Synthetic lubricant market size is projected to register USD 5.0 billion by 2023: Global Market Insights, Inc. Synthetic lubricant market size was estimated at 652.2 kilo tons in 2015, as per the latest research report by Global Market Insights, Inc. Positive automotive production landscape, particularly in Asia Pacific, along with superior performance and environmental properties will drive the global synthetic lubricants market trends. Synthetic lubricant market size is projected to register USD 5.0 billion by 2023. Increasing focus towards natural gas development owing to strong application scope in construction, food & beverages and personal care industries, particularly Saudi Arabia, Qatar and UAE, may favor demand.
(Group IV) PAO synthetic lubricants market size was dominant by accounting over 66% of the total demand in 2015. Increased PAO usage in automotive engines accompanied by OEM recommendations in major brands such as BMW and Volkswagen should instigate product demand. Europe PAG market is poised to sustain average growth and register over USD 165 million by 2023. Strong focus towards reducing maintenance cost and rising trend in condition based monitoring for manufacturing sector is projected to promote PAG market growth.
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