DUBLIN, January 12, 2016 /PRNewswire/ —
Research and Markets (http://www.researchandmarkets.com/research/fzpbmp/synthetic) has announced the addition of the “Synthetic Lubricants Market – Global Trends & Forecasts to 2020” report to their offering.
The global synthetic lubricants market is projected to be worth $36.0 Billion by 2020, registering a CAGR of 2.5% between 2015 and 2020. This high growth is owed to consumer awareness in developed countries of North America and Western Europe.
The majority of the garage owners, technicians, and automotive engineers in these regions are well aware of the high performance benefits offered by synthetic lubricants over conventional mineral oil lubricants. Moreover, strong OEM recommendation to use high performance lubricants coupled with the stringent emission control regulations in these countries is also driving the demand for synthetic lubricants.
The engine oil application segment dominated the synthetic lubricants market, however, the industrial application segment is projected to register the fastest growth rate in the overall market. The improved standard of living and increasing consumer awareness regarding high performance benefits offered by synthetic lubricants over the conventional mineral oil lubricants in emerging economies are contributing to the growth of the global market.
Currently, Europe is the largest market for synthetic lubricants. However, Asia-Pacific is the fastest-growing market for synthetic lubricants due to high demand from major markets such as China, India, and Japan. The growing automotive industry in the Asia-Pacific region is also driving the market for synthetic lubricants.
The major factor restraining the growth of the synthetic lubricants market is its high cost compared to conventional mineral oils. The price of synthetic lubricants can be as high as 2-5 times that of mineral oil lubricants; and up to 5-8 times that bio-based lubricants.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Synthetic Lubricants Market, By Type
8 Synthetic Lubricants Market, By Application
9 Synthetic Lubricants Market, By Region
10 Competitive Landscape
11 Company Profiles
- BP Plc
- Chevron Corporation
- Exxonmobil Corporation
- Fuchs Petolub SE
- Idemitsu Kosan Co. Ltd
- Lubrizol Corporation
- Petroliam Nasional Berhad (Petronas)
- Royal Dutch Shell Plc.
- The Dow Chemical Company
- Total S.A.
For more information visit http://www.researchandmarkets.com/research/fzpbmp/synthetic
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SOURCE Research and Markets