Synthetic Lubricants - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Synthetic Lubricants Market is accounted for $28.32 billion in 2017 and is expected to reach $45.48 billion by 2026 growing at a CAGR of 5.4% from 2017 to 2026. Some of the factors such as increase in automotive industry and Vehicle Park are propelling the market growth. However, rise in demand for alternative fuels is restricting the market growth. Advancements in synthetic lubricants technologies are creating ample opportunities for the market growth.
Synthetic lubricants are composed of synthetic base oil, thickeners and additives that provide oil lubricants and grease numerous performance advantages in comparison to the conventional mineral based lubricants. Synthetic oil is a lubricant comprising of chemical products that are produced artificially. They are manufactured from chemically modified petroleum products and can be synthesized from various raw materials. It provides superior mechanical and chemical properties to those found in traditional mineral oils. Synthetic oil acts as a substitute for lubricant refined from petroleum when operating in extreme temperatures.
On the basis of Application, the engine oil segment is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. Engine oil is mainly used in automobiles to reduce metal-to-metal contact and minimize overall friction and reduce damage. This dominance is also attributed to the rapid growth of the automotive industry, especially in the Asia Pacific region.
Some of the key players in Synthetic Lubricants market include, DOW Chemical Company, Fuchs Group, Sinopec Limited, Royal Dutch Shell PLC, Indian Oil Corporation Ltd., British Petroleum (BP) PLC, Pennzoil, Total SA, Petroliam Nasional Berhad, Exxonmobil Corporation, Idemitsu Kosan Co. Ltd., Lubrizol Corporation, BP PLC, Lukoil, Chevron Corporation.
• Polyalphaolefin (PAO)
• Polyalkylene Glycol (PAG)
• Group III (Hydrocracking)
• Phosphate Ester
• Di-basic Acid Ester (Di-Ester)
• Others Types
• Gear Oil
• Metalworking Fluids
• Refrigeration Oil
• Engine Oil
• Heat Transfer Fluids (HTF)
• Turbine Oil
• Transmission Fluids and Hydraulic Fluids
• Compressor Oil
• Process Oil
• Hydraulic Oil
• Marine Lubricants
• General Industrial Oils
• Other Applications
End Users Covered:
• Heavy Equipment
• Automotive and Other Transportation
• Chemical Manufacturing
• Power Generation
• Metallurgy and Metal Working
• Food & Beverage
• Other End Users
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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- Supply chain trends mapping the latest technological advancements
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