In 2018, the synthetic lubricants market value is registered as $12.0billion and is projected to grow at a significant CAGR of 5.8% with the synthetic lubricant market size of $18.8 billion during the forecast period (2021-2028).
Synthetic lubricants are petroleum-derived lubricants that offer better performance at higher temperatures. While the base source for synthetic lubricants is still crude oil, they can be synthesized from chemically modified petroleum components as well. The growing demand for lubricants that provide effective lubrication at high temperatures has been the major driver for the global synthetic lubricant market over the historical review period. The increasing use of industrial processes involving high temperatures has been a major driver for the synthetic lubricant market. High-temperature processes are widely used in running engines and other industrial machinery. This necessitates the use of synthetic lubricants that can perform at high temperatures. This has been a major driver for the global synthetic lubricant market.
The growing automotive and aerospace industries are likely to be a major driver for the global synthetic lubricants market. Synthetic lubricants are widely used in engine management in both automotive and aerospace applications, as the processes are carried out at high temperatures. The growing construction industry is also likely to be a major driver for the global synthetic lubricant market. The automotive industry’s growth in developing regions such as Asia Pacific has been a major driver for the global synthetic lubricant market over the review period. The growing prospects of the automotive industry in countries such as China and India are likely to provide the synthetic lubricant market with strong scope for growth in the coming years.
Leading players in the global Synthetic Lubricants Market Trends include Petroliam Nasional Berhad, Pennzoil, Lubrizol Corporation, Chevron Corporation, BP plc, Demitsu Kosan Co. Ltd., Total Lubricants, Fuchs Petrolub SE, The Dow Chemical Company, and Exxon Mobil Corporation.
In November 2019, Shell Malaysia Trading Sdn Bhd developed a new synthetic engine oil, titled Helix HX8 0W 20. The engine oil is compatible with all car engines.
The global synthetic lubricant market is segmented on the basis of type, application, end use, and region.
By type, the global synthetic lubricant market is segmented into silicones, esters, polyalphaolefins, polyalkylene glycol, and others such as alkylated aromatics and polybutenes.
By application, the global synthetic lubricant market is segmented into engine oil, process oil, hydraulic oil, marine lubricants, metalworking fluids, and others such as compressor oils, gear oils, and synthetic greases.
By end use, the global synthetic lubricant market is segmented into automobile, construction, power and energy, mining, oil and gas, food processing, and others such as turbines, vacuum pumps, soaps, and paints. The automobile industry is likely to remain a leading end user in the global synthetic lubricant market over the forecast period due to the increasing need for premium synthetic lubricants in automobiles around the world. The power and energy sector is also likely to remain an important end user of synthetic lubricants due to the application of high-temperature processes in power generation applications. The high amount of heat generated during power generation procedures necessitates significant amounts of premium lubricants, which is likely to remain a key driver for the best synthetic oil market. The increasing focus on power generation from governments around the world is likely to remain a key driver for the synthetic lubricant market.
Asia Pacific is the largest regional market for synthetic lubricants due to the growing automotive, construction, and power generation industries in the region. China, followed by Japan and India, are likely to be the leading consumers and manufacturers of synthetic lubricants in Asia Pacific. The growing automotive industry in India, South Korea, Japan, and Indonesia is likely to remain a key driver for the synthetic lubricant market in the region. The growing construction industry in the region is also likely to remain a key driver for the synthetic lubricant market over the forecast period.
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