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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Report

Description

The global synthetic lubricants market size valued at USD 4.54 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2027. 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 oils, 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.

Synthetic Lubricants Market

MARKET SUMMARY
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5.3%
  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 5.3%
  • Largest Market– Asia Pacific
  • Fastest Growing Market– Europe

Synthetic Lubricants Market

  • The report on global synthetic lubricants market gives historical, current and future market sizes (US$ Bn) based on by Product, by Application, and region.
  • Synthetic Lubricants Market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Market Key Players
  • British Petroleum
  • Chevron Corporation
  • ExxonMobil Corporation
  • Fuchs Group
  • Idemitsu Kosan Co. Ltd.
  • Indian Oil Corporation
  • Lukoil
Growth

Synthetic Lubricants Market

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 Got Significant Share

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.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Findings of the Report

  • Global synthetic lubricants market expanding at significant CAGR over 2021 to 2027 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 2020 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

Key

Key Features of the Report

Synthetic Lubricants Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content


Report

Company Profile

  • 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)

Description

The global synthetic lubricants market size valued at USD 4.54 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2027. 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 oils, 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.

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