10th December 2019 – Global Synthetic
Lubricants Market is expected to reach USD 23.45 billion by 2024.
Synthetic lubricants are termed as a lubricant formed by chemical synthesis
relatively by refinement or extraction of petroleum to form a compound with
predictable properties. It is superior to conventional mineral oil-based
lubricants. The Synthetic Lubricants Market is estimated to grow at a
significant CAGR of 2.8% over the forecast period as the scope and its
applications are rising enormously across the globe.
Growing awareness regarding advantages
of products, high demand from automotive industries, and rising R&D investment
by industries for the development of enhanced grades are documented as major
factors of synthetic lubricants market that are estimated to enhance the growth
in the years to come. However, low cost of mineral oil may affect synthetic oil
demand is a factor that may restrain overall market growth in the coming years.
Synthetic lubricant market is segmented based on product type, application, and
region.
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Group V and group IV are the product
types that could be explored in Synthetic Lubricants in the forecast period.
Group IV comprises Polyalphaolefin (PAO). On the other hand, group V comprises
polyalkylene glycol (PAG), esters, silicone, biolubes, polyolester, and others.
PAO sector accounted for the substantial market share of Synthetic Lubricants
and is estimated to continue its dominance on the coming years. Also, in terms
of volume ester-based products sector is estimated to grow at fastest pace in
the coming years.
The market may be categorized based on
applications like Metalworking Fluids, Engine Oil, Transmission Fluids, Heat
Transfer Fluids (HTF), and others could be explored in the forecast period.
Engine oil sector accounted for the substantial market share of Synthetic
Lubricants and is estimated to lead the overall market in the coming years.
This may be because of growth in automobile sales mainly in developing
countries. Also, heat transfer fluids (HTF) sector is estimated to grow at
fastest pace with highest CAGR in the coming years.
Globally, North America accounted for
the substantial market share of Synthetic Lubricants and is estimated to lead
the overall market in the coming years. The reason behind the overall market
growth could be presence of key manufacturers in the region like automotive and
aerospace industries and rising importance of lubrication cost. The United
States is a major consumer of Synthetic Lubricants in this region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, Asia Pacific is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The aspects that may be ascribed to the growth comprise increasing automobile
sectors in developing countries like Malaysia, China, Indonesia, and India,
presence of oil industries, and widespread distribution networks.
The key players of Synthetic Lubricants
industry are Total, British Petroleum, Exxon Mobil, Valvoline, Shell, The Dow
Chemical Company, and Chevron. These players are concentrating on inorganic
growth to sustain themselves amongst fierce competition. As companies all over
the world have to believe that alliance with a market would permit them
proportional market existence and authority to declare the leadership position.
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