The global market for synthetic lubricants is expected to reach USD 3.72 billion by 2020, according to a new study by Grand View Research, Inc. Increasing penetration in automobile applications is expected to be a key driving force for the market, particularly in light of positive automotive outlook in India, China, South Korea and Brazil. Endorsement of synthetic oil manufacturers by OEMs is further expected to product boost demand over the forecast period. However, the high cost of synthetic oils in comparison to their mineral counterparts is a key challenge for the development of the market. Engine oils were the largest application segment accounting for 39% of market revenue in 2013. The growing awareness of benefits of synthetic lubricants in terms of engine efficiency is expected to be a key driving factor for the development of the market. Another key application market for synthetic oils was heat transfer fluids in heat exchangers and heavy machinery.
http://www.grandviewresearch.com/industry-analysis/synthetic-lubricants-market
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