Global Lubricants Market: It Will Grow In Upcoming Year? Lubricants Market – Snapshot Lubricants play a vital role in various industries such as automotive, industrial, and marine. They help reduce friction and wear and tear of operating parts of machines. Lubricants possess properties such as high boiling point, high viscosity index, corrosion prevention, thermal stability, low freezing point, and high resistivity to oxidation. They extend the shelf-life of mechanical parts, thereby providing higher efficiency. Lubricants are employed to facilitate smooth operation of mechanical parts and eliminate any residues deposited on these parts. Key lubricant products include metalworking fluids, process oil, transformer oil, industrial lubes & greases, and industrial oil. Read More Report Overview @ https://www.transparencymarketresearch.com/lubricants-market.html The global lubricants market has been segmented based on type, product, and application. In terms of product, the market has been classified into mineral, synthetic, and semi-synthetic. Mineral was the leading segment of the market in 2017. Mineral-based lubricants are available at lower cost than synthetic and semi-synthetic lubricants. They contain large number of hydrocarbon compounds and organic compounds of oxygen, sulfur, and nitrogen. These hydrocarbons can result in the development of dirty oil, acid, and oxidation instability. This can create irregular lubrication in the engine. The challenge of mineral lubricants containing group I base oil is to deliver fuel economy at lower viscosity, without affecting engine durability. Therefore, increase in limitations on using conventional mineral oil base stock for formulating lubricants is boosting the demand for synthetic lubricants that contain higher quality base stocks such as PAO and API Group V based lubricants. Rise in emphasis on engine downsizing; and increase in usage of turbocharging, direct injection, and exhaust gas recirculation are driving the need for high purity lubricating oils, such as synthetic as well as semi-synthetic, that offer improved viscosity index and thermal and oxidative stability to maintain thermal and oxidative stability at longer or equal drain intervals. In terms of product, the global lubricants market has been divided into automotive oils, industrial oils, metalworking fluids, hydraulic oils, process oils, marine oils, and greases & others. The automotive oils segment has been sub-segmented into engine oils and transmission oils. The automotive oils segment dominated the global lubricants market in 2017. Rise in demand for engine oils that prevent metal-to-metal contact; reduce friction inside an engine; and provide improved wear protection, lower volatility, higher viscosity index, and better thermal and oxidative stability is expected to boost the demand for automotive oils during the forecast period. Demand for hydraulic oils is also anticipated to gain momentum in the market during the forecast period. Hydraulic oils transfer potential or kinetic energy, thus creating volume flow between hydraulic equipment such as pump and hydrostatic motors. These oils reduce wear and tear of parts that rub against each other and also protect the system from corrosion. The global lubricants market is driven by the increase in application of hydraulic oils in car automatic transmissions, brakes, power steering, and industrial machines (such as tractors and other farm equipment, forklift trucks, and bulldozers).
Global Lubricants Market: It Will Grow In Upcoming Year?
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