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Synthetic Lubricants Market

Synthetic Lubricants Market Size, Share & Segmentation 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), and by Region | Global Market Forecast 2022-2028

Report Id: SNS/C&M/1476 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Synthetic Lubricants Market Size was valued at USD 36.01 billion in 2021, and is expected to reach USD 57 billion by 2028, and grow at a CAGR of 3.4% over the forecast period 2022-2028. 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.

Synthetic Lubricants Market Revenue Graph

MARKET DYNAMICS

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.

Impact Of COVID-19 Analysis

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.

Key Players:

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.

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.

Market Segmentation:

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

Synthetic Lubricants Market Segment Pie Chart

Regional Analysis

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

 

Synthetic Lubricants Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 36.01 Billion
Market Size by 2028 US$ 57 Billion
CAGR CAGR of 3.4% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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.


Frequently Asked Questions (FAQ) :

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  36.01 billion in 2021, and expected to reach USD 46.75 billion by 2028, and grow at a CAGR of 3.0 % over the forecast period 2022-2028.

 


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

 

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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Secondary Research

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