Synthetic Base Stocks and Metalworking Fluids
According to a new study by Grand View Research, Inc. Increasing penetration of Synthetic lubricants in automobile applications is expected to be a key driving force for the market, particularly in light of positive automotive outlook in India, China, South Korea and Brazil. (Hello global warming). Endorsement of synthetic oil manufacturers by OEMs is further expected to product boost demand over the forecast period. However, the high cost of synthetic oils in comparison to their mineral counterparts is a key challenge for the development of the market. Global synthetic lubricant demand was 678.1 kilo tons in 2013 and is expected to reach 823.3 kilo tons by 2020, growing at a CAGR 2.90 % from 2014 to 2020.
Although the metalworking Industry still favors mineral oils, the trend is shifting towards use of synthetic base stocks in formulations.
The report "Synthetic Lubricants (Group IV, Group V) Market Analysis By Product (PAO, Esters, PAG), By Application (Engine Oils, HTF, Transmission Fluids, Metalworking Fluids) And Segment Forecasts To 2020," is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/synthetic-lubricants-market. Source PR web