Synthetic Lubricants Market Share Growth Worldwide — Statistics & Facts | Industry Trends, Industry Size, Opportunity & Forecast till 2027
Market Analysis Synthetic Lubricant Market is projected to be worth USD 12.4 Billion by 2030, registering a CAGR of 5.80% during the forecast period (2021 - 2030). Lubricants put merely, are substances that are used for reducing the friction amid two sliding or moving surfaces. It is of three types- mineral based lubricants, bio-based lubricants and synthetic lubricants. Synthetic lubricants are made of additives, thickeners and synthetic base oil that offer grease and oil lubricants numerous performance benefits compared to conventional lubricants that are mineral based. It is widely used in transportation and manufacturing sectors namely rubber and plastic industries, food and beverage, commercial machinery manufacturing, metal production, transportation equipment manufacturing, marine, aviation and automotive. Owing to its alluring features such as bio-degradability, high viscosity and water solubility its consumption is increasingly significantly. As the characteristics of synthe