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Synthetic Lubricants Market Progresses for Huge Profits of USD 23.45 Billion by 2024

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.

The Global Synthetic Lubricants Market is expected to reach USD 23.45 billion by 2024, according to a new report by Grand View Research, Inc.


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. 

To Know More About Synthetic Lubricants Market Please Visit Us @ https://www.grandviewresearch.com/industry-analysis/synthetic-lubricants-market

PAO (Group IV) based synthetic lubricants was estimated at over 2,000.0 kilo tons. The compatibility of other mineral oils with synthetic oils is anticipated to be a major driver propelling the market. Although ester and PAG-based oils offer significantly better properties in comparison to PAO based oils, they are relatively more expensive which has thus resulted in lower market demand.

Top Players of Synthetic Lubricants Market:

Prominent market players include British Petroleum, Valvoline, Chevron, Shell, Exxon Mobil and Total.

Market Segmentation of Synthetic Lubricants Market:

The Global Synthetic Lubricants Market segmented on the basis of Product, Application and Region.

By Product:

    PAO
    Esters
    PAG

By Application:

    Engine Oil
    Heat Transfer Fluids (HTF)
    Transmission Fluids
    Metalworking Fluids

By Region:

    North America
    Europe
    Asia Pacific
    Latin America
    MEA

Inquire about Synthetic Lubricants Market with Our Experts @ https://www.grandviewresearch.com/inquiry/356
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