Synthetic Lubricants Market: By Product, Polyalphaolefin, Esters, Polyalkylene Glycol and Others), By Application and Geography
Synthetic Lubricants Market size valued at US$ 4.8 billion in 2023 and and is poised to grow at a CAGR of 5.3% from 2024 to 2030. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. Key drivers in the market include rising demand for synthetic lubricants from the automotive and industrial sectors, increasing industrialization in emerging economies and growing population. In addition, due to the various advantages of synthetic lubricants over conventional lubricants such as wear & tear protection, good load carrying capacity and excellent thermal stability increases the demand for the market.
However, high cost of synthetic fibers and presence of substitute products are hampering the market growth. Synthetic lubricants with lower viscosity reduce engine friction, which improves fuel efficiency. As a result, rising demand for fuel-efficient automobiles is expected to propel the industry forward. Manufacturers are creating new goods with technology that will allow them to be used in a variety of equipment that operates at high temperatures and pressures. However, due to the high cost of synthetic compression oil, a preference for cheaper replacement mineral oils may stifle market expansion. Synthetic lubricants' scope is projected to be limited as the demand for lower maintenance costs grows in the manufacturing sector.
Study Period
2024-2030Base Year
2023CAGR
5.3%Largest Market
Asia PacificFastest Growing Market
Europe
The use of synthetic lubricants in various industrial and automotive applications is becoming more and more common, due in part to heavy marketing of synthetics. The word synthetic has nearly become synonymous with high quality or high performance. High-performance lubricants, also known as synthetic lubricants, are gaining acceptance, due to their outstanding properties. Synthetic lubricants offer better and improved properties such as low-traction coefficient, which decreases power consumption, increase service life, reduce gear wear and reduces flammability to rise safety. The synthetic lubricant is persistently gaining market share and is likely to be the grow at a fastest rate during the estimated period.
Asia Pacific accounted for larger revenue share in global market with considerable CAGR due to growing automobile sector in emerging countries. The region is anticipated to continue its dominance in the coming years, Also, Europe held considerable market share during estimated period owing to increasing demand for fuel efficient vehicles as there are strict regulations on CO2 emissions from vehicles in the region. Moreover, growing investment in blending plants for synthetic lubricants is the other factor responsible for the market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 4.8 billion |
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Market CAGR |
5.3% |
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By Product |
|
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By Application |
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By Region |
North America |
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Global synthetic lubricants market size was valued at US$ 4.8 billion in 2023 and is expected to grow at a significant CAGR of 5.3% from 2024-2030.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
| 1.Executive Summary |
| 2.Global Synthetic Lubricants Market Introduction |
| 2.1.Global Synthetic Lubricants Market - Taxonomy |
| 2.2.Global Synthetic Lubricants Market - Definitions |
| 2.2.1. Product |
| 2.2.2.Application |
| 2.2.3.Region |
| 3.Global Synthetic Lubricants Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Synthetic Lubricants Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Synthetic Lubricants Market By Product, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Group Iii (Hydrocracking) |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Polyalphaolefin (PAO) |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Esters |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Polyalkylene Glycol (PAG) |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Others |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 6.Global Synthetic Lubricants Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Engine Oil |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Hydraulic Fluids |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Metalworking Fluids |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Compressor Oil |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Gear Oil |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Refrigeration Oil |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 6.7. Transmission Fluids |
| 6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.7.3. Market Opportunity Analysis |
| 6.8. Turbine Oil |
| 6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.8.3. Market Opportunity Analysis |
| 6.9. Others |
| 6.9.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.9.3. Market Opportunity Analysis |
| 7.Global Synthetic Lubricants Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Synthetic Lubricants Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Group Iii (Hydrocracking) |
| 8.1.2.Polyalphaolefin (PAO) |
| 8.1.3.Esters |
| 8.1.4.Polyalkylene Glycol (PAG) |
| 8.1.5.Others |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Engine Oil |
| 8.2.2.Hydraulic Fluids |
| 8.2.3.Metalworking Fluids |
| 8.2.4.Compressor Oil |
| 8.2.5.Gear Oil |
| 8.2.6.Refrigeration Oil |
| 8.2.7.Transmission Fluids |
| 8.2.8.Turbine Oil |
| 8.2.9.Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Synthetic Lubricants Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Group Iii (Hydrocracking) |
| 9.1.2.Polyalphaolefin (PAO) |
| 9.1.3.Esters |
| 9.1.4.Polyalkylene Glycol (PAG) |
| 9.1.5.Others |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Engine Oil |
| 9.2.2.Hydraulic Fluids |
| 9.2.3.Metalworking Fluids |
| 9.2.4.Compressor Oil |
| 9.2.5.Gear Oil |
| 9.2.6.Refrigeration Oil |
| 9.2.7.Transmission Fluids |
| 9.2.8.Turbine Oil |
| 9.2.9.Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Synthetic Lubricants Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Group Iii (Hydrocracking) |
| 10.1.2.Polyalphaolefin (PAO) |
| 10.1.3.Esters |
| 10.1.4.Polyalkylene Glycol (PAG) |
| 10.1.5.Others |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Engine Oil |
| 10.2.2.Hydraulic Fluids |
| 10.2.3.Metalworking Fluids |
| 10.2.4.Compressor Oil |
| 10.2.5.Gear Oil |
| 10.2.6.Refrigeration Oil |
| 10.2.7.Transmission Fluids |
| 10.2.8.Turbine Oil |
| 10.2.9.Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Synthetic Lubricants Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Group Iii (Hydrocracking) |
| 11.1.2.Polyalphaolefin (PAO) |
| 11.1.3.Esters |
| 11.1.4.Polyalkylene Glycol (PAG) |
| 11.1.5.Others |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Engine Oil |
| 11.2.2.Hydraulic Fluids |
| 11.2.3.Metalworking Fluids |
| 11.2.4.Compressor Oil |
| 11.2.5.Gear Oil |
| 11.2.6.Refrigeration Oil |
| 11.2.7.Transmission Fluids |
| 11.2.8.Turbine Oil |
| 11.2.9.Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Synthetic Lubricants Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Group Iii (Hydrocracking) |
| 12.1.2.Polyalphaolefin (PAO) |
| 12.1.3.Esters |
| 12.1.4.Polyalkylene Glycol (PAG) |
| 12.1.5.Others |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Engine Oil |
| 12.2.2.Hydraulic Fluids |
| 12.2.3.Metalworking Fluids |
| 12.2.4.Compressor Oil |
| 12.2.5.Gear Oil |
| 12.2.6.Refrigeration Oil |
| 12.2.7.Transmission Fluids |
| 12.2.8.Turbine Oil |
| 12.2.9.Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.British Petroleum PLC ((UK) |
| 13.2.2.Chevron Corporation (US) |
| 13.2.3.ExxonMobil Corporation (US) |
| 13.2.4.Fuchs Group (Germany) |
| 13.2.5.Idemitsu Kosan Co. Ltd. (Japan) |
| 13.2.6.Indian Oil Corporation Ltd. (India) |
| 13.2.7.Lukoil (Russia) |
| 13.2.8.Royal Dutch Shell PLC (The Netherlands) |
| 13.2.9.Sinopec Limited (China) |
| 13.2.10.Total SA (France) |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.
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