Synthetic Lubricants Market by Type (PAO, PAG, Esters, Group III), Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil), Region - Global Forecast to 2023
“The synthetic lubricants market is projected to register a CAGR of 3.0%, in terms of value, during the forecast period.”
The synthetic lubricants market size is projected to grow from USD 32.2 billion in 2018 to USD 37.3 billion, by 2023. The industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for synthetic lubricants during the forecast period. However, technological advancements in automotive industry and rise in demand for alternative fuels act as restraining factors for the growth of the synthetic lubricants market.
“The PAO segment is expected to lead the synthetic lubricants market, in terms of volume, during the forecast period.”
The PAO segment is expected to lead the synthetic lubricants market, in terms of volume, between 2018 and 2023. The dominance of the PAO segment is owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The PAO-based synthetic lubricants can perform at extreme temperatures; and moreover, due to their low volatility, there is reduced oil consumption, oil residue, and deposit formation, which enhance the performance of an equipment or automobile
“The engine oil segment is projected to account for the largest share of the overall synthetic lubricants market, in terms of volume, between 2018 and 2023.”
Engine oil is the largest application of synthetic lubricants. The rapid growth of the transportation sector in the developing regions is expected to drive the synthetic lubricants market during the forecast period. The increasing use of eco-labels in most countries of the region, rising demand for fuel-efficient lubricants in the automobile industry, and stringent environmental regulations in various countries are driving the market.
“Europe is expected to be the largest synthetic lubricants market during the forecast period, in terms of volume.”
Europe is projected to be the largest synthetic lubricants market during the forecast period. Stringent environmental regulations in countries such as France, the Netherlands, Germany, and Norway are driving the market. The demand for synthetic lubricants is expected to increase further owing to the ongoing product developments and widening distribution network. Moreover, the growing consumption of renewable energy is also driving the demand for gear oils and greases in wind turbines in the synthetic lubricants market in the region.
Extensive primary interviews were conducted during the process of determining and verifying the market size of several segments gathered through secondary research,. A breakdown of the profiles of the primary interviewees is as follows:
By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%.
By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%.
By Region: APAC - 41%, North America- 30%, Europe - 18%, and South America and Middle East & Africa - 11%
The key players profiled in the report include Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum PLC ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan).
This report segments the synthetic lubricants market on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and agreements associated with the synthetic lubricants market.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the synthetic lubricants market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on synthetic lubricants offered by top players in the synthetic lubricants market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the synthetic lubricants market
Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the market for synthetic lubricants across regions
Market Diversification: Exhaustive information about new products, untapped markets, and recent developments in the synthetic lubricants market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the synthetic lubricants market.
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