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Synthetic Lubricants Market Analysis, Size, Share, Growth,
Industry Trends and Forecast to 2024 - Hexa Research
" Projected to grow at a CAGR of almost 2% from
2016 to 2024, synthetic lubricant market is expected
to grow significantly by 2024."
The Synthetic Lubricants Market is anticipated to register nearly 2 percent CAGR during 2016 to 2024 (forecast
period). This signifies considerable market expansion in the same period. Growing end-users, such as industrial
and automotives across developing nations, like China and India, should account for the same. These products
are highly popular due to their favorable properties as against conventional lubricants.
Some of these properties include wear & tear protection and outstanding thermal stability. These coupled with
heavy ‘load holding’ & low ‘friction’ features are also likely to drive market growth in the near future.
Innovative technologies, such as ester-based fire-resistant oils are incorporated across different industries &
sectors. Moreover, several major OEMs have imposed food lubrication NSF standards to adopt PAO products in
beverages, nutrition, & food sectors.
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.
Browse Details of Report@ https://www.hexaresearch.com/research-report/synthetic-lubricants-industry
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