Global Synthetic Industrial Lubricant Market is anticipated to grow at a positive CAGR in the forthcoming period. Industrial oils have a key task to perform such as transmitting energy via fluid media that lessens or transmits driving forces, producing energy or cooling or producing compressed air. Hence, many processes such as safety, machinery, systems and processes run smoothly particularly with specially made lubricant solutions.
Commercially, synthetic industrial lubricants comprise synthetic base oil, additives, thickeners that enable oil lubricants to offer numerous advantages when compared to traditional mineral based lubricants. For instance, a major application of synthetic industrial lubricant includes Aircraft jet engines and metal stamping.
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Market driving factors for synthetic industrial lubricant market includes rising demand for low viscosity fluids in automotive sector and demand for grease and polishing wax in industrial units to enhance smooth working of machineries. Also, the rise in populations and developing economies also contribute to the growth of synthetic industrial lubricant market. Technical advantages and efficient working offered by synthetic industrial lubricant is also a major growth driver for synthetic industrial lubricant market.
Geographically, synthetic industrial lubricant market spans North America, Latin America, Europe, Asia-Pacific, Middle-East and Africa. APAC market dominates the global scenario owing to heavy demand resulting out of presence of manufacturing and industrial units. North America and Europe market is also expected to gain a positive CAGR growth in the forthcoming period due to rise in import and export business for Synthetic Industrial Lubricants. APAC market is also expected to dominate the global scenario due to presence of oil wells, industrial and engineering, and aerospace industry which demands synthetic lubricants in their operations. MEA regions are also expected to gain a leverage owing to demand for oil as raw material and growth in aerospace industry.
The key players in the synthetic industrial lubricant market include Exxon Mobil Corporation Ltd, Aerospace Lubricants Inc, Castrol India Ltd, Pennzoil Lubricants, Petronas Lubricants International, Royal Dutch Shell Lubricants, The Dow Chemical Company, Motul Lubricants, Lubrizol Corporation, and Total Lubricants.
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