Your Catalyst to a Lucrative Business
Synthetic Lubricants Market Share, Size, Key Players, Outlook,
Research and Forecasts to 2024 | Hexa Research
“ The synthetic lubricants market is anticipated to register nearly 2 percent
CAGR during 2016 to 2024”
29 November 2018
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 lubrica nts.
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
Follow Us: