Synthetic Lubricant Market - Revenue of USD 39.34 Billion by 2023 & CAGR of 3.2%

Posted by Moin Patni on October 20th, 2018

Synthetic Lubricant Market

Synthetic Lubricant Market Abstract: Synthetic Lubricant Market is expected to witness a significant growth of USD 39.34 Billion by 2023 with CAGR of 3.2% between by 2023.

Synthetic Lubricant Market are growing demand from automotive industries in addition, the increasing demand from the automotive, power & energy, construction industry and rising use as an alternative to mineral oils is anticipated to fuel market growth of synthetic lubricants in near future. The only restrains of synthetics lubricants market is their high rate which is more than 2-times of mineral oil.

Synthetic Lubricant have features such as low pour point, low volatility, rust & corrosion inhibitors, thermal & oxidative stability, hydrolyse under high-temperature, and high-moisture conditions due to this feature synthetic lubricant highly demand in various end user industries applications such as engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others.

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Synthetic Lubricant Market Key Players: Synthetic Lubricant Market are: Exxon Mobil Corporation (US), The DOW Chemical Company (US), Fuchs Petolub SE (Germany), Total Lubricants (Europe), Demitsu Kosan Co. Ltd (Japan), BP PLC (US), Chevron Corporation (US), Lubrizol Corporation (US), Pennzoil (US), Petroliam Nasional Berhad (Malaysia), and Others.

Synthetic Lubricant Market Segment Analysis: Synthetic Lubricant Market is majorly segmented on the basis of types, application, end users and region. Based on types of synthetic lubricant the market is segmented into silicones, esters, polyalphaolefin (PAO), polyalkylene glycol (PAG), and others (alkylated aromatics, Polybutene’s). Based on application of synthetic lubricant the market is segmented into engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others (compressor oils, gear oils, synthetic greases oils). Based on end user the market segmented into automobile, construction, power & energy, mining, oil & gas, food processing, and others (turbines, vacuum pumps, soap & paint industries). Furthermore, based on region, market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.

Industry/ Innovation/ Related News: March 2017- Petronas Lubricants announced that the company has launched motorcycle lubricant named as Petronas Sprinta with Ultraflex. With this product launch the company will be able to meet the increasing demand for synthetic lubricant.

June 2017- KLONDIKE Lubricants Corporation launched Synthetic Nano Grease in Canada. This product launch will strengthen company’s position among the lubricant manufacturers.

June 2017- ExxonMobil, one of the leading manufacturer of lubricants announced that the company completed its expansion project in Jurong to raise the manufacturing of grease and synthetic lubricants. With this expansion, the company strengthen its manufacturing capabilities and will be able to meet the increasing demand for grease and synthetic lubricants products in Asia Pacific region.

September 2017- GP Petroleum’s, a subsidiary of Petrochem Group launched Repsol’s synthetic motorcycle oils in India. With this product launch the company is planning to expand its footprint in the Asia Pacific region.

May 2016- Petro Choice, one of the leading provider of lubrication solution acquired Universal Lubricants’ new oil business. With this acquisition the company added 15 distribution locations, this helps the company to expand their geographic reach and solidifies its position as the largest bulk lubricant distributor in the United States.

May 2016- JX Nippon Oil & Energy announced two distribution partnership to expand its reach in the different location of U.S. The company main focus is to meet the increasing demand for synthetic lubricant.

Synthetic Lubricant Market Application: Synthetic Lubricant are predominantly utilized in numerous end use industries such as construction, power & energy, mining, oil & gas, food processing, automobile, and others. Synthetic Lubricant market is expected to witness healthy growth due to increasing construction activities and oil & gas activity across the globe.  Among end user segment, automobile is predicted to register healthy growth in the near future due to increasing automotive sales along with increasing consumption of synthetic lubricants. Moreover, increasing construction activities in developed and developing countries is estimated to drive the market growth.

Synthetic Lubricant has found in various applications such as engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others. Increasing in demand of automotive is likely to drive the global synthetic lubricant market growth. The growing automobile, construction and power & energy industry on account of developing domestic as well as commercial market particularly in Asia-Pacific, North America and in Europe region has boosted the global synthetic lubricant market over the forecasted period.

Synthetic Lubricant consisting of chemical compounds which are artificially made, it is used as alternative for petroleum-refined oils when working in high temperature. Synthetic lubricants can be manufactured using chemically modified petroleum components rather than whole crude oil, but can also be synthesized from other raw materials.

Synthetic Lubricant Market Regional Analysis: Synthetic Lubricant Market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific synthetic lubricant market is largest market owing to robust industry growth of application industry in China, Japan and India. Asia Pacific synthetic lubricant market size is likely to witness highest gains over the forecast period. Positive stance on end-use industries such as automobile, construction, power & energy, mining, oil & gas, food processing, and others in countries like China, India, Indonesia, and Malaysia is predict to drive demand over the forecast period.

North America global synthetic lubricants led due to the US and Canada countries end user industries Ester based synthetic lubricants are expected to witness significant gains in terms of volume over the forecast period. Growing application of ester synthetic lubricants in aerospace engines on account of providing high thermal stability is expected to have a positive impact on the industry. Positive aerospace industry outlook in U.S. is expected to increase in demand of aerospace engine which in turn will increase the demand for global synthetic lubricants markets.

Synthetic Lubricant Market Competitive Landscape: Synthetic Lubricant report has analysed the level of competition among the key operating players as well as sector growth and market scenario. The global synthetic lubricant market comprises of various manufacturers operating in the market which comprised of large scale and medium size manufacturers. Some of the prominent market players operating in the global synthetic lubricant industry has shifted their focus towards growth association specifically by Asia Pacific as medium scale and small scale manufacturers are from this region specifically from China, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, and Japan. Moreover, the major operating players are focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their manufacturing capacity of synthetic lubricant to meet the growing demand for synthetic lubricant. Furthermore, some of the manufacturers has launched a series of product to strengthen their position in the market.

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Moin Patni

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Moin Patni
Joined: February 20th, 2018
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