Lubricants are used in industrial applications in order to reduce friction and to provide protection against corrosion. These lubricants are used in many industries such as automotive, energy, mining, food processing, chemicals and textile among others. As only a small fraction of these lubricants are recycled, major manufacturers are currently looking for a renewable source of these lubricants to meet the growing demands of the economy.
Various types of synthetic lubricants which are commercially available and included in this report are Polyalpha Olefins (PAO, Esters, Group III Lubricants and Polyalkylene Glycols(PAG). Synthetic lubricants cater their use in diverse applications such as automotive, energy, mining, marine, textile and others. The market has also been analyzed based on its geographic region comprising of America, Europe, Asia-Pacific and Rest of the World. These regions are further sub-segmented into eminent countries providing deep analysis of the Synthetic lubricant market.
Synthetic lubricants market is anticipated to see an upsurge during the forecast period 2017-2021 and is expected to grow at a CAGR of 4.35% for the same period. Engine oil applications of synthetic lubricants have accounted for the largest market revenue contribution and are expected to grow with a CAGR of 5.15% during the forecast period. In the Asia-Pacific region, China and India are the frontrunners for the synthetic lubricants market. The U.S. is a major market for industrial lubricants in North America, and is followed by Canada and Mexico. Germany, Spain and U.K are the key countries in the European region.
Sample Companies Profiled in this Report are:
- Exxon Mobil Corp.,
- Royal Dutch Shell PLC,
- BP PLC,
- Chevron Corp.,
- Total SA,