Global Synthetic Lubricants Market was valued at US$ 30.4 Bn in 2019, and is expected to reach US$ 39.11 Bn by 2027, at a CAGR of 3.2 % during forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Synthetic lubricants market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Synthetic lubricants market.
The major drivers behind the growth of the synthetic lubricants market is increasing demand from automotive industries especially in growing populations and developing economies. However, the high operational cost to produce synthetic lubricants can hamper the growth of the market. Implementation of environmental regulations on the automotive sector to reduce carbon emission is expected to boost the sale of synthetic lubricants and create various opportunities for synthetic lubricants manufacturers.
The advantages of synthetic lubricants are decreased evaporation loss, better chemical and shear stability, better lubrication during extreme cold weather conditions, improves fuel economy, high viscosity index, resistance to oxidation, thermal breakdown and oil sludge problems, better engine life, increased horsepower and torque due to less drag on vehicle engine.
Based on the type, the PAO (Poly-alpha-olefin) segment accounted for the largest market shares, in 2017, and it is expected to lead the synthetic lubricants market during the forecast period. Synthetic lubricants are designated at API Group IV and are a 100% synthetic chemical compound. It is a specific type of olefin (organic) that is used as a base stock in the production of some synthetic lubricants. The growth in the market size of PAO synthetic lubricants is attributed to its improved oxidative and thermal stability and increasing use in various applications, such as engine oil, metalworking fluids, and hydraulic fluids.
Based on the application, the engine oil segment accounts the largest market share in 2017, and it is expected to dominate the synthetic lubricants market during forecast period. The demand for engine oil is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. The engine oil is mainly used in automobiles to reduce the friction and damage in metal-to-metal contact.
Geographically, Asia Pacific holds a major share of the market and is expected to be a dominant market with a high CAGR during the forecast period. The rapid growth of automotive industry is fuelling the growth of aromatic synthetic lubricants in the developing countries such as India, China, and Japan. North America is another dominant region in the market for synthetic lubricants. The developed end-user industries such as automotive, and construction transportation, among others are significantly driving the market growth.
Scope of the Global Synthetic lubricants Market
Global Synthetic lubricants Market, By Types
Global Synthetic lubricants Market, By Application
• Engine Oil
• Process Oil
• Hydraulic Oil
• Marine Lubricants
• Metal Working Fluids
Global Synthetic lubricants Market, By End User
• Power & Energy
• Oil & Gas
• Food Processing
Global Synthetic lubricants Market, by Region
• North America
• Middle East & Africa
• South America
Key Players operating in the Global Synthetic lubricants Market
• Royal Dutch Shell PLC
• ExxonMobil Corporation
• British Petroleum PLC
• Chevron Corporation
• Total SA
• Sinopec Limited
• Indian Oil Corporation Ltd.
• Fuchs Group
• Idemitsu Kosan Co. Ltd.
• Eni SpA
• Fischer–Tropsch process
• Mobil 1
Global Synthetic lubricants Market, by Region:
• North America
• Asia Pacific
• Middle East & Africa
• South America
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