Global Synthetic Lubricants Market is expected to reach USD 23.45 billion by 2024, according to a new report by Grand View Research, Inc. 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.
Access for full Detail of Report and Complete ROC: http://www.grandviewresearch.com/industry-analysis/synthetic-lubricants-market
Further key findings from the report suggest:
Browse Blog on Related Reports from Same Category: http://www.grandviewresearch.com/blogs/bulk-chemicals
Grand View Research has segmented the global synthetic lubricants market on the basis of product, application and region:
Synthetic Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Synthetic Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Synthetic Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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