Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the synthetic lubricant industry is estimated to grow at a significant CAGR of 2.8% over the forecast period as the scope and its applications are rising enormously across the globe.
Global Synthetic Lubricants Market is expected to reach USD 23.45 billion by 2024. Synthetic lubricants are termed as a lubricant formed by chemical synthesis relatively by refinement or extraction of petroleum to form a compound with predictable properties. It is superior to conventional mineral oil-based lubricants. The Synthetic Lubricants Market is estimated to grow at a significant CAGR of 2.8% over the forecast period as the scope and its applications are rising enormously across the globe.
Growing awareness regarding advantages of products, high demand from automotive industries, and rising R&D investment by industries for the development of enhanced grades are documented as major factors of synthetic lubricants market that are estimated to enhance the growth in the years to come. However, low cost of mineral oil may affect synthetic oil demand is a factor that may restrain overall market growth in the coming years. Synthetic lubricant market is segmented based on product type, application, and region.
Full Research Report On Global Synthetic Lubricants Market Analysis available at: https://www.millioninsights.com/industry-reports/synthetic-lubricants-market
Group V and group IV are the product types that could be explored in Synthetic Lubricants in the forecast period. Group IV comprises Polyalphaolefin (PAO). On the other hand, group V comprises polyalkylene glycol (PAG), esters, silicone, biolubes, polyolester, and others. PAO sector accounted for the substantial market share of Synthetic Lubricants and is estimated to continue its dominance on the coming years. Also, in terms of volume ester-based products sector is estimated to grow at fastest pace in the coming years.
The market may be categorized based on applications like Metalworking Fluids, Engine Oil, Transmission Fluids, Heat Transfer Fluids (HTF), and others could be explored in the forecast period. Engine oil sector accounted for the substantial market share of Synthetic Lubricants and is estimated to lead the overall market in the coming years. This may be because of growth in automobile sales mainly in developing countries. Also, heat transfer fluids (HTF) sector is estimated to grow at fastest pace with highest CAGR in the coming years.
Globally, North America accounted for the substantial market share of Synthetic Lubricants and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be presence of key manufacturers in the region like automotive and aerospace industries and rising importance of lubrication cost. The United States is a major consumer of Synthetic Lubricants in this region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise increasing automobile sectors in developing countries like Malaysia, China, Indonesia, and India, presence of oil industries, and widespread distribution networks.
The key players of Synthetic Lubricants industry are Total, British Petroleum, Exxon Mobil, Valvoline, Shell, The Dow Chemical Company, and Chevron. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Request for Free Sample Copy at: https://www.millioninsights.com/industry-reports/synthetic-lubricants-market/request-sample
Market Segment:
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
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
For More Information: www.millioninsights.com
Media Contact
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Phone: 91-20-65300184
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar
City: Pune
State: Maharashtra
Country: India
Website: www.millioninsights.com/industry-reports/synthetic-lubricants-market
Source: www.abnewswire.com
