USD 16.85 billion
Report ID: SQMIG15E2160 | Region: Global | Published Date: July, 2023 | Pages: 260 | Tables: 98 | Figures: 76
Synthetic Lubricants Market size was valued at USD 16.85 billion in 2021 and is poised to grow from USD 17.5 billion in 2022 to USD 23.4 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).
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.
Global Market Size
USD 16.85 billion
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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.
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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.
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Synthetic Lubricants Market Drivers
Synthetic Lubricants Market Restraints
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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
Synthetic Lubricants Market Recent Developments
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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.
|Market size value in 2021||USD 16.85 billion|
|Market size value in 2030||USD 17.5 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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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.
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