USD 17.87 billion
Global Synthetic Lubricants Market Size, Share, Growth Analysis, By Type(PAO, Esters), By Product Type(Engine Oil, Transmission Fluids and Hydraulic Fluids), By End-user(Power Generation, Automotive and Other Transportation) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2160 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
98 |
Figures:
76
Global Synthetic Lubricants Market Insights
Global Synthetic Lubricants market size was valued at USD 17.87 billion in 2022 and is poised to grow from USD 18.60 billion in 2023 to USD 25.66 billion by 2031, at a CAGR of 4.1% during the forecast period (2024-2031).
Synthetic lubricants, such as esters and poly alpha olefin (PAO), are lubricants manufactured from synthetic base oils that take the place of mineral oil generated from crude oil. Market expansion is attributable to synthetic lubricants' improved qualities, which include helping to regulate temperature by absorbing heat produced by moving vehicle parts and transferring it to a cooler or sump. Its demand in end-use industries including the automotive and industrial machinery and equipment sectors is being driven by this. When compared to mineral lubricants, synthetic lubricants have superior qualities, such as greater hardware compatibility with vehicle parts. Hence, the introduction of modern engines and high-end automotive parts, upgrades in vehicle designs, and the improvement of technology are increasing the need for synthetic lubricants over the forecast period.
The demand for the product is also anticipated to expand in Asia Pacific as a result of rising auto production and new machine installations. The need for synthetic lubricants is also increasing as a result of technological developments like the NSF Food lubricants standard, which is being adopted by key equipment manufacturers in the food sector for the use of synthetic lubricants. New goods and technologies are being developed by manufacturers so that they may be used with a variety of machinery that operates at high pressures and temperatures. The preference of consumers for less expensive alternatives to synthetic lubricants, however, is anticipated to restrain market expansion. The range of synthetic lubricants is also anticipated to be reduced due to the growing demand to lower maintenance costs in the manufacturing sector. Future market expansion is also anticipated to be hampered by the incompatibility of conventional mineral oils and polyalkylene glycol (PAG)-based oils with polyalphaolefins (PAOs) and PAOs.
US Synthetic Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
PAO
Fastest Growth
PAO
Growth Rate
4.1% CAGR
Global Synthetic Lubricants Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Synthetic Lubricants Market Size By End User 2022-2030 ($ Bn)
Global Synthetic Lubricants Market Size By End User 2022-2030 ($ Bn)
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Global Synthetic Lubricants Market Segmental Analysis
Global Synthetic Lubricants Market is segmented based on type, product type, end user and region. Based on application the market is segmented into PAO, Esters, and PAG. Based on product type, the Synthetic Lubricants Market is segmented into engine oil, transmission fluids and hydraulic fluids, metalworking fluids, general industrial oils, greases, process oils, and other. Based on application the Synthetic Lubricants Market is segmented into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other. Based on region the global Synthetic Lubricants Market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Synthetic Lubricants Market Analysis by Type
During the projected period, the PAO segment dominated the global Synthetic Lubricants market in 2022. This is explained by the fact that it has a high viscosity index and gives hydrolytic stability. Further aspects influencing PAO's rise include its expanding use in gear and bearing oils, adaptability in both high and low temperatures, and relative affordability when compared to other base oils. Over the predicted period, esters are anticipated to have significant expansion. This is explained by the fact that synthetic esters can be utilized in low- and high-temperature applications and that performance-improving additives including corrosion inhibitors, antioxidants, load-carrying additives, and anti-wear agents work well with them. As a result, they are employed in a wide range of devices, including jet engines, hydraulic power packs, compressors, bearings, and gearboxes.
Global Synthetic Lubricants Market By Type, 2022 (%), 2023 (%)
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Global Synthetic Lubricants Market Regional Insights
The Asia Pacific region is anticipated to dominate the global Synthetic Lubricants market. The region's expanding automotive and petrochemical sectors are to blame for this rise. Many large oil firms that produce synthetic lubricants and have substantial distribution networks control the majority of the market. The Asia Pacific refinery industry, particularly in nations like China, India, and Singapore, has benefited from the low price of crude oil, which has led to a growth in the region's petrochemical production.
Europe, on the other hand, is another region where the market is expanding quickly. This growth is linked to elements including the region's manufacturing sector's recovery, increased emphasis on lowering vehicle CO2 emissions, improvements in product quality, and the availability of base oil. Demand for the product in the region is also being fueled by rising investment in synthetic lubricant mixing facilities in Russia and the Netherlands. The European Union's rules and regulations for environmental and public health safety, however, could be a threat to the market.
Global Synthetic Lubricants Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Synthetic Lubricants Market Dynamics
Synthetic Lubricants Market Drivers
- There are several factors driving the synthetic lubricants market such as, growing demand for fuel-efficient and high-performance vehicles, increasing industrialization and urbanization, growing environmental concerns, advancements in technology, government regulations and growing demand for industrial automation.
- One of the main factors propelling the market for synthetic lubricants is the rising demand for fuel-efficient and high-performance vehicles. In comparison to traditional mineral-based lubricants, synthetic lubricants have a number of benefits, including greater fuel economy, decreased friction, extended oil life, and better lubrication at high temperatures. Synthetic lubricants are growing in popularity as automakers continue to concentrate on enhancing the fuel economy and performance of their vehicles. In high-performance engines, where they can assist decrease wear and tear, boost horsepower, and enhance overall engine efficiency, synthetic lubricants are particularly useful. The demand for synthetic lubricants is also being driven by increasing environmental restrictions, like vehicle emissions limits. Synthetic lubricants are a desirable alternative for both customers and automakers since they can help lower pollutants and increase fuel efficiency. As a result, the automobile industry is seeing a rise in demand for high-performance, fuel-efficient vehicles, which is being fueled by stronger environmental requirements.
- Moreover, the market for synthetic lubricants is being driven by the rising demand for industrial automation. Industrial automation involves the use of cutting-edge technologies, such robots and other automated machinery, to improve productivity and streamline production operations. These technologies operate under harsh circumstances and high speeds, which can put a lot of strain on the machinery and its lubricants. In this situation, synthetic lubricants have various benefits. They can offer improved resistance to deterioration under pressure and high temperatures, as well as reducing friction and energy usage. Moreover, synthetic lubricants last longer and need to be changed less frequently, which can save costs for industrial automation processes.
Synthetic Lubricants Market Restraints
- Although the industry has the potential to grow, there are some challenges, such as high cost, lack of awareness, competition from bio-based lubricants, limited availability of raw materials and strict regulations. Traditional mineral-based lubricants are frequently less expensive than synthetic lubricants. Because of this, they could be harder to reach for startups or companies with limited resources. Also, a lot of companies and customers are unaware of the advantages of synthetic lubricants or are unaware of how they differ from conventional lubricants. As a result, entry into the market may be difficult for producers of synthetic lubricants. Also, there is a rising need for lubricants that are environmentally safe and sustainable. In some applications, bio-based lubricants could be used in place of synthetic lubricants as an alternative. However, some of the basic ingredients necessary to make synthetic lubricants, such Group IV base oils, are scarce. Long-term market growth for synthetic lubricants may be constrained by this.
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Global Synthetic Lubricants Market Competitive Landscape
The majority of businesses are concentrating on enhancing their presence in developing and potentially lucrative areas like Asia Pacific by forming strategic alliances and opening new facilities. For instance, in the recent years, firms like ExxonMobil, Total, and Shell have partnered with gearbox producers like Stäublito, Bonfiglioli, and Shanthi, with the latter group of firms recommending the use of synthetic gear lubricants.
Synthetic Lubricants Market Top Player’s Company Profiles
- Royal Dutch Shell
- ExxonMobil Corporation
- Chevron Corporation
- BP Plc
- Total S.A.
- Fuchs Petrolub SE
- Idemitsu Kosan Co. Ltd.
- AMSOIL Inc.
- Petroliam Nasional Berhad (Petronas)
- The Lubrizol Corporation
- Valvoline Inc.
- Pennzoil Quaker State Company
- Royal Purple LLC
- Croda International Plc
- Evonik Industries AG
- Klüber Lubrication München SE & Co. KG
- Castrol Limited
- Sinopec Limited
- Gulf Oil Lubricants India Ltd.
- Motul S.A.
Synthetic Lubricants Market Recent Developments
- In October 2023, TORK Motors unveiled an innovative ECO+ ride mode for its Kratos R flagship model. This new mode significantly extends the bike's range, enabling riders to achieve over 150 km on a single charge in urban riding conditions. ECO+ mode is specifically designed for city riders prioritizing efficiency over performance. With a restricted top speed of 35 km/h, it caters to urban environments characterized by congestion and heavy traffic, where maximizing efficiency is paramount.
- In October 2023, Gulf Oil Lubricants India Ltd., a leading Indian lubricant manufacturer under the Hinduja Group, is expanding its product offerings in the Indian market by introducing the renowned S-OIL SEVEN range through a strategic partnership. Gulf Oil will oversee the production, distribution, and promotion of this premium range through the KIA India dealer network. The S-OIL SEVEN range includes a variety of Passenger Car Gasoline and Diesel Engine oils. Gulf Oil holds exclusive rights to manufacture and distribute the S-OIL SEVEN range in India, marking the first time an S-OIL product line is produced outside South Korea. This range comprises fully synthetic, semi-synthetic, and premium lubricants, ensuring superior technical performance.
- In September 2023, Amsoil introduced a new addition to its Commercial-Grade product line: a 10W-30 diesel oil. This synthetic-blend product contains over 50% synthetic content.
Global Synthetic Lubricants Key Market Trends
- The largest consumer of synthetic lubricants is the automotive industry. The need for synthetic lubricants is growing along with the desire for more fuel-efficient cars and the need to cut carbon emissions.
- The need for machinery and equipment has greatly expanded due to the growth of both the industrial and urban sectors of society. As a result, the demand for synthetic lubricants has increased since they offer superior protection to machinery and equipment, extending their lifespan and decreasing downtime.
- Industries and consumers are becoming more and more conscious of the value of energy efficiency. As a result of decreased friction and wear caused by synthetic lubricants, energy efficiency has improved and consumption has decreased.
Global Synthetic Lubricants Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global synthetic lubricants market analysis, growing demand for fuel-efficient and high-performance vehicles, increasing industrialization and urbanization, growing environmental concerns, advancements in technology, government regulations and growing demand for industrial automation are several factors driving the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 17.87 billion |
| Market size value in 2031 | USD 25.66 billion |
| Growth Rate | 4.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Synthetic Lubricants Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Synthetic Lubricants Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Synthetic Lubricants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Synthetic Lubricants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Synthetic Lubricants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Synthetic Lubricants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Synthetic Lubricants Market Report Snapshots
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