Synthetic Lubricants in Canada to Increase 4.4% Annually Through 2021
CLEVELAND, July 20, 2018 /PRNewswire/ — Canadian demand for synthetic lubricants is forecast to rise 4.4% per year to 108,000 metric tons in 2021. Tightening emissions regulations that favor a switch to low viscosity synthetics and ongoing consumer interest in improving fuel economy will support sales. The expanding availability of synthetic blends, which offer many of the performance advantages of full synthetics at a lower price point, will also drive demand. These and other trends are presented in Automotive Lubricants Market in Canada, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/automotive-lubricants-in-canada-by-market-product-and-formulation-3621.htm
The light vehicles market – which includes passenger cars, mini vans, pick up trucks, and sport utility vehicles – is the largest Canadian outlet for synthetic lubricants, accounting for 86% of demand in 2016. As an affluent nation with a modern vehicle park, Canada sees intensive use of motor vehicles with advanced engine technologies that have OEM recommendations for low viscosity oils, which tend to be synthetic.
Synthetic lubricants will account for 29% of Canada’s overall lubricant demand in 2021. This tracks closely with synthetic lubricants’ share of the North American market, where synthetics are continuing to take market share from conventional lubricants.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Energy & Petroleum studies can be purchased at https://www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group