New Jersey, NJ, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Growing demand for automobiles coupled with rapid industrialization in the Asia Pacific region are driving the global synthetic lubricants market. The global synthetic lubricants market is expected to grow from USD 33.87 Billion in 2018 to USD 43.12 Billion by 2026, at a CAGR of 3.06% during the forecast period 2019-2026, according to the new report published by Fior Markets.
Synthetic lubricants are made of oil synthetic components that have been manufactured artificially by reaction of a few well-defined chemical compounds rather than refining from existing petroleum crudes or vegetable oils. Synthetic lubricants are increasingly preferred over conventional lubricants owing to their excellent thermal stability, wear & tear protection coupled with good load carrying capacity and low friction. Synthetic lubricants are exhibit properties of water solubility, high viscosity index, and bio-degradability. Growing investment on the research and development activities along with development of fire resistant ester-based oils, and implementation of stringent environment regulations are expected to drive the global synthetic lubricants market.
The rapid growth of automotive and transportation industry, as well as rapid industrialization in the Asia Pacific region, are driving the global synthetic lubricants market. However, the advent of electric cars coupled with incompatibility of the PAOs and PAG based oils are expected to restrain the market growth over the forecast period. Nevertheless, increasing investment on research and development activities and implementation of stringent emission norms are expected to create new opportunities for the market growth in forthcoming years.
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Key players in the global synthetic lubricants market are Royal Dutch Shell PLC, Sasol Limited, Phillips 66, Morris Lubricants,Total SA, Sinopec Limited, Lukoil, Indian Oil Corporation Ltd., ExxonMobil Corporation, British Petroleum PLC, Chevron Corporation, Fuchs Group, Idemitsu Kosan Co. Ltd., Petroliam Nasional Berhad, Dowdupont Inc., Croda International PLC., Valvoline Inc, Eni S.p.A., Bharat Petroleum Corporation Limited, and among others. In order to enhance their market position in the global synthetic lubricants market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Major lubricant manufactures are increasingly concentrating their focus on the high growth markets of India and China. For instance, in 2018, Royal Dutch Shell PLC, announced the launch of Shell Helix HX8 engine oil in India. According to the company claim, Helix HX8 forms protective barriers around critical and high-risk engine parts, providing 40 percent better wear, 78 percent better corrosion protection, 58 percent better oxidation stability and high-temperature deposit control versus industry reference oil.
- For instance, in 2017, ExxonMobil opened a new grease and synthetic lubricants facility in Singapore. This expansion project in Jurong was aimed to increase production of grease and synthetic lubricants, including Mobil 1, the company’s flagship synthetic engine oil. Also, this strategy will strengthen the company’s manufacturing capabilities and its ability to meet the growing demand for grease and synthetic lubricant products in the Asia Pacific region.
- Major lubricant manufacturers are increasingly focusing on high growth segment of motorcycles and passenger cars. For instance, in 2017, Petronas Lubricants International, announced the launch of new completely synthetic motorcycle lube called Petronas Sprinta which comes with UltraFlex.
The polyalphaolefin (PAO) segment had a market value of USD 18.05 billion in 2018
The type segment is divided into polyalphaolefin (PAO), esters, polyalkylene glycol (PAG), and group III. Polyalphaolefin (PAO) synthetic lubricants display superior oxidative and thermal stability. These oils are widely used as engine oil, metalworking fluids, and hydraulic fluids. Polyalphaolefin (PAO) increase the drain intervals and provide seal protection and reduce the possibility of component failure. As a consequence, the polyalphaolefin (PAO) led the global synthetic lubricants with USD 18.05 billion revenue in 2018. Polyalkylene glycol (PAG) are eco-friendly and sustainable type of synthetic lubricants and they last longer than all other types of lubricants.
The compressor oil segment is anticipated to grow at a CAGR of 5.06% in 2019-2026
The application is categorized into engine oil, hydraulic fluids, metalworking fluids, compressor oil, gear oil, refrigeration oil, transmission fluids, and turbine oil. Owing to the growing adoption of synthetic lubricants in automotive industry as well as increasing global demand for passenger cars, the engine oil segment dominated the global synthetic lubricants market with USD 14.42 billion revenue in 2018. Whereas, the compressor oil segment is projected to grow at the fastest CAGR of 5.06% over the forecast period. Rising use of compressors in the oil & gas industry coupled with HVAC and refrigeration applications are expected to drive this increased growth rate.
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Region Segment Analysis of the Synthetic Lubricants Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region emerged as the largest market for the synthetic lubricants with a 39.43% share of market revenue in 2018. Presence of well-developed automotive and transportation industry along with healthy demand from the industrial sector led the North America region to dominate the global demand for the synthetic lubricants in 2018. The Asia Pacific region is projected to grow at the highest CAGR of 5.13% over the forecast period. Factors such as burgeoning demand for the passenger cars and commercial vehicles and rapid industrialization in China and India are expected to fuel this increased growth.
About the report:
The global synthetic lubricants market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), import (Kilotons), and export (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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