Market Insights
A lubricant is an ingredient that is used between two surfaces of machinery or an engine component to regulate or reduce friction. Esters, Poly Alpha Olephine (PAO), and other lubricants that are produced from synthetic base oil to replace mineral oil from crude oil are instances of synthetic lubricants. The primary goal of the lubricant is to separate the two sliding or moving surfaces in order to lessen the material deterioration brought on by friction. Thickeners, synthetic base oils, and additives make up synthetic lubricants. They provide advantages over various mineral-based lubricants. They tend to be classified as oily and liquid substances that are not made from petroleum yet have qualities that are comparable to those of petroleum-based lubricants. By absorbing heat produced by moving vehicle parts and transmitting it to the sump or cooler, these lubricants assist with controlling temperature.
The introduction of contemporary engine types is one of the key factors supporting the growth of the synthetic lubricant market. The growing market of synthetic lubricants is being fueled by their outstanding characteristics over mineral lubricants as well as their increased hardware compatibility with vehicle components. One of the key factors expected to fuel the growth of the global market is the lower price of these lubricants compared to mineral and bio-based lubricants. On the other hand, the main obstacle limiting market growth is the introduction of bio-based lubricants as a powerful replacement for synthetic lubricants. Furthermore, it is expected that shifting raw material prices could hinder market expansion.
Due to emerging trends, the market is expected to reach $37.3 billion by 2028, with a CAGR of 3.0%.
Segments' Analysis
Fiber Trends
The Synthetic Lubricants Market is segmented into Polyalphaolefin(PAO), Easters, Polyalkylene Glycon (PAG), and Group iii (Hydrocracking). Polyalphaolefin(PAO), is expected to remain the largest type in the market during the forecast period. They are recognized as high-performance lubricants due to their hydrolytic stability and high viscosity index. The expanding use of PAO-base oil in hydraulic, gear, and bearing oils, its appropriateness in high temperature as well as extreme cold situations, and its comparatively low cost compared to other base oils are some of the factors driving the growth of this segment.
Material Trends
The market is segmented into engine oil, hydraulic fluids, metalworking fluids, compressor oil, gear oil, refrigeration oil, transmission fluid, and turbine oil. Engine Oil is expected to remain the dominant as well as the fastest-growing material type in the market during the forecast period. This is owing to the expanding automotive sector, which includes both commercial and passenger vehicles. Engine oil is normally employed in cars to minimize metal-on-metal friction and avoid damage.
Regional Analysis
Asia-Pacific is expected to remain the largest market for Synthetic Lubricants during the forecast period. Due to its higher automobile sales and production than other areas, increasing population density, and rapid industrialization, Asia-Pacific has an important share of the market for synthetic lubricants. The most populated region is Asia-Pacific, which continues to increase vehicle sales by increasing middle-class households' disposable income. In China, Indonesia, and India, urbanization is expanding rapidly, which is helping the passenger automobile market grow.
The synthetic lubricants market is segmented into the following categories:
By Type
- Polyalphaolefin(PAO) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Easters (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyalkylene Glycon (PAG) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Group Iii (Hydrocracking) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Application Type
- Engine Oil (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Hydraulic Fluids (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Metalworking Fluids Oil (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Compressor Oil (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Gear Oil (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Refrigeration Oil (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Transmission Fluid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Turbine Oil (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Key Players
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the synthetic lubricants market:
- British Petroleum (BP) p.l.c
- Chevron Corporation
- Cooper Standard Automotive Inc.
- Exxon Mobil Corporation
- IDEMITSU KOSAN CO.
- Indian Oil Corporation Ltd.
- Lukoil
- Petroliam Nasional Berhad (PETRONAS),
- Royal Dutch Shell p.l.c
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Synthetic Lubricants Market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for existing and new players.
- Key success factors.
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Company Profiling
- Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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