Synthetic Lubricants Market: Global Market Estimation, Dynamics, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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Global Synthetic Lubricants Market: By Product (Group Iii (Hydrocracking), Polyalphaolefin (PAO), Esters, Polyalkylene Glycol (PAG) and Others), By Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil and Others)  and Geography

 

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Description

Global Synthetic Lubricants Market Report Description:

Global synthetic lubricants market report gives comprehensive outlook on synthetic lubricants across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global market gives historical, current, and future market sizes (US$ Mn) on the basis of product, application and region. 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. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global synthetic lubricants market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global synthetic lubricants market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global synthetic lubricants products.

 

Global Synthetic Lubricants Market:

The global synthetic lubricants market estimated to be valued US$ XX Mn in 2019 and poised to grow at significant CAGR over 2020-2026. 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.

 

Rising Demand for Synthetic Lubricants from the Automotive and Industrial Sectors are Fueling the Market Growth

 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.

 

High Costs of Synthetic Lubricants are hampering the Market Growth

The only real drawback for the market is synthetic lubricants cost more than conventional lubricants, whether engine oil, or gear box oils. They are expensive because of the processing involved in creating these pure chemical base oils. However, the high cost of synthetic lubricant over conventional mineral oils is projected to deter the growth of the industry.

 

Asia Pacific Accounts for Larger Market Revenue Share in Global Synthetic Lubricants Market

 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.

 

Competition Assessment

  • British Petroleum PLC ((UK)
  • Chevron Corporation (US)
  • ExxonMobil Corporation (US)
  • Fuchs Group (Germany)
  • Idemitsu Kosan Co. Ltd. (Japan)
  • Indian Oil Corporation Ltd. (India)
  • Lukoil (Russia)
  • Royal Dutch Shell PLC (The Netherlands)
  • Sinopec Limited (China)
  • Total SA (France)

 

Global synthetic lubricants market is surging owing to frequent acquisitions and launchings by the market players. For Instance, In December 2018, ExxonMobil Corporation launched Mobil 1 Truck & SUV synthetic motor oil for gasoline-fueled, light-duty trucks, and SUVs. This product maximizes engine efficiency and provides excellent protection.

 

Key Findings of the Report:

 

  • Global synthetic lubricants market expanding at significant CAGR over 2020 to 2026 due to rising demand for synthetic lubricants from the automotive and industrial sectors
  • Based on product, polyalphaolefin (PAO)  segment accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in global Synthetic Lubricants market

 

Detailed Segmentation

 

By Product

  • Group Iii (Hydrocracking)
  • Polyalphaolefin (PAO)
  • Esters
  • Polyalkylene Glycol (PAG)
  • Others

 

By Application

  • Engine Oil
  • Hydraulic Fluids
  • Metalworking Fluids
  • Compressor Oil
  • Gear Oil
  • Refrigeration Oil
  • Transmission Fluids
  • Turbine Oil
  • Others

 

By Geography

 

North America

  • US
  • Canada

Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
  • Poland
  • Rest of Europe

Asia-Pacific

  • Japan
  • China
  • India
  • Australia & New Zealand
  • ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Venezuela
  • Rest of Latin America

Middle East and Africa (MEA)

  • Gulf Cooperation Council (GCC) Countries
  • Israel
  • South Africa
  • Rest of MEA

 

Key Features of the Report:

 

  • The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market


Location

GEOGRAPHY

PBI Location Map

ASIA PACIFIC OFFICE

Precision Business Insights, 5th Floor, Mohan’s Elite, Opp : Bharat Petroleum Pump, Khanamet Road, Hitech City, Hyderabad – 500084

EUROPE OFFICE

Precision Business Insights, Kemp House, 152 – 160 City Road, London EC1V 2NX