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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 polyalphaolefin (PAO). PAO reigned recently and is expected to continue likewise
till 2024.
PAO based lubricants are compatible with other mineral & synthetic oils. Their com patibility 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.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/petrochemicals-
market
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