Demand for synthetic lubricants to grow along with need for lower emissions
Demand for synthetic vehicle motor oil lubricants is expected to grow fast in coming years pulled by the need for lower emissions and the higher requirements of new cars, according to a recently released study. Annual growth in the vehicle park will also help.
"As engine and bolt-on hardware technologies such as turbochargers and gasoline direct injection evolve to reduce emissions, and improve fuel economy, the shift will also play a role in driving demand for synthetic lubricants. Moreover, as new vehicles enter the vehicle park, demand for synthetics will also rise," said George Morvey, Industry Manager for Kline's Energy Practice.
In 2013, there were over 70 million new privately-owned vehicles purchased globally, and this number is expected to rise at a rate of 3% per annum until 2023, expecting over 100 million vehicles purchased, according to the report.
The estimates of historical lubricants demand from 2009 to the base year of 2014, as well as FutureView forecasts to 2018 and 2023 and breakdowns of data at the global, regional, country market, market segment, product type, product category, and viscosity grade levels, can be found in Kline's just released report, as published in a press release.
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