According to IMARC Group latest report titled” Synthetic Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The Global Synthetic Lubricants Market size to exhibit moderate growth during the next five years. Synthetic lubricants are chemical substances utilized for reducing or controlling the friction between two surfaces. They are formulated with artificial base oils and chemically modified materials, such as esters, polyalthaolefin (PAO), polyalkylene glycols (PAGs), etc., and exhibit similar properties to that of petroleum-based products. The most commonly available synthetic lubricants include oils for engines, metalworking, compressors, hydraulics, gears, refrigeration, etc. They ensure minimal energy consumption, oxidative stability, thermal stability, etc. Consequently, synthetic lubricants are extensively used across various industries, including construction, mining, oil and gas, textile, food processing, automotive, etc.Get a sample copy of this Report: www.imarcgroup.com/synthetic-lubricants-market/requestsample
Market Trends:
The expanding automotive industry across the globe is primarily driving the synthetic lubricants market. In line with this, the rising product utilization in throttle position sensors (TPS) and exhaust gas recirculating (EGR) sensors, which are used for monitoring electronic fuel injection and exhaust emissions, is further catalyzing the market growth. Moreover, synthetic lubricants are also gaining traction for minimizing the wear and maintenance requirements of automotive components, which is acting as another significant growth-inducing factor. Apart from this, the escalating product requirement in aircrafts to withstand high-altitude temperatures, freezing conditions, excessive heat from the jet engines, etc., is also bolstering the market growth. Furthermore, several product innovations, such as the development of biodegradable variants with enhanced water solubility and viscosity indexes, for diverse applications pertaining to agriculture, mining, onshore and offshore drilling, etc., are expected to fuel the synthetic lubricants market over the forecasted period.
View Full Report with TOC & List of Figure: www.imarcgroup.com/synthetic-lubricants-market
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
BP plc
Chevron Corporation
China Petrochemical Corporation
Exxon Mobil Corporation
Idemitsu Kosan Company Ltd.
Synthetic Lubricants Market Segmentation:
Our report has categorized the market based on region, product, base oil, end use industry.
Breakup by Product:
Engine Oil
Hydraulic Fluid
Metalworking Fluids
Compressor Oil
Gear Oil
Transmission Fluid
Turbine Oil
Others
Breakup by Base Oil:
Polyalphaolefin (PAO)
Esters
Polyalkylene Glycol (PAG)
Others
Breakup by End Use Industry:
Automotive
Power Generation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical
Others
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