Group IV & V Lubricants (PAO, PAG and Esters) Market is Expected to Reach USD 4.7 Billion Globally in 2018: Transparency Market Research
Albany, New york (PRWEB) February 19, 2013
Group IV & V lubricants in this study include lubes externally synthesized by using chemicals such as polyolefin, polyesters, polyglycols and esters. Group IV & V lubricants have been growing at a faster pace than mineral-based lubricants as they are more fuel efficient and can be used in extreme operating conditions. In addition, there has been positive regulatory support for the development of Group IV & V lubricants from various agencies.
Group IV & V lubricants are used when equipments require high performance oil as compared to mineral-based oil and when safety and environmental issues need to be met.
Increasing demand from Asia Pacific, the U.S. and the European Union, owing to increasing high-end lubricant applications is expected to drive market demand over the next five years. Engine oils and heat transfer fluids together accounted for 71.5% of the market share in 2011.
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The development of Group IV & V lubricants has reduced the dependency on mineral oil based lubricants. However, the high cost of synthetic-based (Group IV & V) lubricant is acting as a major challenge for the development of the market.
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Key products analyzed and estimated in this study include polyalphaolefins (PAO), polyalkylene glycol (PAG) and esters. Polyalphaolefin lubricants dominated the market, accounting for 67.8% of the demand in 2011. Global demand for PAG is expected to reach 184.1 kilo tons in 2018. Key applications analyzed and estimated in this study include engine oils, heat transfer fluids (HTF), transmission fluids and metalworking fluids. Engine oil is the major application for Group IV & V lubricants and accounted for 40.5% of the total demand in 2011. The heat transfer fluids application follows engine oil in terms of volume and is expected to grow at a CAGR of 3.04% from 2013 to 2018, which is highest among all the applications.
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Some of the key players that have been profiled in this report include Royal Dutch Shell , British Petroleum, Chevron, ConocoPhillips, Exxon Mobil, Fuchs, Indian Oil Corporation and Total.
This research analyzes and estimates the performance and demand of Group IV & V lubricants in the global scenario. The research provides detailed trend analysis of the Group IV & V lubricants market, demand by geography and comprehensive analysis of companies that are dealing in Group IV & V lubricants. The report covers all the major segment types of the Group IV & V lubricants market and provides statistically refined forecast and historical data for the segments covered.
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