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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 are high-performance lubricants used for equipment that runs faster and hotter to meet productivity demands. Synthetic lubricants have been on the market for 70 years and have been used by Germany and the U.S. to make equipment run in harsh environments. In the last 20 years, industries that use lubricants have learned how important synthetic lubricants are and have been promoting their use around the world.

Synthetic lubricants are formulated by the combination of low molecular weight 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 that comprise targeted performance properties and uniform consistency. Lubricants that are mineral-based don’t possess the properties that are present in synthetic lubricants, which attract the end-user industries in the worldwide market.

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

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

The 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 to make informed strategic decisions regarding the opportunities in the global synthetic lubricants market.

Target Audience

  • Industry Investors
  • Synthetic lubricant providers and vendors
  • Research Professionals
  • Emerging Companies
  • Raw Material Suppliers/Buyers
  • Product Suppliers and Buyers
  • Research Institutes

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

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

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

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

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

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

Among the applications of synthetic lubricants stated above, engine oils accounted for a major share of the global synthetic lubricant 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 sectors have led to high demand for engine oils, thereby promoting the growth of the global synthetic lubricant market worldwide. High demand for engine oils from emerging economies such as India and China in the Asia Pacific is anticipated to fuel the growth of synthetic lubricants in the market. Heat transfer fluids accounted for the second largest application of synthetic lubricants, boosting the growth of the global synthetic lubricant 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, are expected to drive demand for heat transfer fluids in the market. Transmission fuels followed heat transfer fluid application in terms of demand and are projected to gain high market demand in the near future. Other applications, which include metalworking fluids and others, are also anticipated to boost the high growth of the global synthetic lubricant market during the forecast period from 2016 to 2023.

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

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

Based on geography, the global synthetic lubricant market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe accounted for a major share of the global synthetic lubricant 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 the global synthetic lubricant market. Germany dominated the global synthetic lubricant 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 was the fastest-growing region in the synthetic lubricant market in 2015. Emerging countries such as India and China are the major countries contributing to the growth of the automobile sector worldwide. Therefore, Asia-Pacific is anticipated to boost high demand for the global synthetic lubricant market. North America is also expected to fuel the demand for synthetic lubricants due to the high demand for automobiles in the region. Other regions, such as Latin America and the Middle East, and Africa, are also anticipated to boost demand for synthetic lubricants during the forecast period from 2016 to 2023.

Frequently Asked Questions:

The market for Synthetic Lubricants is expected to reach US $33.8 Bn in 2023.

The Synthetic Lubricants market is expected to see significant CAGR growth over the coming years, at 2.8%.

The report is forecasted from 2016-2023.

The base year of this report is 2021.

BP p.l.c., Castrol, Chevron Corporation, ExxonMobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd, Lubrizol Corporation, Petroliam Nasional Berha are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Aug 2016
Category:  Chemicals
Report ID:   58066
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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