Rising Demand from the Automotive Sector to Propel Global Lubricants Market to Expand at a CAGR of 1.72% during the Forecast Period 2014 to 2020
According to a recently released research study by Transparency Market Research (TMR), the global lubricants market is estimated to grow at a CAGR of 1.72% between the years 2014 and 2020. TMR, a U.S.-based market intelligence company, mentions in its research report that the global lubricants market , which had a capacity of 39140.12 kilo tons in 2013, is expected to reach a capacity of 44165.11 kilo tons by the year 2020. The report is titled ‘ Technology Trends in Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018’ . According to this market research report, the global lubricants market is primarily fueled by the growing automotives market. Lubricants refer to substances that are used for reducing friction between moving surfaces, thereby ensuring a smoother mechanical performance. The market for bio-based lubricants is witnessing robust growth due to government support that promotes the consumption o...