Demand for Fully Synthetic Engine Oils to Grow 5% Annually Through 2020
February 8, 2017 (Investorideas.com Newswire) Engine oils will be the powerhouse of the synthetic lubricants and functional fluids market as evolving vehicle technology and energy efficiency standards raise performance standards. Engine oils comprised about one-third of the market in 2015, a proportion that will grow to nearly 40 percent in 2020 due to the steady growth and large size of the engine oil segment. All major product types, with the exception of engine coolants, will record growth over the forecast period. Slower growth will generally occur among products where synthetics penetration is higher and thus more mature, such as heat transfer fluids. These and other trends are presented in Synthetic Lubricants & Functional Fluids Market in the US, 5th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Demand for fully synthetic engine oils is forecast to grow 5.0 percent per year to 148 million gallons, with a market value of $2.2 billion. Fully synthetic products comprised 11 percent of engine oil demand in 2015, with nearly all for the automotive market. Increasing penetration of synthetics into the engine oils market will allow demand for synthetic products to continue growing, despite overall flatness in engine oil demand.
Despite the advantages of synthetics, conventional engine oils will continue to dominate the market through 2025. According to analyst Minor Cline, "Synthetics can cost more than twice as much as conventional products, and the benefits conferred by synthetics may be unclear to consumers or not worth the expense." Because all lubricants must be licensed as meeting the performance requirements needed for use, even the lowest cost conventional oils are certified to protect engines from wear.
Synthetic Lubricants & Functional Fluids Market in the US, 5th Edition (published 01/2017, 170 pages) is available for $5400 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email email@example.com. Information may also be obtained through www.freedoniagroup.com.
Related studies include:
#3457 Biocides Market in the US, 12th Edition (December 2016)
#3448 Specialty Surfactants (August 2016)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.