According to a new market report published by Transparency Market Research "Group IV & V Lubricants (PAO, PAG and Esters) Market - Global Industry Analysis, Size, Share, Trends and Forecast, 2012 - 2018," the Group IV & V lubricants demand was 624.6 kilo tons in 2011 and is expected to reach 752.9 kilo tons in 2018, growing at a CAGR of 2.76% from 2013 to 2018.
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.
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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. 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.
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.
The report presents a thorough assessment of the strategies followed by different stakeholders by segmenting the Group IV & V lubricants market as below:
- Global Group IV & V lubricants market, by product type
- Polyalphaolefins (PAO)
- Polyalkylene glycol (PAG)
- Esters
- Global Group IV & V lubricants market, by application
- Engine Oils
- Heat Transfer Fluids (HTF)
- Transmission Fluids
- Metalworking Fluids
- Global Group IV & V lubricants market, by geography
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
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