Synthetic lubricants are high performance lubricants which are used for equipments which run faster and hotter to meet productivity demands. Synthetic lubricants have been in the market since 70 years and have been used by Germany and U.S. to make the equipments run in harsh environments. The importance of synthetic lubricants has been recognized by the end-user industries in the last 20 years and has been promoting the use of synthetic lubricants worldwide.
Synthetic lubricants are formulated by combination of low molecular materials in a chemical reaction to manufacture higher molecular weight materials. These reactions are controlled to produce higher molecular weight materials. These chemical reactions are controlled to manufacture products which comprise targeted performance properties and uniform consistency. Lubricants which are mineral based don’t possess the properties which are present in synthetic lubricants which attracted the end-user industries in the worldwide market.
Group IV (PAO) accounted as the largest product segment of global synthetic lubricants market. PAG synthetic lubricants are base oils which consist of excellent properties such as varnish for heavy duty services applications and reciprocating compressors. These properties have led to high demand for PAO synthetic lubricants in the market. Other product segments such as Group V (PAG) and Group V (Esters) are also anticipated to boost high demand for synthetic lubricants in the global market. Engine oils application accounted for major share of global synthetic lubricants market and is expected to increase in the near future. Increasing sales of automobiles worldwide is the major reason driving the demand for engine oils, thereby fueling growth of synthetic lubricants in the global market. Heat transfer fluids application followed engine oils application in terms of demand in 2020. Other applications such as transmission fluids, metalworking fluids and others are also projected to boost high demand for synthetic lubricants in the market.
Synthetic lubricants market is expected to reach US$ 39.47 Bn by 2029, growing at a CAGR of more than 2.8% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Synthetic Lubricants Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global synthetic lubricants market.
Target Audience
USP and Key Offerings
The report titled “Global Synthetic lubricants Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” offers strategic insights into the global synthetic lubricants market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on end-user applications, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading synthetic lubricants vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global synthetic lubricants market, of growth, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.
Growing demand for synthetic lubricants from the automotive industries is driving growth of global synthetic lubricants market. Based on product type, the global synthetic lubricants market is segmented into Group IV (PAO), Group V (PAG) and Group V (Esters). Group IV (PAO) synthetic lubricants dominated the global synthetic lubricants market in 2020 and are expected to retain its position in the near future. PAO synthetic lubricants are most commonly used base oils. PAO synthetic lubricants are high performance lubricants which provide excellent properties such as varnish control for heavy duty services applications and reciprocating compressors. The physical properties of synthetic lubricants have therefore promoted the growth of global synthetic lubricants market worldwide. In addition, excellent performance and moderate price are some of the other factors boosting demand for PAO synthetic lubricants in the market. Group V (Esters) accounted as the second largest market for synthetic lubricants and is anticipated to increase in the near future. Synthetic esters are manufactured from alcohols and carboxylic acids that are commonly known as the chemical building blocks. They are widely used in the market due to its performance and structural abilities. Hence, group V synthetic lubricants are also expected to boost high growth of global synthetic lubricants market in the near future. Other synthetic lubricants such as group V (PAG) are also projected to fuel growth of synthetic lubricants during the forecast period.
Among the applications of synthetic lubricants stated above, engine oils accounted for major share of global synthetic lubricants market in 2020. The application is anticipated to retain its position in the near future due to the growing demand for synthetic lubricants from the automotive industries worldwide. Increasing sales of automobiles in both the developed and developing sector have led to high demand for engine oils, thereby promoting growth of global synthetic lubricants market worldwide. High demand for engine oils from emerging economies such as India and China in Asia Pacific is anticipated to fuel growth of synthetic lubricants in the market. Heat transfer fluids accounted as the second largest application of synthetic lubricants, boosting growth of global synthetic lubricants market. The advantages of heat transfer fluids in maintaining the viscosity of various synthetic or petroleum-based products for various applications such as booster pumps among others is expected to drive demand for heat transfer fluids in the market. Transmission Fuels followed heat transfer fluids application in terms of demand and is projected to gain high market demand in the near future. Other applications which include metalworking fluids and others are also anticipated to boost high growth of global synthetic lubricants market during the forecast period from 2021 to 2029.
Based on geography, the global synthetic lubricants market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe accounted for major share of global synthetic lubricants market in 2020 and is expected to retain its position in the near future. The growing number of automobile industries in the region is the major factor contributing to the growth of global synthetic lubricants market. Germany dominated the global synthetic lubricants market due to the growing number of automobile industries in the region. Increasing demand for automobiles worldwide has thereby contributed to high sales of synthetic lubricants in the market. Asia Pacific accounted as the fastest growing region for synthetic lubricants market in 2020. Emerging countries such as India and China are the major countries contributing to the growth of automobile sector worldwide. Therefore, Asia Pacific is anticipated to boost high demand for global synthetic lubricants market. North America is also expected to fuel demand for synthetic lubricants due to high demand for automobiles in the region. Other regions such as Latin America and Middle East & Africa are also anticipated to boost high demand for synthetic lubricants during the forecast period from 2021 to 2029.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Synthetic Lubricants market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
