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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.
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 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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