Lubricants Market is Expected to Display a CAGR of 2.9% from 2018 to 2026
The global lubricants market was valued at US$ 125.66 Bn in 2017 and is anticipated to expand at a CAGR of 2.9% from 2018 to 2026, according to a new report titled ‘Lubricants Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global lubricants market is driven by the rise in demand for synthetic lubricants across the globe. Asia Pacific accounts for major share of the global lubricants market due to rapid industrialization and increase in demand for small and fuel-efficient passenger vehicles. Rise in Demand for Synthetic Oil Lubricants in Automotive and Industrial Applications Synthetic oil lubricants include API group III-based products. Demand for synthetic passenger car motor oils (PCMO) is high in mature economies, such as the U.S. and Europe, due to the increase in demand for premium vehicles; growth in demand for extended oil drain intervals (ODIs); and improved fuel econo...