Press release
Synthetic Lubricants Market To Witness Swift Growth From 2016 To 2024 - Research Report by Hexa Research
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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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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