Trending News: Growing Industrialization In Emerging Economies Is Driving The Demand For Synthetic Lubricants

  • According to the new market research report “Synthetic Lubricants Market by Base Oil (Poly-Alpha-Olefin (PAO), Polyalkylene Glycol (PAG), Silicones, Esters), by Product Type (Engine Oil, Transmission Fluids, Heat Transfer Fluids (HTF), Metalworking Fluids, Hydraulic Oil, Gear Oil, Compressor Oil, and Others), by End User (Automobile, Construction, Heavy Metal, Power & Energy, Mining, Oil & Gas, Food Processing, Textile, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) — Global Forecast (2020 to 2027)”, the global synthetic lubricants market is estimated to reach USD 39.8 Billion by 2027 at a CAGR of around 2.4% during the review period.
  • Synthetic lubricants offer the number of advantages includes decreased evaporation loss, better lubrication during extreme cold weather conditions, better chemical shareability, improved fuel economy, better engine life, and increased horsepower and torque
  • Stringent regulations on the emission of vehicles has increased the demand for synthetic lubricants
  • However, increasing demand for alternatives is the major factor that is expected to hinder the market growth during the forecast period
  • The automobile industry is expected to grow at a substantial CAGR globally
  • According to OICA, in 2018, approximately 94 million units of vehicles are sold globally
  • Continuous innovation in lubricants is further expected to fuel the synthetic lubricant market
  • Growing industrialization in developing economies will help to spur the synthetic lubricant market
  • The high cost is one of the major challenges for synthetic lubricants market
  • Moreover, increasing demand for the alternative is further impeding the market growth during the forecast period
  • Europe
  • Asia Pacific
  • Royal Dutch Shell PLC:
  • Exxon Mobil Corporation.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
DataBridge Market Research

DataBridge Market Research

Data Bridge set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approach