Home / Chemicals / Synthetic Lubricants Market By Product (Group IV (PAO), Group V (PAG), Group V (Esters)), By Application (Transmission Fuels, Engine Oils, Heat Transfer Fluids (HTF), Metalworking Fluids, Others) - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 - 2023

Synthetic Lubricants Market By Product (Group IV (PAO), Group V (PAG), Group V (Esters)), By Application (Transmission Fuels, Engine Oils, Heat Transfer Fluids (HTF), Metalworking Fluids, Others) - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 - 2023

Published: Aug 2016 | Report Code: 58066-08-16

Synthetic lubricants are high performance lubricants which are used for equipments which run faster and hotter to meet productivity demands. Synthetic lubricants have been in the market since 70 years and have been used by Germany and U.S. to make the equipments run in harsh environments. The importance of synthetic lubricants has been recognized by the end-user industries in the last 20 years and has been promoting the use of synthetic lubricants worldwide.

Synthetic lubricants are formulated by combination of low molecular materials in a chemical reaction to manufacture higher molecular weight materials. These reactions are controlled to produce higher molecular weight materials. These chemical reactions are controlled to manufacture products which comprise targeted performance properties and uniform consistency. Lubricants which are mineral based don’t possess the properties which are present in synthetic lubricants which attracted the end-user industries in the worldwide market.

Group IV (PAO) accounted as the largest product segment of global synthetic lubricants market. PAG synthetic lubricants are base oils which consist of excellent properties such as varnish for heavy duty services applications and reciprocating compressors. These properties have led to high demand for PAO synthetic lubricants in the market. Other product segments such as Group V (PAG) and Group V (Esters) are also anticipated to boost high demand for synthetic lubricants in the global market. Engine oils application accounted for major share of global synthetic lubricants market and is expected to increase in the near future. Increasing sales of automobiles worldwide is the major reason driving the demand for engine oils, thereby fueling growth of synthetic lubricants in the global market. Heat transfer fluids application followed engine oils application in terms of demand in 2015. Other applications such as transmission fluids, metalworking fluids and others are also projected to boost high demand for synthetic lubricants in the market.

Synthetic lubricants market was valued is expected to reach US$ 33.8 Bn by 2023, growing at a CAGR of more than 2.8% during the forecast period 2016-2023.

Synthetic Lubricants Market

Purpose of the Report

The purpose of this strategic research study titled “Global Synthetic Lubricants Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global synthetic lubricants market.

Target Audience

  • Industry Investors
  • Synthetic lubricants Providers/Vendors
  • Research Professionals
  • Emerging Companies
  • Raw Material Suppliers/ Buyers
  • Product Suppliers/ Buyers
  • Research Institutes

USP and Key Offerings

The report titled “Global Synthetic lubricants Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023” offers strategic insights into the global synthetic lubricants market along with the market size and estimates for the duration 2016 to 2023. The said research study covers in-depth analysis of multiple market segments based on end-user applications, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading synthetic lubricants vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:

  • Current and future market trends to justify the forthcoming attractive markets within synthetic lubricants industry
  • Market fuelers, market impediments, and their impact on the market growth
  • In-depth competitive environment analysis
  • Trailing 2-Year market size data (2013 – 2014)
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global synthetic lubricants market, of growth, offering market size and estimates for the period from 2016 to 2023, keeping in mind the above mentioned factors.

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Empirical Phase
1.4.2 Phase II – Analytical Phase
1.4.3 Phase III – Dissemination Phase
1.4.4 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Synthetic Lubricants Market
2.2 Global Synthetic Lubricants Market, By Product
2.3 Global Synthetic Lubricants Market, By Application
2.4 Global Synthetic Lubricants Market, By Geography

Chapter 3 Market Dynamics
3.1 Introduction
3.1.1 Global Synthetic Lubricants Market Volume and Revenue, 2013 – 2023, (Kilo Tons) (US$ Mn)
3.2 Key Market Strategies
3.2.1 Product Pricing Analysis
3.2.2 Regulatory Impact on Market
3.3 Market Drivers
3.4 Market Challenges
3.5 Future Outlook of the Market
3.5.1 Impact Analysis of Drivers and Restraints
3.6 Attractive Investment Proposition
3.7 Competitive Analysis
3.7.1 Market Positioning of Key Vendors

Chapter 4 Global Synthetic Lubricants Market Analysis, By Product
4.1 Overview
4.1.1 Global Synthetic Lubricants Market by Product, 2013 – 2023, (Kilo Tons)(US$ Mn)
4.2 Group IV (PAO)
4.2.1 Global Group IV (PAO) Synthetic Lubricants Market, 2013 – 2023, (Kilo Tons)(US$ Mn)
4.3 Group V (PAG)
4.3.1 Global Group V (PAG) Synthetic Lubricants Market, 2013 – 2023, (Kilo Tons)(US$ Mn)
4.4 Group V (Esters)
4.4.1 Global Group V (Esters) Synthetic Lubricants Market, 2013 – 2023, (Kilo Tons)(US$ Mn)

Chapter 5 Global Synthetic Lubricants Market Analysis, By Application
5.1 Overview
5.1.1 Transmission Fuels
5.1.1.1 Global Synthetic Lubricants Market for Transmission Fuels, 2013 – 2023, (Kilo Tons)(US$ Mn)
5.1.2 Engine Oils
5.1.2.1 Global Synthetic Lubricants Market for Engine Oils, 2013 – 2023, (Kilo Tons)(US$ Mn)
5.1.3 Heat Transfer Fluids
5.1.3.1 Global Synthetic Lubricants Market for Heat Transfer Fluids, 2013 – 2023, (Kilo Tons)(US$ Mn)
5.1.4 Metalworking Fluids
5.1.4.1 Global Synthetic Lubricants Market for Metalworking Fluids, 2013 – 2023, (Kilo Tons)(US$ Mn)
5.1.5 Others
5.1.6.1 Global Synthetic Lubricants Market for Other Applications, 2013 – 2023, (Kilo Tons) (US$ Mn)

Chapter 6 SRC View
6.1 Segmentation View (Product/ Application)
6.1.1 Global Synthetic Lubricants Market, by Application, 2013 – 2023, (Kilo Tons) (US$ Mn)

Chapter 7 RC View
7.1 North America Synthetic Lubricants Market Analysis
7.1.1 Overview
7.1.2 North America Synthetic Lubricants Market Volume, by Product, 2013 – 2023, (Kilo Tons)
7.1.3 North America Synthetic Lubricants Market Revenue, by Product, 2013 – 2023, (US$ Mn)
7.1.4 North America Synthetic Lubricants Market Volume, by Application, 2013 – 2023, (Kilo Tons)
7.1.5 North America Synthetic Lubricants Market Revenue, by Application, 2013 – 2023, (US$ Mn)
7.1.1.1 U.S. Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Ton)
7.1.1.2 U.S. Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.1.1.3 U.S. Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Ton)
7.1.1.4 U.S. Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.1.1.5 Canada Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Ton)
7.1.1.6 Canada Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.1.1.7 Canada Synthetic Lubricants Market Volume, By Application 2013 – 2023, (Kilo Ton)
7.1.1.8 Canada Synthetic Lubricants Market Revenue, By Application 2013 – 2023, (US$ Mn)
7.2 Europe Synthetic Lubricants Market Analysis
7.2.1 Overview
7.2.2 Europe Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.2.3 Europe Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.2.4 Europe Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.2.5 Europe Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (US$ Mn)
7.2.2.1 France Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.2.2.2 France Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.2.2.3 France Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.2.2.4 France Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.2.2.5 Germany Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.2.2.6 Germany Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.2.2.7 Germany Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.2.2.8 Germany Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.2.2.9 UK Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.2.3.0 UK Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.2.3.1 UK Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.2.3.2 UK Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.2.3.3 Rest of Europe Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.2.3.4 Rest of Europe Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.2.3.5 Rest of Europe Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.2.3.6 Rest of Europe Synthetic Lubricants Market Revenue, By Application 2013 – 2023, (US$ Mn)
7.3 Asia Pacific Synthetic Lubricants Market Analysis
7.3 Overview
7.3.1 Asia Pacific Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.3.2 Asia Pacific Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.3.3 Asia Pacific Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.3.4 Asia Pacific Synthetic Lubricants Market Revenue, 2013 – 2023, (US$ Mn)
7.3.1.1 China Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.3.1.2 China Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.3.1.3 China Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.3.1.4 China Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.3.1.5 India Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.3.1.6 India Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.3.1.7 India Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.3.1.8 India Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.3.1.9 Japan Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.3.2.0 Japan Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.3.2.1 Japan Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.3.2.2 Japan Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.3.2.3 Rest of Asia Pacific Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.3.2.4 Rest of Asia Pacific Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.3.2.5 Rest of Asia Pacific Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.3.2.6 Rest of Asia Pacific Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.4 Latin America Synthetic Lubricants Market Analysis
7.4.1 Overview
7.4.2 Latin America Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.4.3 Latin America Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.4.4 Latin America Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.4.5 Latin America Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.4.1.1 Mexico Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.4.1.2 Mexico Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.4.1.3 Mexico Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.4.1.4 Mexico Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.4.1.5 Brazil Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.4.1.6 Brazil Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.4.1.7 Brazil Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.4.1.8 Brazil Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.4.1.9 Rest of Latin America Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.4.2.0 Rest of Latin America Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.4.2.1 Rest of Latin America Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.4.2.2 Rest of Latin America Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)
7.5 Middle East & Africa Synthetic Lubricants Market Analysis
7.5.1 Overview
7.5.2 Middle East & Africa Synthetic Lubricants Market Volume, By Product, 2013 – 2023, (Kilo Tons)
7.5.3 Middle East & Africa Synthetic Lubricants Market Revenue, By Product, 2013 – 2023, (US$ Mn)
7.5.4 Middle East & Africa Synthetic Lubricants Market Volume, By Application, 2013 – 2023, (Kilo Tons)
7.5.5 Middle East & Africa Synthetic Lubricants Market Revenue, By Application, 2013 – 2023, (US$ Mn)

Chapter 8 Company Profiles
8.1 BP p.l.c.
8.2 Castrol
8.3 Chevron Corporation
8.4 ExxonMobil Corporation
8.5 Fuchs Petrolub SE
8.6 Idemitsu Kosan Co. Ltd
8.7 Lubrizol Corporation
8.8 Petroliam Nasional Berhad
8.9 Pennzoil
8.10 Royal Dutch Shell Plc.
8.11 Total S.A.
8.10 The Dow Chemical Company
8.11 Others

List of Figures

FIG. 1 Global Synthetic Lubricants: Market Segmentation 17
FIG. 2 Global Synthetic Lubricants Market: Research Methodology 18
FIG. 3 Global Synthetic Lubricants Market, By Product 2015 (Kilo Tons) (US$ Mn) 21
FIG. 4 Global Synthetic Lubricants Market, By Application 2015 (Kilo Tons) (US$ Mn) 22
FIG. 5 Global Synthetic Lubricants Market, By Geography, 2015 (Kilo Tons) (US$ Mn) 23
FIG. 6 Global Synthetic Lubricants Market Revenue, 2013 – 2022 (Kilo Tons) (US$ Mn) 24
FIG. 7 See-Saw Analysis : Global Synthetic Lubricants Market 28
FIG. 8 Attractive Investment Proposition 30
FIG. 9 Market Positioning of Key Synthetic LubricantsCompanies , 2014 31
FIG. 10 Global Synthetic Lubricants Market Revenue, By Products, 2016 & 2022 (US$ Mn) 32
FIG. 11 Global Group IV (PAO) Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) (US$ Mn) 33
FIG. 12 Global Group V (PAG) Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) ( (US$ Mn) 34
FIG. 13 Global Group V (Esters) Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) ( (US$ Mn) 34
FIG. 14 Global Synthetic Lubricants Market Revenue, By Applications, 2014 & 2022 (US$ Mn) 36
FIG. 15 Global Synthetic Lubricants Market Volume and Revenue for Transmission Fuels, 2013 – 2022, (Kilo Tons) (US$ Mn) 37
FIG. 16 Global Synthetic Lubricants Market Volume and Revenue for Engine Oils, 2013 – 2022, (Kilo Tons) ( (US$ Mn) 38
FIG. 17 Global Synthetic Lubricants Market Volume and Revenue for Heat Transfer Fluids (HTF) 2013 – 2022, (Kilo Tons) (US$ Mn) 39
FIG. 18 Global Synthetic Lubricants Market Volume and Revenue for Metalworking Fluids 2013 – 2022, (Kilo Tons) (US$ Mn) 40
FIG. 19 Global Synthetic Lubricants Market Volume and Revenue for Others 2013 – 2022, (Kilo Tons) (US$ Mn) 41
FIG. 20 North America Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) (US$ Mn) 42
FIG. 21 Comparative Analysis of North America Synthetic Lubricants Market Revenue, By Country, 2013 – 2022, (US$ Bn) 45
FIG. 22 Europe Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) (US$ Mn) 46
FIG. 23 Comparative Analysis of Europe Synthetic Lubricants Market Revenue, By Region, 2013 – 2022, (US$ Mn) 49
FIG. 24 Asia Pacific Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) (US$ Mn) 50
FIG. 25 Comparative Analysis of Asia Pacific Synthetic Lubricants Market Revenue, By Region, 2013 – 2022, (US$ Mn) 53
FIG. 26 Middle East & Africa Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) (US$ Mn) 54
FIG. 27 Comparative Analysis of Middle East & Africa Synthetic Lubricants Market Revenue, By Country, 2013 – 2022, (US$ Mn) 56
FIG. 28 RoW Synthetic Lubricants Market Volume and Revenue, 2013 – 2022, (Kilo Tons) (US$ Mn) 58
FIG. 29 Comparative Analysis of RoW Synthetic Lubricants Market Revenue, By Country, 2013 – 2022, (US$ Mn) 60

List of Tables

TABLE 1 Market Snapshot: Global Synthetic Lubricants Market 20
TABLE 2 Impact Indicators 29
TABLE 3 Impact Analysis of Drivers and Restraints 29
TABLE 4 North America Synthetic Lubricants Market Volume & Revenue, By Products, 2013 – 2022 (Kilo Tons) (US$ Mn) 43
TABLE 5 North America Synthetic Lubricants Market Revenue, By Applications, 2013 – 2022 (Kilo Tons) (US$ Mn) 44
TABLE 6 Europe Synthetic Lubricants Market, By Products, 2013 – 2022 (Kilo Tons) (US$ Mn) 47
TABLE 7 Europe Synthetic Lubricants Market, By Applications, 2013 – 2022 (Kilo Tons) (US$ Mn) 48
TABLE 8 Asia Pacific Synthetic Lubricants Market, By Products, 2013 – 2022 (Kilo Tons) (US$ Mn) 51
TABLE 9 Asia Pacific Synthetic Lubricants Market, By Applications, 2013 – 2022 (Kilo Tons) (US$ Mn) 52
TABLE 10 Latin America Synthetic Lubricants Market, By Products, 2013 – 2022 (Kilo Tons) (US$ Mn) 55
TABLE 11 Latin America Synthetic Lubricants Market, By Applications, 2013 – 2022 (Kilo Tons) (US$ Mn) 56
TABLE 12 Middle East & Africa Synthetic Lubricants Market, By Products, 2013 – 2022 (Kilo Tons) (US$ Mn) 59
TABLE 13 Middle East & Africa Synthetic Lubricants Market, By Applications, 2013 – 2022 (Kilo Tons) (US$ Mn) 60
TABLE 14 BP p.l.c. : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 62
TABLE 15 Castrol : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 64
TABLE 16 Chevron Corporation : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 66
TABLE 17 ExxonMobil Corporation : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 68
TABLE 18 Fuchs Petrolub SE. : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 70
TABLE 19 Idemitsu Kosan Co. Ltd : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 72
TABLE 20 Lubrizol Corporation : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 74
TABLE 21 Petroliam Nasional Berhad : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 76
TABLE 22 Pennzoil : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 78
TABLE 23 Royal Dutch Shell Plc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 80
TABLE 24 Total S.A. : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 82
TABLE 24 The Dow Chemical Company : Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, SCOT Analysis, Recent Developments) 82

On the basis of its product type, the synthetic lubricants market is categorized into following segments:

  • Group IV (PAO)
  • Group V (PAG)
  • Group V (Esters)

Synthetic Lubricants Market

Growing demand for synthetic lubricants from the automotive industries is driving growth of global synthetic lubricants market. Based on product type, the global synthetic lubricants market is segmented into Group IV (PAO), Group V (PAG) and Group V (Esters). Group IV (PAO) synthetic lubricants dominated the global synthetic lubricants market in 2015 and are expected to retain its position in the near future. PAO synthetic lubricants are most commonly used base oils. PAO synthetic lubricants are high performance lubricants which provide excellent properties such as varnish control for heavy duty services applications and reciprocating compressors. The physical properties of synthetic lubricants have therefore promoted the growth of global synthetic lubricants market worldwide. In addition, excellent performance and moderate price are some of the other factors boosting demand for PAO synthetic lubricants in the market. Group V (Esters) accounted as the second largest market for synthetic lubricants and is anticipated to increase in the near future. Synthetic esters are manufactured from alcohols and carboxylic acids that are commonly known as the chemical building blocks. They are widely used in the market due to its performance and structural abilities. Hence, group V synthetic lubricants are also expected to boost high growth of global synthetic lubricants market in the near future. Other synthetic lubricants such as group V (PAG) are also projected to fuel growth of synthetic lubricants during the forecast period.

On the basis of its application, the synthetic lubricants market is categorized into following segments:

  • Transmission Fuels
  • Engine Oils
  • Heat Transfer Fluids (HTF)
  • Metalworking Fluids
  • Others

Synthetic Lubricants Market

Among the applications of synthetic lubricants stated above, engine oils accounted for major share of global synthetic lubricants market in 2015. The application is anticipated to retain its position in the near future due to the growing demand for synthetic lubricants from the automotive industries worldwide. Increasing sales of automobiles in both the developed and developing sector have led to high demand for engine oils, thereby promoting growth of global synthetic lubricants market worldwide. High demand for engine oils from emerging economies such as India and China in Asia Pacific is anticipated to fuel growth of synthetic lubricants in the market.  Heat transfer fluids accounted as the second largest application of synthetic lubricants, boosting growth of global synthetic lubricants market. The advantages of heat transfer fluids in maintaining the viscosity of various synthetic or petroleum based products for various applications such as booster pumps among others is expected to drive demand for heat transfer fluids in the market. Transmission Fuels followed heat transfer fluids application in terms of demand and is projected to gain high market demand in the near future. Other applications which include metalworking fluids and others are also anticipated to boost high growth of global synthetic lubricants market during the forecast period from 2016 to 2023.

On the basis of geography, the global synthetic lubricants market is segmented into following categories,

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa

Synthetic Lubricants Market

Based on geography, the global synthetic lubricants market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe accounted for major share of global synthetic lubricants market in 2015 and is expected to retain its position in the near future. The growing number of automobile industries in the region is the major factor contributing to the growth of global synthetic lubricants market. Germany dominated the global synthetic lubricants market due to the growing number of automobile industries in the region. Increasing demand for automobiles worldwide has thereby contributed to high sales of synthetic lubricants in the market. Asia Pacific accounted as the fastest growing region for synthetic lubricants market in 2015. Emerging countries such as India and China are the major countries contributing to the growth of automobile sector worldwide. Therefore, Asia Pacific is anticipated to boost high demand for global synthetic lubricants market. North America is also expected to fuel demand for synthetic lubricants due to high demand for automobiles in the region. Other regions such as Latin America and Middle East & Africa are also anticipated to boost high demand for synthetic lubricants during the forecast period from 2016 to 2023.

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