Chicago, March 21, 2024 (GLOBE NEWSWIRE) -- The Synthetic Lubricants Market is estimated to grow from USD 41.2 billion in 2023 to USD 48.0 billion by 2028, at a CAGR of 3.1% during the forecast period, as per the recent study by MarketsandMarkets™. Rising demand of synthetic lubricants from industries such as automotive, aerospace, marine, construction, power generation and others for variety of applications is leading the market. During the forecast period, this is anticipated to expand the synthetic lubricants market even more.
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Browse in-depth TOC on "Synthetic Lubricants Market”.
315 - Market Data Tables
56 - Figures
297 - Pages
List of Key Players in Synthetic Lubricants Market:
- Shell plc (UK)
- xxon Mobil Corporation (US)
- BP p.l.c. (UK)
- Chevron Corporation (US)
- China Petroleum & Chemical Corporation (China)
- TotalEnergies SE (France)
- FUCHS (Germany)
- Idemitsu Kosan Co. Ltd. (Japan)
- LUKOIL (Russia)
- and Petroliam Nasional Berhad (PETRONAS) (Malaysia)
Drivers, Opportunities and Challenges in Synthetic Lubricants Market
- Drivers: Growing construction industry in Asia Pacific
- Restraint: Rise in demand for alternative fuels
- Opportunity: Advancements in synthetic lubricants technology
- Challenges: Rising raw material prices
Key Findings of the Study:
- The PAOs segment to account for largest share in the Synthetic Lubricants market, in terms of value, during the forecast period.
- Engine oil segment to lead Synthetic Lubricants market in product type segment, during the forecast period, in terms of value.
- Asia Pacific is expected to be the fastest-growing region, in the overall Synthetic Lubricants market, during the forecast period.
Synthetic lubricants can be derived directly from plant as well as animal sources. Animal-based adhesives are derived from organic sources, such as the casein (milk protein), collagen (gelatin), and hide-based animal glues (bovine & porcine hides). Plant-based adhesives are natural adhesives that are derived from organic sources, such as soy protein and starch (dextrin).
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Based on type, the synthetic lubricants market is segmented as PAOs, PAGs, esters, and group III. PAOs was the largest segment in global synthetic lubricants market, in terms of value, in 2022. When compared to traditional mineral oils, PAOs often have a high viscosity index, which means that their viscosity varies less with temperature. Due to this characteristic, PAO-based lubricants function better at extremely hot or cold temperatures by maintaining constant viscosity and lubricating qualities throughout a broad temperature range. Compressor oil is projected to grow at highest CAGR during the forecast period, in terms of value. Synthetic compressor oils are commonly used in air compressors, which are widely used in automotive repair shops, manufacturing plants, construction sites, and other industrial applications. Synthetic compressor oils help to reduce friction, wear, and heat generation in air compressors, leading to improved efficiency and reliability.
Based on product type, the synthetic lubricants market is segmented as engine oils, hydraulic fluids, metalworking fluids, compressor oils, refrigerant oils, transmission fluids, gear oils, and turbine oils. Engine oil is estimated to be the largest product type for synthetic lubricants market, in terms of value, during the forecast period. Synthetic lubricants are widely used in engine oil formulations across various product types to provide superior performance and protection for modern engines. Synthetic engine oils are formulated using 100% synthetic base oils, such as polyalphaolefins (PAOs) or esters. These oils offer excellent thermal stability, oxidation resistance, and viscosity control, providing superior protection against wear, friction, and deposit formation. Synthetic engine oils are recommended for high-performance engines and demanding driving conditions.
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Based on region, Asia Pacific stands out as the fastest growing market for synthetic lubricants. Asia Pacific is a powerhouse of different manufacturing industries such as automotive, construction, transportation, and others. The Asia Pacific region's manufacturing and construction industries are fueling the demand for synthetic lubricants. To maintain dependable performance and save downtime, synthetic lubricants are used in a variety of industrial machinery and equipment, such as bearings, gears, compressors, and hydraulic systems.
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