Market Analysis
Synthetic Lubricant Market is projected to be worth USD 12.4 Billion by 2030, registering a CAGR of 5.80% during the forecast period (2023 - 2030). Lubricants put merely, are substances that are used for reducing the friction amid two sliding or moving surfaces. It is of three types- mineral based lubricants, bio-based lubricants and synthetic lubricants. Synthetic lubricants are made of additives, thickeners and synthetic base oil that offer grease and oil lubricants numerous performance benefits compared to conventional lubricants that are mineral based. It is widely used in transportation and manufacturing sectors namely rubber and plastic industries, food and beverage, commercial machinery manufacturing, metal production, transportation equipment manufacturing, marine, aviation and automotive. Owing to its alluring features such as bio-degradability, high viscosity and water solubility its consumption is increasingly significantly. As the characteristics of synthetics vary, every type finds a special application.
There are numerous factors that is driving the growth of the synthetic lubricant market. These factors according to MRFR (Market Research Future) report include numerous benefits over conventional lubricants, growing population, developing economies, rapidly growing automotive industry, increasing awareness about synthetic lubricants, increasing investment in research and development, technological innovations and rising industrial sector. On the contrary, high price of synthetic oils over mineral oils may hamper synthetic lubricant market growth.
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Key Players
Leading players profiled in the synthetic lubricant market include Petroliam Nasional Berhad (Malaysia), Pennzoil (US), Lubrizol Corporation (US), Chevron Corporation (US), BP PLC (US), Demitsu Kosan Co. Ltd (Japan), Total Lubricants (Europe), Fuchs Petolub SE (Germany), The DOW Chemical Company (US), Exxon Mobil Corporation (US) and others.
March 2019- Leading chemical group in Munich, Wacker has established its first ever silicone 3D printing laboratory in the US. It will offer hands-on training and first-hand tutorials to customers that wish to use 3D printing with silicone rubber.
Market Segmentation
MRFR report offers a complete segmental analysis of the Synthetic Lubricant Market on the basis of type, end users and application.
Based on types, it is segmented into polyalkylene glycol (PAG), polyalphaolefin (PAO), esters, silicones and others (polybutenes, alkylated aromatics). Of these, PAO will lead the market.
Based on application, the synthetic lubricant market is segmented into metal working fluids, marine lubricants, hydraulic oil, process oil, engine oil and others (synthetic greases oils, gear oils, compressor oils). Of these, engine oil will have the maximum share in the market.
Based on end users, the synthetic lubricant market is segmented into food processing, oil and gas, mining, power and energy, construction, automobile and others (soap and paint industries, vacuum pumps and turbines).
Regional Analysis
By region, the Synthetic Lubricant Industry Trends covers growth opportunities and latest trends across North America, Europe, APAC, Latin America and Middle East and Africa. Of these, Asia Pacific will have an upper hand in the market over the forecast period owing to growing need from oil and gas, construction and automotive sector particularly in South Korea, Taiwan, Thailand, Vietnam, Japan, India and China. The additional factors include the region’s economic growth, rapid industrialization, huge investment by key players on RD activities, and increasing number of end-use industries. In North America, the synthetic lubricant market will account for the second major share owing to strong growth of oil and gas and food processing sector. The synthetic lubricant market in Europe is likely to witness a notable growth due to growing production and sales of heavy vehicle and passenger cars in the UK, Italy, Spain and Germany. The synthetic lubricant market in the Middle East and Africa is predicted to have a healthy growth due to increasing residential and commercial construction activities in Saudi Arabia, Oman, the UAE, Turkey and Qatar. Countries in Latin America such as Mexico, Argentina and Brazil are projected to have a moderate growth over the forecast period owing to strong customer base and increasing per capita income.
Competitive Analysis
The global synthetic lubricant market is competitive and highly fragmented with numerous small-scale companies that are heavily investing in innovation for gaining a noteworthy market share. Key market players are forming partnerships, links, tactical tie-ups with various regional distributors for easy accessibility of their products in different end-use industries namely marine, industrial, aviation and automotive sectors.
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