According to IMARC Group latest report titled “Synthetic Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on synthetic lubricants market demand. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global synthetic lubricants market reached a value of US$13.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$17.9 Billion by 2027, exhibiting at a CAGR of 4.64% during 2022-2027.
Synthetic lubricants are oil-based, neutral liquid chemical compounds manufactured from carbon and hydrogen atoms containing hydrocarbon gases, ammonia, and nitrogen. They are extensively used to reduce friction between two surfaces, improve the overall vehicle life cycle, and absorb heat generated from the moving parts of automobiles. Synthetic lubricants offer various benefits, such as higher viscosity, improved lubricity, thermal stability, fire resistance, superior flashpoint, and oxidation constancy.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The rapid expansion of the automotive industry and the continual launch of advanced automobiles are primary factors driving the synthetic lubricants market growth. Furthermore, the increasing demand for high-performance synthetic lubricants due to their cost-effectiveness and enhanced properties is boosting market growth. In line with this, the introduction of new-age engine types and the cost-effectiveness of synthetic lubricant over mineral and bio-based lubricants are contributing to the market growth. Apart from this, the strategic collaboration between key players and the growing investments in research and development (R&D) activities are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- BP plc
- Chevron Corporation
- China Petrochemical Corporation
- Exxon Mobil Corporation
- Idemitsu Kosan Company Ltd.
- Indian Oil Corporation Limited
- Lanxess AG
- Lukoil
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell plc
- TotalEnergies SE
Synthetic Lubricants Market Segmentation:
Our report has categorized the market based on region, product, base oil, end use industry.
Breakup by Product:
- Engine Oil
- Hydraulic Fluid
- Metalworking Fluids
- Compressor Oil
- Gear Oil
- Transmission Fluid
- Turbine Oil
- Others
Breakup by Base Oil:
- Polyalphaolefin (PAO)
- Esters
- Polyalkylene Glycol (PAG)
- Others
Breakup by End Use Industry:
- Automotive
- Power Generation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metalworking
- Chemical
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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