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Synthetic Lubricants Market Analysis, Size, Share, Growth,
Industry Trends and Forecast to 2024 - Hexa Research
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.
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