Top Facts You Didn’t Know About Synthetic Lubricants market & Impact of COVID-19

Posted by Mrudula Anil Karmarkar on February 9th, 2022

The global synthetic lubricants market size is projected to reach USD 6.23 billion by 2025 registering a CAGR of 5.1%, according to a new report by Grand View Research, Inc. Increasing focus of companies in the Gulf Cooperation Council (GCC) on downstream products is anticipated to have a positive impact on the market growth.

Polyalphaolefins (PAOs) lead the product segment in 2018, in terms of revenue and volume. It is used as engine oil, transmission oil, metalworking fluid, compressor oil, gear oil, and heat transfer fluid for providing lubrication performance for a wide range of temperatures. Growing scope of application for the aforementioned products in the automotive and industrial sector is expected to drive the demand for PAOs over the forecast period.

The North America market is mainly driven by rapidly expanding aerospace and automobile industries in the region. Presence of prominent aerospace companies, such as Boeing, in the region has resulted in high demand for synthetic lubricants in engine oils. Moreover, increasing automotive production in U.S. and Mexico coupled with a rising number of automotive OEMs setting up bases in Mexico is expected to boost the demand for automotive maintenance.

Growing demand from automotive manufacturers is expected to have a positive impact on the market growth over the forecast period. These group of chemicals has numerous applications in the automotive sector in the form of diesel engine oils, gearbox lubes, and transmission oils in passenger and commercial vehicles and motorcycles. Superior performance offered by synthetic lubricants over their mineral counterparts, in terms of high temperature operation range, low friction, and higher load carrying capacity, will boost their demand further.

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Rising demand from the automobile and industrial segments in Asia Pacific due to new machine installations and increased production of branded cars is also expected to augment the demand. In addition, technological advancements, such as the NSF food lubrication standard set by major equipment builders for the use of synthetic lubricants in the food industry, is expected to boost synthetic lubricants market growth. Europe led the global market in the past due to high product from Germany due to the presence of automotive production base in Germany. The regional market is projected to maintain its dominance during the forecast years due to rising demand for environmentally sustainable, premium products with high-performance.

Synthetic Lubricants Market Report Highlights

  • Engine oils led the global market in 2018 accounting for a share of more than 40%. These oils are used to increase drain intervals and provide excellent film protection
  • POA is expected to be the largest product segment on account of increased use of PAOs in automotive engines coupled with OEM recommendations by automotive firms like Volkswagen and BMW
  • U.S. was the largest market in North America in 2018 and is projected to expand further due to rising product demand from passenger cars, commercial heavy-duty trucks, and metalworking fluids
  • Some of the key industry participants include ExxonMobil Corp.; Royal Dutch Shell Plc; Chevron Corp.; and Total S.A.

Most of the companies are focusing on strengthening their presence in potential and emerging markets of Asia Pacific by establishing new plants and entering into strategic collaboration with local partners. Over the past few years, companies, such as ExxonMobil, Shell, and Total, have formed strategic partnerships with gearbox manufacturers, such as Bonfiglioli, Stäublito, and Shanthi, where the latter set of companies have recommended synthetic gear lubricants use. The industry is highly dominated by presence of several multinationals that drive industry growth in terms of product quality, new product launches and more. Companies are significantly trying to attain maximum consumer base by innovating product lines that meet the current market trends. With efforts from synthetic lubricant manufacturers to extend vehicle performance life as well as minimize recurring costs associated to maintenance, the industry is expected to grow significantly over the foreseeable future. Some of the prominent players in the synthetic lubricants market include: 

  • British Petroleum
  • Chevron Corporation
  • Lanxess AG
  • Valvoline
  • Fuchs
  • Pennzoil
  • Kendall
  • Motul
  • Amsoil
  • Agip 

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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