Pune, May 04, 2023 (GLOBE NEWSWIRE) -- The Synthetic Lubricants Market, as reported by SNS Insider, had an estimated worth of USD 37.23 billion in 2022 and is anticipated to expand to USD 48.65 billion by 2030, with a projected compound annual growth rate (CAGR) of 3.4% during the forecast period spanning from 2023 to 2030.
Market Report Scope
Synthetic Lubricants are high-performance lubricants that are engineered from chemically modified synthetic base oils and specially designed additives. These lubricants are designed to provide superior lubrication and protect the engine components of various types of machinery, including automobiles, aircraft, and industrial machinery.
Market Analysis
The increasing demand for high-performance lubricants, coupled with the growing trend of using Synthetic Lubricants over conventional ones, is driving the growth of the Synthetic Lubricants market. These lubricants are designed to withstand extreme conditions and provide superior lubrication, ensuring smooth operation of the equipment. Moreover, Synthetic Lubricants are environmentally friendly and help in reducing carbon emissions, making them a popular choice among end-users who prioritize sustainability. As a result, various industries such as automotive, aerospace, marine, and industrial machinery are increasingly adopting Synthetic Lubricants to enhance their operational efficiency and reduce maintenance costs.
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Impact of Recession
During a recession, the demand for goods and services tends to decline as people tighten their spending and cut back on non-essential expenses. This can have a significant impact on industries like automotive and industrial machinery, which are major consumers of Synthetic Lubricants. However, the impact of a recession on the Synthetic Lubricants market can vary depending on the severity and duration of the downturn. While a short-term decline in demand may be expected, the long-term outlook for the market remains positive, as Synthetic Lubricants continue to gain popularity due to their superior performance, longer lifespan, and environmental benefits.
Key Regional Development
According to recent research by SNS Insider, the Synthetic Lubricants market has seen significant growth in the Asia Pacific region, where it has accounted for the largest revenue share. This growth is largely attributed to the region's booming automobile and petrochemical industries, which have driven demand for high-performance lubricants. In this highly competitive market, a few major oil companies have emerged as dominant players, producing Synthetic Lubricants with exceptional quality and performance. These companies have established extensive distribution networks to cater to the rising demand, providing their customers with superior lubrication solutions.
Key Takeaway from Synthetic Lubricants Market Study
- Among the various segments in the market, the engine oil segment is expected to lead the charge due to the increasing demand for high-quality lubricants for automotive engines. With advancements in engine technology and the need for greater fuel efficiency, Synthetic Lubricants are becoming more critical in ensuring optimal engine performance and longevity.
- The construction industry segment is expected to take the lead in the market. Synthetic Lubricants are designed to offer better performance and longer-lasting protection for equipment in harsh operating conditions. As construction equipment often operates in extreme conditions such as high temperatures and heavy loads, the demand for Synthetic Lubricants in this industry is expected to increase.
Recent Developments Related to Synthetic Lubricants Market
- FUCHS, a renowned brand in the lubricant industry, has recently launched a new fully synthetic engine oil that promises to provide top-notch performance and protection to your vehicle's engine. This latest addition to their product line-up is a result of their continuous efforts to provide their customers with the best possible solutions for their engine lubrication needs.
- Tata Motors, a leading automobile manufacturer in India, has recently introduced a new 5W30 synthetic engine oil for commercial vehicles (CVs). This new product is designed to meet the specific requirements of Tata Motors' CVs and to provide superior engine protection and performance.
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Synthetic Lubricants Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 37.23 Billion |
| Market Size by 2030 | US$ 48.65 Billion |
| CAGR | CAGR of 3.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By Type (PAo, Esters, PAG, Group III) • By Product Type (Engine oil, Hydraulic fluids, Metalworking fluids, Compressor oil, Gear oil, Refrigeration oil, Transmission fluids, Turbine oil) • By End-Use Industry (Construction, Mining, Metal Production, Cement Production, Power Generation, Automotive Manufacturing, Chemical, Marine, Oil & Gas, Textile, Food Processingl, Others) |
| Company Profiles | Royal Dutch Shell PLC, Chevron Corporation, Sinopec Limited, Fuchs Group, Idemitsu Kosan Co. Ltd., Eni SpA, Castrol, Fischer–Tropsch process, Mobil 1, ExxonMobil Corporation, Total SA, Lukoil, Indian Oil Corporation Ltd, British Petroleum PLC, and Others. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Synthetic Lubricants Market Segment, By type
9. Global Synthetic Lubricants Market Segment, By Product Type
10. Global Synthetic Lubricants Market Segment, By End-Use Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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