Synthetic Lubricants Market to Witness Swift Growth by 2024

October 17, 2017 | Author: | Posted in Business

The Synthetic Lubricants Market is anticipated to register nearly 2 percent CAGR during 2016 to 2024 (forecast period). This signifies considerable market expansion in the same period. Growing end-users, such as industrial and automotives across developing nations, like China and India, should account for the same. These products are highly popular due to their favorable properties as against conventional lubricants.

Some of these properties include wear & tear protection and outstanding thermal stability. These coupled with heavy ‘load holding’ & low ‘friction’ features are also likely to drive market growth in the near future. Innovative technologies, such as ester-based fire-resistant oils are incorporated across different industries & sectors. Moreover, several major OEMs have imposed food lubrication NSF standards to adopt PAO products in beverages, nutrition, & food sectors.

Browse Details of Report @

https://www.hexaresearch.com/research-report/synthetic-lubricants-industry

All these factors can open novel market prospects. However, a primary market restraint involves high prices of these products in comparison to their mineral counterparts. Additionally, rising consumption of mineral oils, particularly in India & China, will have a negative market impact over the forecast period. Also, inaptness of PAOs with PAG & other conventional mineral oils may hinder the market in the eight years ahead.

 

Facebook Comments

Author:

This author has published 140 articles so far. More info about the author is coming soon.

Leave a Reply

Facebook
Twitter
Google+
Pinterest
LinkedIn
RSS