Synthetic Lubricants Market - Growth, Future Prospects, Competitive Analysis & Forecast, 2016 - 2023

Synthetic Lubricants {Group IV (PAO), Group V (PAG), Group V (Esters)} Market for Transmission Fuels, Engine Oils, Heat Transfer Fluids (HTF), Metalworking Fluids and Others is Expected to Reach US$ 33.8 Bn by 2023.

According to a new market report published by Credence Research “Synthetic Lubricants Market - Growth, Future Prospects, Competitive Analysis & Forecast, 2016 - 2023,” the synthetic lubricants market is expected to reach US$ 33.8 Bn by 2023, expanding at a CAGR of more than 2.8% from 2016 to 2023.

Browse the full Synthetic Lubricants {Group IV (PAO), Group V (PAG), Group V (Esters)} Market for Transmission Fuels, Engine Oils, Heat Transfer Fluids (HTF), Metalworking Fluids and Other Applications- Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023 report at http://www.credenceresearch.com/report/synthetic-lubricants-market

Market Insights

Growing demand from the automobile industry is the major factor driving the growth of global synthetic lubricants market. In addition, increasing sales of branded cars is another factor contributing to the growing demand for synthetic lubricant in the market. The demand for automobiles from both the developing and developed economies has boosted growth of global synthetic lubricants market in 2015 and is anticipated to increase in the near future. The properties of synthetic lubricants such as high viscosity index, low additive solvency, low biodegradability, hydrolytic stability, good high temperature properties and excellent low temperature fluidity are some primary properties leading to high demand for synthetic lubricants in the global market.

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Based on products, the global synthetic lubricants market is segmented into group IV (PAO), group V (PAG), and group V (Esters). Among these, group IV (PAO) a synthetic lubricant accounted for major share of global synthetic lubricants market in 2015 and is...