Synthetic lubricants market report on growth prospects

By OEM Update Editorial July 6, 2021 1:09 pm IST

To ensure fuel economy, thinner engine oils, with low ash, phosphorous and sulfur content, may have to meet stringent regulations from 2022-23.

Global Synthetic Lubricants Market valued at US$ 33.7 billion in the year 2020, is witnessing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality.

The “Global Synthetic Lubricants Market – Analysis, Competition and Forecast, 2021-2026” report from ResearchAndMarkets.com mentions, the continuous rise in demand of automotive sector in Asia Pacific region is driving the demand of industrial products from last few years. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a significantly large number of buyers hailing from diverse industrial backgrounds.

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