Transparency Market Research (TMR) has published a new market study based on the global Group IV and V lubricants market, stating that Europe has emerged as the largest regional Group IV and V lubricants market, due to the extensive regulatory support from governments of many countries in the region.According to the report, titled “Group IV & V Lubricants Market – Global Industry Analysis, Size, Share, Trends And Forecast 2012 – 2018”, in 2011, the demand from the Group IV & V lubricants market stood at 624.6 kilo tons. By 2018, the demand is likely to reach 752.9 kilo tons, expanding at a 2.76% CAGR by volume from 2013 to 2018.
Lubricants under Group IV, including polyalphaolefin (PAO), and group V, comprising base oils such as polyalkylene glycol (PAG) and esters are collectively referred to as synthetic lubricants. These lubricants are majorly utilized in automobiles and refrigerators, the rising demand for which is the main driving force for the growth of the global Group IV and V lubricants market. The higher costs of Group IV and V lubricants compared to traditional oil, on the other hand, are forcing consumers to apply them in limited quantities, restricting the growth of this industry.This market study is prepared after due research on the global market for group IV and V lubricants, extensively offering a comparative analysis by assessing the market on a quantitative and qualitative basis. It analyses the global market on three fronts: types of products, applications, and regional distribution.
Polyalphaolefin, polyalkylene glycol, and esters are the major components of the global Group IV and V lubricants market based on product type. In 2011, the market for polyalphaolefin lubricants led the global market, occupying 67.8% of the overall demand. The global demand for polyalkylene glycol is also rising at a rapid pace. Analysts estimate that the demand for PAG will reach 184.1 kilo tons by the end of the forecast period.The markets for engine oil, transmission fluids, heat transfer fluids, and metalworking fluids are the major segments of the Global group IV and V lubricants market based on their application. Engine oil is the dominant application for Group IV and V lubricants. It held 40.5% of the overall demand from the Group IV and V lubricants market in 2011, according to the report.
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In recent times, the market in Europe has witnessed increased demand for synthetic lubricants from high-end applications, which has driven this market, making it the biggest regional Group IV and V lubricants market in the world. Asia Pacific is expected to register the fastest growth in the coming years.The major players covered in the research report are British Petroleum Plc., Conocophillips, Chevron, Exxon Mobil Corporation, Indian Oil Corporation Ltd., and Total S.A.