Eco-based and synthetic lubricants are the two emerging lubrication products. Eco-based, synthetic and mineral lubricants are used across a various applications. These applications are inclusive of compressor oil, turbine oil, hydraulic oil, gear oil, bearing oil lubricants and heat transfer fluids. Some of the significant traits that make a division between various lubricants are water separation features, glueyness quotient, steadiness towards heat and corrosion, and low instability.
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The worldwide lubricants market is fragmented on the basis of three categories. These include technologies, products and geographical regions. On the basis of technologies, the market is divided into compressor oil, turbine oil, gear oil and hydraulic oil lubrications and fire resistant hydraulic fluid. The remaining ones are nuclear resistant lubricants, heat transfer fluid, bearing oil lubrication, nano-materials based lubrication, re-refined base oils and lubricants and other fields.
The products sector of the lubricants market is fragmented into synthetic, mineral and eco-based lubricants. Europe, North America, Asia Pacific and rest of the world are the four geographical regions analyzed and examined under the worldwide lubricants market. This market is anticipated to register about 2 percent CAGR during the forecast phase. This phase lasts till 2020 and begins in 2014. The market is projected to have around 44, 165 kilo tons by 2020.
The lubricants market is mainly propelled by expansion in the market of automotives. Lubricants are materials that decrease resistance between travelling surfaces. The highest share in the worldwide lubricants market is occupied by Asia Pacific. This is owing to huge demand for lubricants from China and India. Quick urbanization in Asia Pacific also adds revenue to the lubricants market in the region.
Information Source: Grand View Research