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Synthetic Lubricants Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
“Projected to grow at a CAGR of almost 2% from 2016 to 2024, Synthetic Lubricant Market is expected to grow significantly over the forecast period owing to growing consumer in emerging countries such as Europe and North America.”
02 May 2019, 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. Get Sample Copy of this Report @ https://www.hexaresearch.com/research-report/synthetic-lubricantsindustry/request-sample 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. Expanding automotives & urbanization could also propel market sales. Favorable properties of these lubricants augur well for the synthetic lubricants market. The market is fragmented by products, applications, and
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