Synthetic Lubricants Market: Summary
The Global Synthetic Lubricants Market is projected to reach a value of over USD 39.8 billion by 2027 at a CAGR of around 2.4%.
Synthetic lubricants are the lubricants formulated with base oil derived from advanced chemicals such as Esters, PAO, PAG, and others. The synthetic base oils replace the mineral base oils from the crude oil in the formulation and have better performance. These organic compounds have favorable properties that contribute to their rapidly growing use for a variety of industrial applications. Synthetic lubricants have been using in compressors processing in diverse materials such as ammonia, hydrocarbon gases, hydrogen, hydrogen chloride, natural gas, nitrogen, and others. Synthetic lubricants offer the number of advantages include decreased evaporation loss, better lubrication during extreme cold weather conditions, better chemical share-ability, improved fuel economy, better engine life, and increased horsepower and torque due to less drag on the vehicle engine.
Synthetic Lubricants Market: Drivers & Challenges
- Increasing Demand from Automotive Industry
The increasing demand from vehicle aftermarket in developing economies for synthetic lubricants is due to the rapid growth in the number of cars and trucks in use. According to OICA, in 2018, approximately 94 million units vehicles were sold globally. The automobile industry is expected to grow at a substantial growth rate globally due to improved road infrastructure and increasing average age of vehicles. On the other hand, continuous innovation in lubricants is further expected to fuel the synthetic lubricant market.
- Growing Industrialization in Developing Economies
As today’s developed countries grow richer, they are experienced a process of structural transformation. Technological progress in recent decades has contributed to growing industrialization in developing countries. Moreover, domestic and foreign investment into developing countries due to the easy availability of raw materials and low labor costs comparatively in developed countries. The Asia Pacific region has become a global center of manufacturing during the last decade. Thus, growing industrialization in developing economies will help to spur the synthetic lubricants market.
- High Cost of Synthetic Lubricants
The main disadvantage of synthetic lubricants is high cost due to fluctuation of the raw material prices. Petroleum product is the only source for the manufacturing the synthetic lubricants. The gap between supply and demand influences the prices. Over the past few years, the combination of stable demand and oversupply has put the pressure on the petroleum product prices. Moreover, a natural disaster that could potentially disrupt the production of petroleum product that will directly effect on the product price.
Synthetic Lubricants Market: Key Segments
- Segmentation based on base oil: Poly-Alpha-Olefin (PAO), Polyalkylene Glycol (PAG), Silicones, and Esters
- Segmentation based on product type: Engine Oil, Transmission Fluids, Heat Transfer Fluids (HTF), Metalworking Fluids, Hydraulic Oil, Gear Oil, Compressor Oil, and Others
- Segmentation based on the end user: Automobile, Construction, Heavy Metal, Power & Energy, Mining, Oil & Gas, Food Processing, Textile, and Others
- Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America, with individual country-level analysis.
Synthetic Lubricants Market: Report Scope
The report on the synthetic lubricants market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million) and Volume (Kiloton)
Base Oil, Product Type, and End User
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
- Royal Dutch Shell PLC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Exxon Mobil Corporation
- BP p.l.c.
- Chevron Corporation
- YALE SYNTHLUBE INDUSTRIES
- Valvoline Inc
- Phillips 66
- AMSOIL INC
- NACO Corporation
- SINOPEC GROUP
- Other Key Companies
Synthetic Lubricants Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Synthetic Lubricants Market, by Base Oil
- Poly-Alpha-Olefin (PAO)
- Polyalkylene Glycol (PAG)
Synthetic Lubricants Market, by Product Type
- Engine Oil
- Transmission Fluids
- Heat Transfer Fluids (HTF)
- Metalworking Fluids
- Hydraulic Oil
- Gear Oil
- Compressor Oil
Synthetic Lubricants Market, by End User
- Heavy Metal
- Power & Energy
- Oil & Gas
- Food Processing
Synthetic Lubricants Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Synthetic Lubricants Market Providers
- Synthetic Lubricants Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Synthetic Lubricants Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Synthetic Lubricants MARKET STUDY