Synthetic Lubricants Market Analysis | 2023-2028

Market Highlights

The Synthetic Lubricants Market is likely to grow at a significant CAGR of 3.0%, in the long run, to reach US$ 37.3 billion in 2028.  

Wish to get a free sample? Register Here

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 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.

Segments Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Type

• Polyalphaolefin (PAO) 
• Easters 
• Polyalkylene Glycon (PAG) 
• Group Iii (Hydrocracking) 

By Application Type

• Engine Oil 
• Hydraulic Fluids 
• Metalworking Fluids Oil 
• Compressor Oil   
• Gear Oil 
• Refrigeration Oil 
• Transmission Fluid 
• Turbine Oil 

By Region

• North America 
• Europe 
• Asia-Pacific 
• Rest of the World

By Fiber Type

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.

By Material Type

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.

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 zonal isolation market realities and future market possibilities for the forecast period of 2023 to 2028. 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 the 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 the 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com