Synthetic Lubricants Market Trends are Driven by Growing Demand From Automobile and Industrial Sectors Over 2016-2023

“Synthetic Lubricants Market Size By Product (Group IV [PAO], Group V [Esters], PAG), By Application (Engine Oils, Transmission Fluids, HTF, Metalworking Fluids), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023”

Ocean View, Delaware,, United States - July 17, 2017 /MarketersMedia/ —

Global Synthetic Lubricants Market size is predicted to surpass 900 kilo tons by end of 2023 and predicted to record CAGR of 4.3% during forecast timeline. Rising demand from automobile and industrial sectors in APAC owing to new machine set ups and enhanced sale of brand cars is projected to be drive industry growth.

The revenue size of the global industry is predicted to be $5.1 billion by end of forecast timeline. Application growth of the industry in automobile sector, construction industry, food & beverage industry and personal care sector in developing nations like UAE, Qatar and Saudi Arabia has shifted attention to natural gas expansion. All these aspects are predicted to promote synthetic lubricants industry trends.

High costs compared its mineral equivalents can hinder the industry expansion in future. Synthetic lubricants market price trend observed a steep decline in last few years owing to low petrochemical prices. But costs are predicted to increase by end of forecast period.

Get a Sample Copy of this Report: @ https://www.gminsights.com/request-sample/detail/368

Application Trends: Global synthetic lubricants market is segmented into applications like metalworking fluids, engine oils and heat transfer fluid (HTF).

Engine oils contributed more than 40.1% of global synthetic lubricants market share for 2015 and is predicted to record CAGR of 4.3% by end of forecast timeline. Main applications of engine oils are rising drain intervals and offering outstanding film protection along with broad functioning temperature range. All these aspects are predicted to enhance the demand for engine oils segment.

HTF or heat transfer fluid removes water and heats reboilers in chemical and oil & gas sectors. Due to this property, the demand of HTF segment is predicted to grow in future. It is projected to surpass 291 kilo tons of production by end of 2023. Further, these fluids are also utilizedin power steering and as lubricants in four-wheel drive fluid transfers. The segment is predicted to record CAGR of 4.2% during forecast timeline.
Regional Trends: Global synthetic lubricants industry is segmented into geographical locations like Asia Pacific, North America, MEA, LATAM and Europe.

Asia Pacific, led by India and China synthetic lubricants market, is predicted to consume 245 kilo tons by end of forecast timeline and projected to record CAGR of 4.6%. Growing high end automobile sales in Asia Pacific is projected to stimulate industry expansion during forecast timeline. Further, superlative features and high performance of synthetic lubricants products as compared to its mineral based counter parts helps in wide use of these products in high end automotive.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/368

Europe synthetic lubricants market price is predicted to surpass $1.67 billion by end of 2023 due to presence of key automobile and air plane producing firms like Audi, Airbus, Volkswagen, Rolls Royce, Mercedes and BMW.

Middle East and LATAM synthetic lubricants industry provides unexplored growth avenues for industry participants. But U.S. synthetic lubricants market is equally saturated

Browse Related
• Lubricants Market Size, Forecast, 2015 – 2022
Lubricants Market size was over 37 million tons in 2014 with 2.9% CAGR estimation from 2015 to 2022. Rising automobile demand will stimulate lubricants market size in future. Lubricant is used to reduce friction and prevent wear and tear in automotive engine components including shaft, connecting rods and piston. Rapid industrialization in developing countries will further complement the industry growth.

https://www.gminsights.com/industry-analysis/lubricants-market

• Marine Lubricants Market Size Forecast, 2016 – 2023
Marine Lubricants Market size was over 2 million tons in 2015 with 3.5% CAGR estimation from 2016 to 2023. Positive outlook towards shipbuilding industry will drive the marine lubricants market size growth over forecast period. Increase in trade activity via sea route is expected to spur the business growth in future. Globally, around 80% of trade by volume and 70% by value is done through seaways.

https://www.gminsights.com/industry-analysis/marine-lubricants-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Info:
Name: Arun Hegde
Email: sales@gminsights.com
Organization: Global Market Insights, Inc.
Address: Ocean View, Delaware - United Sates
Phone: 1-302-846-7766

Source URL: http://marketersmedia.com/synthetic-lubricants-market-trends-are-driven-by-growing-demand-from-automobile-and-industrial-sectors-over-2016-2023/217366

For more information, please visit https://www.gminsights.com/industry-analysis/synthetic-lubricants-market

Source: MarketersMedia

Release ID: 217366

Latest News

Japan's Fukushima cleanup plan delays removal of fuel rods

Sep 26, 2017

TOKYO — Japan's government on Tuesday approved a revision of its 30-to-40-year plan to decommission the Fukushima nuclear plant, delaying by three more years the removal of radioactive fuel rods stored at two of the three reactors damaged in the 2011 disaster. Six and a half years since a massive earthquake and tsunami struck the plant on Japan's northeastern coast, the amount of contaminated water that must be pumped out and treated every day has decreased significantly, and remote-controlled robots have provided a limited view of melted fuel debris inside the reactors. Still, the exact location of the melted fuel...

3 share 'Alternative Nobel,' US lawyer gets honorary award

Sep 26, 2017

COPENHAGEN, Denmark — The "Alternative Nobel" was given to four people Tuesday for their "courageous work" in human rights, public health and good governance. The prize foundation announced the 2017 winners as Indian human rights lawyer Colin Gonsalves, Azeri journalist Khadija Ismayilova and Ethiopian lawyer Yetnebersh Nigussie. American environmental lawyer Robert Bilott was given an honorary award. The three others share a cash award of 3 million kronor ($374,000). The award's official name is the Right Livelihood Award. Gonsalves was cited "for his tireless and innovative use of public interest litigation over three decades to secure fundamental human rights for...

Evacuations from Bali volcano swell to more than 57,000

Sep 26, 2017

BALI, Indonesia — More than 57,000 people have fled the surrounds of Mount Agung volcano on the Indonesian tourist island of Bali, fearing an imminent eruption, officials said Tuesday. An increasing frequency of tremors from the volcano indicates magma is continuing to move toward the surface and an eruption is possible, said National Disaster Mitigation agency spokesman Sutopo Purwo Nugroho. He said more than 560 volcanic earthquakes were recorded on Monday, most of them shallow. The alert status of Agung was raised to the highest level on Friday following a dramatic increase in seismic activity. It last erupted in 1963,...

Trump directs Ed secretary to prioritize computer science

Sep 26, 2017

WASHINGTON — President Donald Trump on Monday directed his education secretary to prioritize science and technology education and spend at least $200 million annually on competitive grants so schools can broaden access to computer science education in particular. During an Oval Office appearance, where he was surrounded by students from local schools, Trump said more than half of U.S. high schools don't teach computer programming and that nearly 40 percent don't offer physics. He said more widespread access to such instruction will help students develop the skills they need to compete and win in tomorrow's workforce. "Who likes to win?"...

Wanted: 1 million people to study genes, habits and health

Sep 26, 2017

WASHINGTON — In a quest to end cookie-cutter health care, U.S. researchers are getting ready to recruit more than 1 million people for an unprecedented study to learn how our genes, environments and lifestyles interact — and to finally customize ways to prevent and treat disease. Why does one sibling get sick but not another? Why does a drug cure one patient but only cause nasty side effects in the next? Finding out is a tall order. Today, diseases typically are treated based on what worked best in short studies of a few hundred or thousand patients. "We depend on...

Search

Recent Discovery will take you to the captivating developments in science, technology, and the universe around us. We deliver to you the latest news, theories, and developments in the world of science.

Contact us: sales@recentdiscovery.com

Trending News

ScienceAgricultural ScienceArchaeologyAstronomy Press