Plastic Lubricants Market: Introduction
- The global plastic lubricants market is expected to expand at a rapid pace during the forecast period, owing to properties of these lubricants such as high internal strength and flexibility, high dielectric strength, high resistance to shear, and high thermal conductivity. All these properties of plastic lubricants are expected to drive the global plastic lubricants market during the forecast period.
- A plastic lubricant is a formulation of silicone that is dispersed in an odorless solvent to lubricate a wide range of plastic parts. The fluid is clear, colorless, and odorless. The silicone film reduces the coefficient of friction between plastic parts, thereby imparting excellent lubricity and extended service life to the parts it is applied to.
- A plastic lubricant is a non-flammable, non-toxic and non-reactive silicone emulsion that is composed of 60% of active polydimethylsiloxane fluid. It is compatible with surfaces made of virtually all plastics including polyvinyl chloride, low-density polyethylene (LDPE), and high-density polyethylene (HDPE).
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Key Drivers of Global Plastic Lubricants Market
- Stressful driving conditions such as stop-and-go traffic, idling, and frequent short trips lessen the efficiency of vehicles. For better functioning of vehicles and protection of engines, plastic lubricants are used. As vehicles become old, frequency of oil change and other maintenance activities increases.
- Vehicles require oil change and other maintenance activities as long as they are in use. Owing to stable production and sale of vehicles, the global plastic lubricants market is expected to continue to witness growth during the forecast period.
- The global trade is dominated by member countries of BRIC, due to their increased manufacturing activities, risen automotive production, and grown international trade. Hence, these countries offer high growth potential to the plastic lubricants market.
- Asia Pacific accounts for a significant share of the global plastic lubricants market, followed by Europe and North America. This trend is anticipated to continue during the forecast period also. However, share of Asia Pacific is expected to increase while that of Europe as well as North America is anticipated to decrease during the forecast period. Decrease in the market share of Europe and North America is attributable to increasing health awareness and rising number of environment-related regulations in these regions, which is leading to use of alternative means of transportation in place of personal vehicles.
Automotive Segment to Witness Attractive Opportunities
- In terms of volume and value, automotive is projected to be the rapidly expanding segment of the global plastic lubricants market during the forecast period
- There has been continuous shift toward use of lubricants with lower viscosity grade. These lubricants are fully synthetic or semi-synthetic in nature. They help generate higher revenues for manufacturers and offer longer oil drain intervals to consumers. It is a win-win situation for both manufacturers and consumers.
- Plastic lubricants provide better performance and improve fuel economy. They are recommended by original equipment manufacturers (OEMs). These factors are anticipated to drive the global synthetics lubricants market significantly during the forecast period.
- Key factors that drive the global plastic lubricants market include increasingly stringent norms on carbon emissions and fuel consumption and more exacting OEM specifications
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High Prices Likely to Hamper Plastic Lubricants Market
- Demand for inorganic lubricants is high in North America and Europe, due to regulatory implications regarding vehicles and customer requirements. This is not the case with Asia Pacific and Middle East & Africa regions, where a majority of consumers prefer affordability of lubricants over their quality. This hinders the demand for inorganic lubricants in these regions.
- In the U.K., newly launched buses powered by human waste are anticipated to provide a sustainable method of promoting public transport by reducing emissions in polluted towns and cities. These buses run on gas generated through treatment of sewage and food waste. Less emissions are produced with the use of this biofuel compared to traditional diesel engines and this is expected to improve urban air quality in the U.K. in the near future.
Asia Pacific to Hold a Major Share of Global Plastic Lubricants Market
- Asia Pacific is a leading region of the global plastic lubricants market, in terms of demand
- Growth opportunities for the plastic lubricants market are immense in environmentally sensitive zones. This is attributable to federal procurement programs and tenders and self-regulation by OEMs and trade associations. On the other hand, relatively limited uptake of plastic lubricants in Europe is attributable to lack of regulations and domestic labels, high prices, and lack of suitable additives.
- North America and Europe are considered mature markets for plastic lubricants, owing to presence of already established key players in these regions and developed economy of these regions
Key Players Operating in Global Plastic Lubricants Market
Key players operating in the global plastic lubricants market are:
- ExxonMobil Corporation
- Chevron Phillips
- Shell Plc
- BP plc.
- PETRONAS Lubricants International
- Total S.A.
Global Plastic Lubricants Market: Research Scope
Global Plastic Lubricants Market, by Product
Global Plastic Lubricants Market, by Application
Global Plastic Lubricants Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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