Synthetic lubricants and functional fluids study
A
The Freedonia Group product story
Edited by the Engineeringtalk editorial team
Jun 24, 2003
Demand for synthetic lubricants and functional fluids in the USA is forecast to advance 5% per year to $2.8 billion in the year 2006.
Demand for synthetic lubricants and functional fluids in the USA is forecast to advance 5% per year to $2.8 billion in the year 2006.
Growth will be supported by tightening environmental and worker safety requirements, as well as by increasing performance standards in both the automotive and industrial sectors.
The growing popularity of Group III basestocks will boost demand, providing performance benefits approaching those of full synthetics at a lower cost.
These and other trends are presented in "Synthetic lubricants and functional fluids", a new study from The Freedonia Group, a Cleveland-based industrial market research firm.
Hydraulic fluids and engine oils, already significant markets for synthetics, will record the fastest growth through 2006, driven by tightening performance requirements, the increasing availability of lower cost/high performance blends and increasing penetration of industrial markets.
These factors will also promote favourable gains in gear oils, dielectric fluids, compressor lubricants and high temperature heat transfer fluids.
Growth in the large antifreeze market will be meagre at best due to market maturity and the already dominant nature of synthetic products.
The battle between polyalphaolefins (PAOs) and Group III base oils will continue, as engine oil specifications advance towards the introduction of GF-4 oils in 2004.
Lubricants based on Group III base oils are expected to see the fastest growth through 2006, driven primarily by cost considerations as these basestocks can provide similar performance properties at a lower cost than other synthetic basestocks.
PAO, ester and other synthetic products will also see strong growth.
The vehicles and equipment market will continue to dominate use of synthetic functional fluids, accounting for over 70% of volume demand in 2006.
Strongest growth in this sector will come from heavy-duty vehicles, although most sectors will benefit from increasing environmental and performance standards.
Energy production and other markets (such as mining and consumer) will see the fastest growth.
"Synthetic lubricants and functional fluids" is available for $3800 from The Freedonia Group.
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