Expecting Massive Growth for Synthetic Lubricants Market Forecast to 2025
18-jun-19 The global synthetic lubricants market size is projected to reach USD 6.23 billion by 2025 registering a CAGR of 5.1%, according to a new report.Increasing focus of companies in the Gulf Cooperation Council (GCC) on downstream products is anticipated to have a positive impact on the market growth. Polyalphaolefins (PAOs) lead the product segment in 2018, in terms of revenue and volume. It is used as engine oil, transmission oil, metalworking fluid, compressor oil, gear oil, and heat transfer fluid for providing lubrication performance for a wide range of temperatures. Growing scope of application for the aforementioned products in the automotive and industrial sector is expected to drive the demand for PAOs over the forecast period. The North America market is mainly driven by rapidly expanding aerospace and automobile industries in the region. Presence of prominent aerospace companies, such as Boeing, in the region has resulted in high demand for synthetic lubricants i...