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imposed food lubrication NSF standards to adopt PAO products in beverages, nutrition, & food
sectors.
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All these factors can open novel market prospects. However, a primary market restraint
involves high prices of these products in comparison to their mineral counterparts. Additionally,
rising consumption of mineral oils, particularly in India & China, will have a negative market
impact over the forecast period. Also, inaptness of PAOs with PAG & other conventional
mineral oils may hinder the market in the eight years ahead.
Expanding automotives & urbanization could also propel market sales. Favorable properties of
these lubricants augur well for the synthetic lubricants market. The market is fragmented by
products, applications, and geographies. Products consist of esters, PAG (polyalkylene glycol),
group 3 (hydrocracking), and polyalphaolefin (PAO). PAO reigned recently and is expected to
continue likewise till 2024.
PAO based lubricants are compatible with other mineral & synthetic oils. Their compatibility
would propel the market in the eight years ahead. Esters are projected to observe considerable
profits (regarding volumes) from 2016 to 2024. Wider adoption of esters across jet engines due
to their high thermal stability can positively impact this segment.
In terms of applications, engine oils led the market in the recent past. Sales of automotives in
India and China are likely to increase segment demand till 2024. With regards to geographies,
Asia Pacific was the biggest market in 2015. Asia Pacific is predicted to experience the highest
CAGR over the forecast period.
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