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Global Synthetic Lubricants Market is expected to reach USD 23.45 billion by 2024.
Synthetic lubricants are termed as a lubricant formed by chemical synthesis relatively by refinement or extraction of petroleum to form a compound with predictable properties.
It is superior to conventional mineral oil-based lubricants.
The Synthetic Lubricants Market is estimated to grow at a significant CAGR of 2.8% over the forecast period as the scope and its applications are rising enormously across the globe.Growing awareness regarding advantages of products, high demand from automotive industries, and rising R investment by industries for the development of enhanced grades are documented as major factors of synthetic lubricants market that are estimated to enhance the growth in the years to come.
However, low cost of mineral oil may affect synthetic oil demand is a factor that may restrain overall market growth in the coming years.
On the other hand, group V comprises polyalkylene glycol (PAG), esters, silicone, biolubes, polyolester, and others.
