Synthetic Lubricants Market Size Forecast to Reach $40 Billion by 2025 The Rising Automotive Industry and Industrialization Globally Are Driving the Demand for Synthetic Lubricants Market.
BriefingWire.com, 3/01/2021 - Synthetic Lubricants Market size is forecast to reach $40 billion by 2025, after growing at a CAGR of 3.2% during 2020-2025. The rising automotive industry and industrialization globally are driving the demand for synthetic lubricants. The introduction of environmental legislation in the automotive sector to minimize carbon emissions is expected to improve the demand of synthetic lubricants and provide a range of opportunities for synthetic lubricants manufacturers. The use of synthetic lubricants is growing due to their properties, such as water solubility, high viscosity indexes and biodegradability. However, high cost is a significant restriction observed in the market for synthetic lubricants.