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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 polyalp haolefin
(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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