Synthetic Lubricants Market

Fatpos Global has released a report titled “Global Synthetic Lubricants Market - Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 46.57 billion by 2030. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 3.14% between 2021 and 2030. According to the report, the factors such as growing automotive industry and vehicle parks are bolstering the market growth. Introduction of new technologies and new standards, increasing regulatory requirements, rising demand from consumers for high performance and long-lasting products are the other factors which are significantly impacting the synthetic lubricants market growth. The consumption of synthetic lubricants is escalating owing to their properties including high viscosity, water solubility, and bio-degradability.

The market report on global Synthetic Lubricants market includes in-depth insights as:

• The estimated value of the market was USD 34.19 billion in the year 2020.
• Region-wise, the market in Europe, which held the largest market share of XX.X% in the year 2020, emerged as a key market for Synthetic Lubricants Market.
• Based on Type, PAO emerged as a key segment in the global Synthetic Lubricants Market.
• Based on Application, Engine Oil emerged as a key segment in the global Synthetic Lubricants Market.
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“Automotive industry has witnessed a tremendous growth in the last few years. According to the OICA, in 2017 global vehicle production was almost 97 million units. The demand for synthetic lubricants is increasing in automotive industry which is estimated to have a positive impact on market growth. These lubricants are utilized in automotive industry in the form of gearbox lubes, diesel engine oils, and transmission oils in passenger and commercial vehicles and motorcycles. In addition, to smoothen the working of machinery in automotive sector, the demand for low viscosity grease and fluids is accelerating which is anticipated to propel the market growth. Bedsides, mounting sales of commercial and passenger vehicles in developing economies is boosting the global automotive industry. This, in turn, is projected to boost the synthetic lubricants market.”, said a lead analyst at Fatpos Global.

Synthetic lubricants are composed of oil components which have been synthetically produced rather than refined from existing petroleum crudes or vegetable oils by reaction of a few well-defined chemical compounds. In both high and low temperatures, they can be used. Synthetic lubricants enhance resistance to oxidation, thermal stability, low-temperature properties, and reduce the formation of residues, flammability, and lower losses of evaporation. They also assist in minimizing fiction and thus improve the efficiency of fuel and the life of machinery. Synthetic lubricants help to regulate the temperature of the vehicle by absorbing the heat produced by the moving parts of the vehicle and transferring it to the sump or cooler. These factors collectively help to increase the average life cycle of the vehicle. Synthetic lubricants find their application in process oil, engine oil, marine lubricants, hydraulic oil, and metalworking fluids.

Global Synthetic Lubricants Market is segmented by Type into PAO, PAG, Esters, Group III. PAO segment held the largest market share of XX.X% in the year 2020. Polyalphaolefin (PAO), also known as synthetic hydrocarbons is the common form of synthetic base oil. These lubricants are produced via catalytic oligomerization of alpha-olefin. PAO possesses various chemical and physical properties such as a higher viscosity index, lower volatility, better oxidative/thermal stability, and lower pour point. They are highly utilized as high-performance functional base fluids in compressor oils, hydraulic oils, transmission oils, and engine oils.

Key Players 

Some of the key players operating in the global Synthetic Lubricants market are Royal Dutch Shell Plc, Castrol, BP PLC, Fuchs Petrolub SE, Lubrizol Corporation, Idemitsu Kosan Co. Ltd., The Dow Chemical Company, ExxonMobil Corporation, BP, Chevron Corporation Total S.A, Pennzoil, Petroleum Nasional Berhad, and Sinopec Limited.

Get Valuable Insights into Global Synthetic Lubricants Market

In the new report, Fatpos Global thrives to present an unbiased analysis of the global Synthetic Lubricants market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into the growth that is witnessed in the market. The market is segmented by Type into PAO, PAG, Esters, Group III. By Application, the market is bifurcated into Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, and Turbine Oil. By End User, the market is segmented into Automotive, Power Generation, Food and Beverages, and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.