Lubricant Systems Market Expected To Grow Till 2020

  • Monday, 25 January 2016 00:45

A new report on the lubricant systems market predicts 2.14 percent growth in the sector up till 2020.

Transparency Market Research, a market research firm that provides market research on current trends and forecasts, released a report on the lubrication systems market. The report predicted that the US$4.367 million market in 2013 will experience a 2.14 percent compound annual growth rate.

The main reason for the increase in consumption of lubricant additives is expected to be the constant amendments in emission norms. The automotive industry is going through a period of increasingly stringent emission controls, and is predicted to be the major consumer of lubricant additives.

Europe and North America are the two markets expected to impose the most stringent reforms, with the permissible limit for carbon dioxide expected to be set at 95 grams of carbon dioxide per kilometre by 2021 in Europe, down from 130 grams in 2015.

Emerging economies might not be subjected to the same standards as more developed countries, but two of the largest car markets, China and India, are also focusing on better emission standards in an attempt to lower pollution in their cities.

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