Synthetic Lubricants Market Size, Share, Trends, Overview , Analysis by Product, by Application and Segment Forecasts to 2020 : Market Research by Hexa Reports

Hexa Reports

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Synthetic Lubricants Market Size, Share,Trends, Overview ,

Analysis By Product,By Application And Segment Forecasts To

2020 : Market Research by Hexa Reports

Global Synthetic Lubricants (Group IV, Group V) Market By Product (PAO, Esters, PAG), By

Application (Engine Oils, HTF, Transmission Fluids, Metalworking Fluids) Expected to Reach USD

5.54 Billion by 2020 May 2014

The global market for synthetic lubricants is expected to reach USD 5.54 billion by 2020.

Increasing penetration in automobile applications is expected to be a key driving force for the

market, particularly in light of positive automotive outlook in India, China, South Korea and

Brazil. Endorsement of synthetic oil manufacturers by OEMs is further expected to product

boost demand over the forecast period. However, the high cost of synthetic oils in comparison

to their mineral counterparts is a key challenge for the development of the market.

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Engine oils were the largest application segment accounting for 39% of market revenue

in 2013. The growing awareness of benefits of synthetic lubricants in terms of engine

efficiency is expected to be a key driving factor for the development of the market.

Another key application market for synthetic oils was heat transfer fluids in heat

exchangers and heavy machinery.

Further key findings from the study suggest: Global synthetic lubricant demand was

678.1 kilo tons in 2013 and is expected to reach 823.3 kilo tons by 2020, growing at a

CAGR 2.90 % from 2014...