Lubricants Market 2016 Share, Trend, Segmentation and Forecast Lubricants Market for Off-road Sector

Lubricants Market for Off-road Sector - Global
Industry Analysis, Size, Share, Growth, Trends
and Forecast 2016 - 2024
Global Lubricants Market for Off-road Sector: Snapshot
Lubricants are used for maintaining the performance and efficiency of vehicles over
a longer period of time. They protect vehicles against rust and corrosion,
transmission of power, and transfer of heat. The advancements in vehicle design
and increasing wear and tear of vehicles due to their usage in tough terrains has
upped the demand for lubricants in recent years. Owing to these reasons, the global
lubricants market for off-road sector is expected to be worth US$16.8 bn by the end
of 2024 as compared to US$13.0 bn in 2015. Between the forecast years of 2016
and 2024, the global market is expected to expand at a CAGR of 2.9%.
View Report @ http://www.transparencymarketresearch.com/lubricants-
market-for-offroad-sector.html
Industrialization and Transportation Fuels Global Market
The increasing usage of vehicles for transportation purposes as industrialization and
commerce is regaining momentum it is expected to propel the demand for
lubricants market for off-road sector. Furthermore, need to maintain old vehicles
continuously has also increased the consumption of lubricants market in recent
years. The booming automotive industry, rising sales of vehicles, and product
development by lubricant manufacturers are collectively expected to drive the
growth of the global market. Additionally, the market is also expected to benefit
with the continuous vehicle design and persistent changes in fuel quality. Lubricant
manufacturers will strive to develop high-end formulations as vehicle owners and
manufacturers are striving to reduce carbon dioxide emissions by improving fuel
efficiency.
On the basis of grade, the global lubricant market for off-road sector is segmented
into single grade and multi grade. The single grade, which is also known as mono
grade oils, operates efficiently in a specified temperature range. Thus, they are
used for engines that operate in a reasonably ambient or operating temperature for
longer period. Fixed engines powering generators that are used in an enclosed
premise or in a consistent or controlled temperature and speed use single grade
oils. On the other hand, multi-grade oil is used for engines that undergo varying
temperature differences. These oils include viscosity modifier additives that keeps
ensures proper flow under cold and hot conditions. Multi-grade oil is developed to