The Synthetic Lubricants Market Size was valued at USD 37.23 billion in 2022, and is expected to reach USD 48.65 billion by 2030, and grow at a CAGR of 3.4% over the forecast period 2023-2030. To manage or reduce friction, lubricant is applied between the two surfaces of an engine component or machinery. Synthetic lubricants are made from synthetic base oils that are used to replace mineral oil in crude oil, such as esters, PAO, and others. It is typically described as an oily, liquid substance. Although it is not made from petroleum, it has qualities that are similar to petroleum lubricants. These lubricants regulate vehicle temperature by collecting heat generated by the vehicle's moving parts and transferring it to the cooler. As a result, these lubricants extend the life of automobiles.
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Opportunities
Used as an alternative for petroleum-refined oils.
Drivers:
Increasing demand for automotive.
The expanding automobile, construction, and power & energy industry.
Challenges:
Reducing the cost of synthetic lubricants.
Restraint:
US and European: Implementing the regulations for reducing the dependence on petroleum-based products.
The COVID-19 pandemic has had a significant impact on human health as well as several business sectors around the world, including autos, food and drinks, electrical and electronic devices, semiconductor devices, aircraft, and many more. The number of corona cases is increasing every day, prompting governments in several emerging countries to impose lockdowns. Manufacturing industries are experiencing supply chain problems, workforce shortages, and a paucity of raw supplies as a result of the lockdown. Production is halted as a result of this predicament.
The need for synthetic lubricants has decreased as the automotive industry has slowed. Synthetic lubricant demand and sales have decreased as a result of lockdowns, production halts, supply chain disruptions, transportation bans, and the fall of the automotive industry. Furthermore, following the lifting of the lockdowns and the reduction of corona cases, the synthetic lubricants business is fast growing.
By Type Silicones, esters, polyalphaolefin (PAO), polyalkylene-glycol-market-5081'>polyalkylene glycol (PAG), and others are some of the forms of synthetic lubricants available globally (alkylated aromatics, polybutenes). PAO is predicted to have the biggest market share among these types since it is the most widely used synthetic lubricant for a variety of applications and in huge quantities. PAO is primarily utilised in hydraulic oils, transmission oils, engine oils, and compressor oils as a high-performance functional base fluid.
By Application Process oil, motor oil, hydraulic oil, marine lubricants, metalworking fluids, and other synthetic lubricant uses are divided into several categories (compressor oils, gear oils, synthetic greases oils). Engine oil is used in cars to reduce metal-on-metal contact, reduce overall friction, and protect against damage.
By end use Construction, power & energy, mining, automobile, food processing, oil& gas, and other industries use synthetic lubricants (turbines, vacuum pumps, soap & paint industries). Due to the applicability of synthetic lubricants in overall vehicle systems over industrial applications, the automotive segment leads the market in terms of both value and volume.
By Type
Polyalphaolefin (PAo)
Esters
Polyalkylene glycol (PAG)
Group III (Hydrocracking)
By Product Type
Engine oil
Hydraulic fluids
Metalworking fluids
Compressor oil
Gear oil
Refrigeration oil
Transmission fluids
Turbine oil
By End-Use Industry
Construction
Mining
Metal Production
Cement Production
Power Generation
Automotive Manufacturing
Chemical
Marine (Deck Manufacturing)
Oil & Gas
Textile
Food Processing
Others
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Europe, Asia-Pacific, North America, Latin America, and the Middle East and Africa are the five key regions in which synthetic lubricants are sold. Asia-Pacific has the highest synthetic lubricant market share due to demand in rising countries such as China and Japan for various applications such as automotive, power and energy, and construction. Because of the increased demand for automobiles in India, Taiwan, and South Korea, Asia-Pacific is the largest consumer of worldwide synthetic lubricants. The market expansion in this region is being fueled by urbanisation, industrialization, and the largest automotive sales and production.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Royal Dutch Shell PLC, Chevron Corporation, Sinopec Limited, Fuchs Group, Idemitsu Kosan Co. Ltd., Eni SpA, Castrol, Fischer–Tropsch process, Mobil 1, ExxonMobil Corporation, Total SA, Lukoil, Indian Oil Corporation Ltd, British Petroleum PLC, and Others.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 37.23 Billion |
| Market Size by 2030 | US$ 48.65 Billion |
| CAGR | CAGR of 3.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (PAo, Esters, PAG, Group III) • By Product Type (Engine oil, Hydraulic fluids, Metalworking fluids, Compressor oil, Gear oil, Refrigeration oil, Transmission fluids, Turbine oil) • By End-Use Industry (Construction, Mining, Metal Production, Cement Production, Power Generation, Automotive Manufacturing, Chemical, Marine, Oil & Gas, Textile, Food Processingl, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Royal Dutch Shell PLC, Chevron Corporation, Sinopec Limited, Fuchs Group, Idemitsu Kosan Co. Ltd., Eni SpA, Castrol, Fischer–Tropsch process, Mobil 1, ExxonMobil Corporation, Total SA, Lukoil, Indian Oil Corporation Ltd, British Petroleum PLC, and Others. |
| DRIVERS | • Increasing demand for automotive. • The expanding automobile, construction, and power & energy industry. |
| OPPORTUNITIES | • Used as an alternative for petroleum-refined oils. |
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Europe, Asia-Pacific, North America, Latin America, and the Middle East, and Africa are the five key regions in which synthetic lubricants are sold.
Ans: Engine oil, Hydraulic fluids, Metalworking fluids, Compressor oil, Gear oil, Refrigeration oil, Transmission fluids, and Turbine oil are the sub-segments by Product type.
Ans: Used as alternative for petroleum-refined oils are the Opportunity for Synthetic Lubricants Market.
Ans: Synthetic Lubricants Market Size was valued at USD 37.23 billion in 2022, and is expected to reach USD 48.65 billion by 2030, and grow at a CAGR of 3.4% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Synthetic Lubricants Market Segment, By type
8.1 Polyalphaolefin (PAo)
8.2 Esters
8.3 Polyalkylene glycol (PAG)
8.4 Group III (Hydrocracking)
9. Global Synthetic Lubricants Market Segment, By Product Type
9.1 Engine oil
9.2 Hydraulic fluids
9.3 Metalworking fluids
9.4 Compressor oil
9.5 Gear oil
9.6 Refrigeration oil
9.7 Transmission fluids
9.8 Turbine oil
10. Global Synthetic Lubricants Market Segment, By End-Use Industry
10.1 Construction
10.2 Mining
10.3 Metal Production
10.4 Cement Production
10.5 Power Generation
10.6 Automotive Manufacturing
10.7 Chemical
10.8 Marine (Deck Manufacturing)
10.9 Oil & Gas
10.10 Textile
10.11 Food Processing
10.12 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Royal Dutch Shell PLC
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 ExxonMobil Corporation
12.3 British Petroleum PLC
13.4 Chevron Corporation
12.5 Total SA
12.6 Sinopec Limited
12.7 Lukoil
12.8 Indian Oil Corporation Ltd.
12.9 Fuchs Group
12.10 Idemitsu Kosan Co. Ltd.
12.11 Eni SpA
12.12 Castrol
12.13 Fischer–Tropsch process
12.14 Mobil 1
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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