WorldWide Synthetic Lubricants Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Synthetic Lubricants Market

Industry / Sector Trends

Synthetic Lubricants Market size is expected to reach over 5 billion by 2023 with estimated growth of over 4% from 2016 to 2023.
 

U.S. Synthetic Lubricants Market size, by application, 2012-2023 (USD Million)

 

Increasing demand from industrial and automobile sector in Asia Pacific subject to installation of new machines coupled with increased branded cars sales will drive synthetic lubricants market share during forecast period.
 

Synthetic lubricants market share is expected to reach over USD 5 billion during forecast period. Growing adoption among new technologies, including fire resistant ester may favor the business growth in future. Major original equipment manufacturer set NSF food lubrication standard for food application which will propel synthetic lubricants market size growth in coming year.
 

These are derived from ethylene oxides, which is procured through natural gas, tight oil, CBM, shale gas and crude oil. Shell, Chevron, Total, Exxon Mobil and BP are integrated manufacturer, which ensures ethylene oxides supply to refining units for production PAG, ester-based and PAO synthetic lubricants.
 

Automotive applications dominate the industry, increase in automobile sales mostly driven by the U.S., China, India, and Brazil will foster the industry growth in future. China automobile sales increased from 9.3 million to 23 million units in 2014.
 

Gulf Cooperation Council natural gas production reached 369.2 BCM in 2012 from 207.5 BCM in 2005. Growth in personal care, food & beverage, automotive, and construction sector in emerging nation including UAE, Qatar and Saudi Arabia, has shifted political emphasis towards the development of natural gas which will positively influence the business growth. 
 

Market Segmentation, Outlook & Regional Insights: Synthetic Lubricants Market

 Synthetic Lubricants Market, By Product

Group IV synthetic lubricants market size was valued over 400 kilo tons in 2015 and is expected to witness growth over 4% from 2016 to 2023. Wide adoption of PAO in automotive engine with OEM recommendation in brands including Volkswagen and BMW will complement the industry outlook.
 

Synthetic lubricants market from ester is set to exceed USD 1.7 billion by 2023. Increase in ester demand in reciprocating compressor will stimulate the business growth during forecast period.
 

Synthetic Lubricants Market, By Application

Engine oil contributed 40% of global synthetic lubricants market share in 2015 and is expected to witness growth over 4% by 2023. It offers, excellent firm protection, high operating temperature range and increase drain interval.

 

Synthetic lubricants market share demand from heat transfer fluids is expected to exceed USD 1.5 billion by 2023. These are primarily used for water removals in O&G and chemical plants. Automatic transmission fluids are used to execute various function including torque conversion, valve operation, gear oiling and brake band friction and as hydraulic fluid in power steering.
 

Synthetic Lubricants Market, By Region

Asia Pacific synthetic lubricants market share led by India and China is expected to reach over 200 kilo tonnes by 2023 with 4.6% CAGR from 2016 to 2023. Increasing automobile sales is predicted to stimulate the industry outlook in future. It has wide applications in automobile industry subject to its superior properties with high performance when compared with mineral products.
 

Europe synthetic lubricants market is set to exceed USD 1,000 million by 2023 subject to existence of major automotive engineering workshops including Mercedes, BMW, Rolls Royce, VW, Audi, and Airbus. Latin America and Middle East offers a high growth potential for industry players.
 

Key Players, Recent Developments & Sector Viewpoints: Synthetic Lubricants Market


Key industry players include Shell, Castrol, ExxonMobil and BP, Fuchs, Total and Chevron where Shell, Castrol, ExxonMobil and BP accounted for 50% of synthetic lubricants market share in 2015.
 

High fiber cost when compared with mineral oil may hinder the synthetic lubricants market growth. Increasing demand for mineral oil from small scale manufactures mainly in Asia Pacific will further hamper the industry growth.
 

Synthetic Lubricants Industry Viewpoint


Synthetic lubricants are procured from pure chemicals rather than refined from crude oil. It can be used in both high and low temperatures. It improves oxidation resistance, thermal stability, low-temperature properties and reduce residue formation, flammability, and lower evaporation losses. It also helps to reduce fiction and thus improve fuel efficiency and equipment life. Increasing demand for automobiles coupled with rising middle class economy is expected to drive the industry growth during forecast period

Key Insights Covered: Exhaustive Synthetic Lubricants Market
1.  Market size (sales, revenue and growth rate) of Synthetic Lubricants industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Synthetic Lubricants industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Synthetic Lubricants industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Synthetic Lubricants industry.

Research Methodology: Synthetic Lubricants Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.