New York, US, May 23, 2022 (GLOBE NEWSWIRE) -- Synthetic Lubricant Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR),“Synthetic Lubricant Market Information by End user, Types, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 5.80% CAGR to reach USD 12.4 Billion by 2030.
Market Scope
Lubricants are used between the two surfaces of the machinery or engine component to control or reduce friction. Synthetic lubricants are produced using synthetic base oil, replacing mineral oil with crude oil like PAO, esters, etc.
Competitive Analysis
The global synthetic lubricants market has prominent players such as:
- Lubrizol Corporation (US)
- Exxon Mobil Corporation (US)
- Demitsu Kosan Co.Ltd (Japan)
- Total Lubricants (Europe)
- Fuchs Petolub SE (Germany)
- Chevron Corporation (US)
- Petroliam Nasional Berhad (Malaysia)
- Pennzoil (US)
- BP PLC (US)
- The DOW Chemical Company (US)
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Market USP Covered
Market Drivers
The global market for synthetic lubricants has registered a massive surge in the growth rate in the last few years. The major aspect causing an upsurge in the market's growth is the growing demand for the automotive sector across the globe. Furthermore, the use of synthetic lubricants as an alternative to petroleum-refined oils in high-temperature applications is likely to offer lucrative growth opportunities to the market players across the globe.
Market Restraints
On the other hand, the high costs linked with these synthetic lubricants may hamper the market's growth over the forecasted period.
Browse In-depth Market Research Report (140 Pages) on Synthetic Lubricant: https://www.marketresearchfuture.com/reports/synthetic-lubricant-market-2855
COVID-19 Impact
The global COVID-19 pandemic has had a major impact on both the human health and industry areas across the globe. The global health emergencies led everyone to face unexpected challenges. The major industry areas affected by the global pandemic include semiconductor devices, food & beverages, aerospace, automobiles, electrical & electronic devices, and many more across the globe. The growing corona cases led to the imposing of partial or complete lockdowns across several regions worldwide. Given the lockdowns and travel restrictions imposed, several manufacturing industries worldwide face major challenges such as lack of raw materials, shortage of workforce, and supply chain disruptions.
As automotive sectors are one of the most affected market sectors globally, the demand for synthetic lubricants faced a major decline. Because of the disruptions in supply chains, lockdowns, transportation bans, production stoppages, and decline in the automotive industry, the sales and demand for synthetic lubricants dropped severely. Nevertheless, with the fall in the number of cases across the globe, the lockdowns across several countries worldwide are being lifted, and rapidly the growth of the synthetic lubricants market is rising.
Segment Analysis
The global synthetic lubricants market has been segregated into various segments based on application, type, end-user, and region.
Based on type, the global market for synthetic lubricants is split into polyalkylene glycol (PAG), esters, polyalphaolefin (PAO), silicones, and others (polybutenes, alkylated aromatics). Among all, the PAO segment is likely to secure the largest share across the global market over the forecasted era. The polyalphaolefin (PAO) is the most widely used synthetic lubricant for several applications and in high volume. PAO is mainly used as high-performance functional base fluids in the compressor, engine, transmission, and hydraulic oils.
Based on application, the global market for synthetic lubricants is divided into metalworking fluids, process oil, marine lubricants, hydraulic oil, engine oil, and others. The other subsegments include synthetic greases, gear, and compressor oils. Out of all, the engine oil sub-segment is projected to account for the highest revenue share across the global market. The segment's growth is mainly attributed to the increasing automotive industry, which includes high cargo transportation and personal vehicles, mainly across the Asia-Pacific region. The primary applications of engine oil in automobiles are to lower metal-to-metal contact, reduce damage, and minimize overall friction.
Based on end-user, the global market for synthetic lubricants is split into oil& gas, construction, food processing, automobile, mining, power & energy, and others. The other end-users include soap & paint industries, vacuum pumps, and turbines. Out of all the end-users, the automotive segment will likely secure the leading position across the global market over the forecasted timeframe. The segment's growth is mainly attributed to the suitability of synthetic lubricants in overall vehicle systems across all industrial applications.
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Regional Analysis
The global synthetic lubricants market is studied across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
The MRFR analysis suggests that the Asia-Pacific region will likely secure the top position across the global synthetic lubricants market over the forecasted timeframe. The regional market's growth is mainly attributed to the growing demand for synthetic lubricants across several applications such as power & energy, construction, and automotive across the China region, followed by Japan. The region has witnessed a massive surge in demand for automobiles across countries such as South Korea, Taiwan, and India. Furthermore, factors such as highest automotive sales and production, strengthening industrialization, and growth in urbanization are also likely to catalyze the market's growth over the coming years.
The synthetic lubricants market for the North American region is projected to secure the second position globally. The growing demand from several end-use sectors across the region is the primary aspect causing an upsurge in the regional market's growth.
The European regional market for synthetic lubricants is anticipated to grow substantially over the assessment timeframe. The factors such as growing investment in blending plants across the emerging economies and stringent regulations regarding carbon emissions are likely to catalyze the regional market's growth.
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