in 2015 and is anticipated to
increase in the near future. Growing number of automobile industries in the region is the major factor
boosting growth of global synthetic lubricants market. Increasing demand for sports cars is another factor
fueling demand for high performance lubricants in the region. Asia Pacific accounted as the largest and
fastest growing region for synthetic lubricants market. Emerging countries such as India and China are the
major countries contributing to the growth of automobile sector worldwide. Therefore, Asia Pacific is
anticipated to boost high demand for global synthetic lubricants market. Other regions such as North
America, Latin America and Middle East & Africa are also anticipated to fuel high demand for synthetic
lubricants during the forecast period from 2016 to 2023.
Key Trends
High performance fluids
Excellent low temperature fluidity
High compatibility with mineral oils
Opportunities from increasing innovations in the automotive industry
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