April 18, 2017, Tampa, Florida – Global lubricants market is expected to reach USD 180.4 billion by 2024, according to a new research study published by Ameri Research. Expansion of manufacturing sector in countries such as China, India, Brazil, Thailand, and South Africa is anticipated to boost industry growth in the coming years. Increasing application scope of industrial greases in mining activities is another key factor projected to uplift market growth.
Rising automotive production coupled with strong demand for high-performance products in emerging economies is anticipated to drive market growth. Countries including India, Mexico, and Thailand have marked their presence among top 15 automobile producing countries. Rising per capita disposable income coupled with better transport infrastructure is expected to drive lubricants demand in marine and automotive applications. Escalating defense budgets in the U.S. and UK is set to drive demand in relatively mature markets.
Synthetic lubricants accounted for over 20% of the overall market revenue in 2016 and are expected to grow at a steady CAGR of over 3% from 2017 to 2024. Stringent government regulations coupled with increasing awareness among consumers is driving the sale of synthetic lubricants across the globe.
Click the link below to view the report description: https://www.ameriresearch.com/product/lubricants-market-outlook-2024
Key findings from the study:-
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