WASHINGTON, April 20, 2023 (GLOBE NEWSWIRE) -- The Global Synthetic Lubricants Market is valued at USD 17.2 Billion in 2022 and is projected to reach USD 21.88 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 3.5% over the forecast period 2023-2030.
Market Overview
The key drivers of the synthetic lubricants market include the increasing demand for high-performance lubricants, growing industrialization, and increasing demand for synthetic lubricants in the automotive sector due to their ability to improve fuel efficiency and reduce emissions.
We forecast that the Polyalphaolefin (PAO) in Synthetic Lubricants Market sales will account for more than 50% of total sales by 2030. PAO-based lubricants are ideal for extreme temperatures and harsh environments, making them suitable for various applications.
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Market Dynamics
Growing Demand for High-Performance Lubricants will Increase to Support Market Expansion
The demand for high-performance lubricants is increasing across various industries due to the need for better protection of equipment and machinery, improved fuel efficiency, and reduced emissions. Synthetic lubricants offer several advantages over conventional lubricants, such as superior lubricity, better wear protection, and improved thermal stability. These properties make synthetic lubricants ideal for high-performance applications in the automotive, aerospace, and industrial sectors. The growing demand for high-performance lubricants is expected to continue as the need for better equipment efficiency and reduced downtime increases.
Rapid Industrialization and Growth of the Automotive Sector in the Synthetic Lubricants Industry Drive the Market Growth
The rapid industrialization and growth of the automotive sector in emerging economies are driving the demand for synthetic lubricants. As these economies continue to develop, the demand for high-performance lubricants in heavy machinery and equipment is expected to increase. Moreover, the increasing demand for fuel-efficient vehicles and the need for lubricants that can withstand high temperatures and pressures drive the demand for synthetic lubricants in the automotive sector. The growth of the automotive sector is expected to continue, especially in regions such as Asia-Pacific and Latin America, which are witnessing significant investments in infrastructure and industrialization. This, in turn, is expected to drive the demand for synthetic lubricants in the coming years.
Top Players in the Global Synthetic Lubricants Market
- BP Lubricants Pvt. Ltd (India)
- Chevron Corporation (United States)
- LANXESS (Germany)
- Valvoline (United States)
- FUCHS (Germany)
- Pennzoil (United States)
- Phillips 66 Company (United States)
- Motul (France)
- AMSOIL INC. (United States)
- Agip (Jordan)
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Top Trends in the Global Synthetic Lubricants Market
- One trend that Vantage Market Research (VMR) expects to see in the Synthetic Lubricants industry is the growing demand for bio-based synthetic lubricants. The increasing concern over the environmental impact of conventional lubricants has led to a shift towards bio-based synthetic lubricants. These lubricants are made from renewable sources, such as plant-based oils and fats and offer several advantages over conventional lubricants, such as reduced toxicity and biodegradability. Moreover, the use of bio-based synthetic lubricants can help reduce the dependence on fossil fuels and contribute to the reduction of carbon emissions. The growing demand for bio-based synthetic lubricants is expected to continue as the focus on sustainability and environmental protection increases across various industries.
- Another trend that VMR predicts will continue in the Synthetic Lubricants industry is its increasing adoption of synthetic lubricants in the food and beverage industry. The food and beverage industry has traditionally been a challenging market for lubricant manufacturers due to the strict regulations and requirements for food-grade lubricants. However, the increasing demand for high-performance lubricants that can withstand harsh operating conditions in the food and beverage industry has led to the adoption of synthetic lubricants. These lubricants offer superior performance compared to conventional lubricants and can provide better protection against wear and corrosion. Moreover, synthetic lubricants can be formulated to meet the specific requirements of the food and beverage industry, such as the ability to resist water washout, prevent contamination, and maintain food safety. The increasing adoption of synthetic lubricants in the food and beverage industry is expected to continue as the demand for safe and efficient food processing equipment increases.
Top Report Findings
- Based on the Type, most of the Synthetic Lubricants Market's revenue is controlled by the ester category. Ester-based lubricants are biodegradable and eco-friendly, making them suitable for environmentally sensitive applications, another factor driving the adoption of ester-based lubricants.
- Based on Product Type, the engine oil category controls most of the Synthetic Lubricants Market's revenue. The increasing demand for high-performance lubricants and the growing emphasis on reducing carbon emissions are driving the adoption of synthetic engine oils in the automotive industry, which is expected to drive the market's growth in the coming years.
- Based on End-Use, the Construction category controls most of the Synthetic Lubricants Market's revenue. Construction equipment and machinery require specialized lubricants that can withstand harsh operating conditions and provide superior protection to the equipment. Synthetic lubricants offer several advantages over mineral oils in construction applications, including better wear protection, improved corrosion resistance, and longer service life.
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Recent Developments in the Global Synthetic Lubricants Market
- In 2020, the introduction of Mobil Serv SM Lubrication Management was revealed by ExxonMobil.
- In 2020, the FUCHS Group acquired Nye Lubricants Inc.
Poly Alpha Olefin (PAO) Category of the Type Segment of the Global Synthetic Lubricants Market Expected to Generate around Half the Total Segment Revenue
For better understanding, based on the Type, the Synthetic Lubricants Market is divided into Poly Alpha Olefin (PAO), Esters, Poly Ethylene Glycol (PAG), and Group III (Hydrocracking).
The Poly Alpha Olefin (PAO) market was the largest market by application, and it is anticipated that it will continue to hold the top spot during the projected period. The increasing demand for high-performance lubricants and the growing emphasis on energy efficiency and reducing carbon emissions are driving the adoption of PAO-based lubricants in various industries, which is expected to drive market growth in the coming years.
On the other hand, the ester category is anticipated to grow significantly. The increasing demand for high-performance lubricants and the growing emphasis on reducing carbon emissions are driving the adoption of ester-based lubricants in various industries, which is expected to drive the market's growth in the coming years.
Asia Pacific Region Expected to Generate a Great Amount of Total Global Revenue for the Global Synthetic Lubricants Market
The Asia Pacific region is anticipated to do so in the coming years. The region has witnessed significant investments in the automotive and industrial sectors, expected to drive the demand for synthetic lubricants in the coming years. Moreover, the increasing focus on energy efficiency and reducing carbon emissions is also driving the adoption of synthetic lubricants in the region. Therefore, the Asia Pacific region will continue to generate significant revenue in the synthetic lubricants market in the coming years.
The Asia Pacific region is expected to grow the fastest in the Synthetic Lubricants Market. This growth is driven by rapid industrialization, increasing demand for high-performance lubricants, and the growing emphasis on energy efficiency and reducing carbon emissions. Countries such as China, India, Japan, and South Korea are investing heavily in their manufacturing and automotive sectors, further fueling the demand for synthetic lubricants in the region.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Synthetic Lubricants Market Forecast Report (2023-2030).
Global Synthetic Lubricants Market Segmentation
By Type
- Poly Alpha Olefin (PAO)
- Esters
- Polyethylene Glycol (PAG)
- Group III (Hydrocracking)
By Product Type
- Engine Oil
- Hydraulic Fluids
- Metalworking Fluids
- Compressor Oil
- Gear Oil
- Refrigeration Oil
- Transmission Fluids
- Turbine Oil
By End-Use
- Construction
- Mining
- Metal Production
- Cement Production
- Power Generation
- Automotive Manufacturing
- Chemical
- Marine (Deck Manufacturing)
- Oil & Gas
- Textile
- Food Processing
- Other Industries
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 17.2 Billion |
| Revenue Forecast by 2030 | USD 21.88 Billion |
| CAGR | 3.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BP Lubricants Pvt. Ltd., Chevron Corporation, LANXESS, Valvoline, FUCHS, Pennzoil, Phillips 66 Company, Motul, AMSOIL INC., Agip |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/synthetic-lubricants-market-2084/request-sample |
Key Questions Answered in the Synthetic Lubricants Market Report are:
- What is the current size and growth rate of the synthetic lubricants market?
- What are the main drivers and challenges in the market?
- What are the different types of synthetic lubricants available, and what are their respective market shares?
- What are the major applications of synthetic lubricants, and which application segments are growing the fastest?
- Who are the key players in the synthetic lubricants market, and what are their market shares and strategies?
- What are the latest technological developments and innovations in the synthetic lubricants market?
- What are the regulatory and environmental factors affecting the synthetic lubricants market?
- What are the regional trends and opportunities in the synthetic lubricants market?
- What is the competitive landscape of the synthetic lubricants market, and what are the market shares of the major players?
- What are the future prospects and growth opportunities for the synthetic lubricants market?
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