Press release
Synthetic Lubricant Market Sales and Demand Business Statistics Report 2017 -2023
Synthetic Lubricant Market
Synthetic Lubricant Market is expected to witness a significant growth of USD 39.34 billion by 2023 with CAGR of 3.2% between 2016 and 2023.
Synthetic lubricant consisting of chemical compounds which are artificially made, it is used as alternative for petroleum-refined oils when working in high temperature. Synthetic lubricants can be manufactured using chemically modified petroleum components rather than whole crude oil, but can also be synthesized from other raw materials.
Synthetic lubricant has found in various applications such as engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others. Increasing in demand of automotive is likely to drive the global synthetic lubricant market growth. The growing automobile, construction and power & energy industry on account of developing domestic as well as commercial market particularly in Asia-Pacific, North America and in Europe region has boosted the global synthetic lubricant market over the forecasted period.
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MRFR Recognizes key players of the Synthetic Lubricant Market as: Exxon Mobil Corporation (US), The DOW Chemical Company (US), Fuchs Petolub SE (Germany), Total Lubricants (Europe), Demitsu Kosan Co. Ltd (Japan), BP PLC (US), Chevron Corporation (US), Lubrizol Corporation (US), Pennzoil (US), Petroliam Nasional Berhad (Malaysia), and Others.
North America global synthetic lubricants led due to the US and Canada countries end user industries Ester based synthetic lubricants are expected to witness significant gains in terms of volume over the forecast period.
Europe synthetic lubricants market share led by UK and Germany due to automotive, construction and food processing. The demand for synthetic lubricants in Europe is anticipated to increase at a significant rate. Whereas government regulations also promoting the applications of in various applications, such as engine oils, compressor oils, and metal fluids.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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