DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Synthetic Lubricants (Group IV, Group V) Market - Forecast to 2024" report to their offering.
The global synthetic lubricants market is expected to reach USD 23.45 billion by 2024, according to this new report. The rapidly expanding automotive industry, coupled with rising popularity of synthetic lubricants for automobile applications is projected to propel the market especially in countries such as South Korea, Brazil, and China.
Synthetic lubricants provide numerous benefits when used for automotive applications such as excellent thermal stability and low friction. Rising awareness regarding the advantages of the product, as opposed to its mineral counterparts, will augment industry growth over the forecast period. A major application of synthetic lubricants is their use as heat transfer fluids in heavy machinery and heat exchangers. Rising industrial sector in Asia Pacific countries will propel product demand over the forecast period.
Increasing R&D investment by companies for the introduction and development of improved grades is expected to fuel demand over the next eight years. However, low cost of mineral oils may reduce synthetic oil demand thus hampering industry development over the forecast period. Technological innovations related to anti-slip and flow properties of these products is expected to have a positive impact on the market over the forecast period.
- Exxon Mobil
- British Petroleum
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. Synthetic Lubricants Industry Outlook
4. Synthetic Lubricants Product Outlook
5. Synthetic Lubricants Application Outlook
6. Synthetic Lubricants Regional Outlook
7. Competitive Landscape
8. Methodology and Scope
For more information about this report visit http://www.researchandmarkets.com/research/5lnplt/synthetic
- Synthetic Lubricants Market by Type (PAO, Esters, Group III, PAG), by Application (Engine Oil, Metalworking Fluids, and Industrial) and by Regions (Europe, North America, Asia-Pacific and Rest of the World) - Global Trends & Forecasts to 2020
Market by Type (Mineral Oil, Synthetic Lubricants, Bio-Based, and
Greases), by Application (Transportation and Industrial Machinery &
Equipment), and by Region (APAC, EU, NA, MEA, AND SA) - Global
Forecast to 2021
Related Topics: Lubricants and Greases