A recent report published by Infinium Global Research on synthetic lubricants market provides in-depth analysis of segments and sub-segments in the global as well as regional synthetic lubricants market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional synthetic lubricants market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global synthetic lubricants market. According to the report, the global synthetic lubricants market is projected to grow at a CAGR of 2.85% over the forecast period of 2019-2025.
The synthetic lubricant is a chemical substance, used to reduce the friction between two surfaces, who are in mutual contact and in a dynamic state. It helps to reduce the heat generation activities between two surfaces, which elongates the lifetime of machines. The synthetic lubricant contains a large amount of petroleum and mineral oils, and a small amount of additives. Additives are used to reduce friction, helps to improve the viscosity of the synthetic lubricant. There are four types of synthetic oil-polyalphaolefin, polyalkylene glycol, esters, and hydrocracking.
There are several benefits of the synthetic lubricants in day to day life, which is helping to grow the demand of the synthetic lubricant. As it helps to minimize the friction as much as possible and increase the lifetime of the products. It creates a layer of coating on the metal products, that helps to reduce the impact of metal on metal contact between the surfaces of the moving parts. Additionally, the coated layer of metal products resists against the rust and corrosion. Further, good lubricants work as a safeguard of the machine, that suspends and carry away contaminants to the filters or other separators in the system, from where they can be thrown out of the machine. Furthermore, lubricant absorbs the heat generated inside the machine parts, and channelize it to outside the machine. A good lubricant helps to maintain the operating temperature in the balance and minimize the threat of heat-related components damage.
North America is the leading market of synthetic lubricant, owing to the largest number of automobile production in the world. Additionally, people in this region use the highest amount of automobile per capita as compared to the other nation in the world. Europe is following the North America synthetic lubricant market. San Marino leads the Europe region in terms of consumption of the synthetic lubricant for the automobile industry. The Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to the growing demand for synthetic oil in the industrial application, automobile application, metal works, and others
The report on global synthetic lubricants market covers segments such as type and application. On the basis of type, the sub-markets include polyalphaolefin (PAO), polyalkylene glycol (PAG), esters, and group iii (Hydrocracking). On the basis of application, the sub-markets include engine oil, metalworking fluids, and others.
The report provides profiles of the companies in the market such as Petroliam Nasional Berhad (PETRONAS), Pennzoil, Chevron Corporation, BP p.l.c., Exxon Mobil Corporation, DowDuPont, Inc., Idemitsu Kosan Co., Ltd., The Lubrizol Corporation, Fuchs Petrolub SE, and Castrol Limited.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of synthetic lubricants market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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