Synthetic Lubricant Market Research Report- Forecast to 2030

Synthetic Lubricant Market Information - by Types (Silicones, Esters, PAO, PAG, and Others), Application (Engine Oil, Process Oil, Hydraulic Oil, Marine Lubricants, Metal Working Fluids, and Others), End user (Automobile, Construction, Power & Energy, Mining, Oil & Gas, Food Processing, and Others) and Region Forecast till 2030

ID: MRFR/CnM/2109-HCR | February 2021 | Region: Global | 140 pages

Synthetic Lubricant Market

Synthetic Lubricant Market is projected to be worth USD 12.4 Billion by 2030, registering a CAGR of 5.80% during the forecast period (2021 - 2030).

Segmentation

By Types Silicones Esters PAO PAG Others
By Application Engine Oil Process Oil Hydraulic Oil Marine Lubricants Metal Working Fluids Others
By End user Automobile Construction Power & Energy Mining Oil & Gas Food Processing Others

Key Players

  • Exxon Mobil Corporation (US)
  • Total Lubricants (Europe)
  • Chevron Corporation (US)
  • Pennzoil (US)
  • The DOW Chemical Company (US)
  • BP PLC (US)
  • Petroliam Nasional Berhad (Malaysia)
  • Fuchs Petolub SE (Germany)
  • Demitsu Kosan Co.Ltd (Japan)
  • Lubrizol Corporation (US)

Drivers

  • The growing demand for the automotive sector
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Synthetic Lubricant Market Overview


Synthetic Lubricant Market is projected to be worth USD 12.4 Billion by 2030, registering a CAGR of 5.80% during the forecast period (2021 - 2030).


Lubricant is used between the two surfaces of the engine component or machinery to control or reduce friction. Synthetic lubricants can be produced from synthetic base oil which replaces mineral oil from crude oil like esters, PAO, and others. It is generally characterized as oily and liquid material. Even though it is not directly from petroleum, it shows similar properties to petroleum lubricants. These lubricants control the temperature of the vehicles by absorbing the heat generated by moving parts of the vehicle and transfer it to the cooler. Hence these lubricants enhance the lifecycle of the vehicles.


COVID-19 Analysis:


The COVID-19 pandemic is severely affected on both humans health and various business sectors like automobiles, food & beverages, electrical & electronic devices, semiconductor devices, aerospace, and many more across the globe. The corona cases are increasing day by day which leads to the implementation of lockdowns by the governments of various emerging countries. Due to this lockdown, manufacturing industries face various challenges like supply chain disruptions, shortage of manpower, and lack of raw materials. This situation results in a stoppage of production.


Due to the slowdown in the automotive industry, the demand for synthetic lubricants is also reduced. Due to the lockdowns, production stoppage, disruptions in supply chains, transportation bans, and decline in the automotive industry, the demand and sales of synthetic lubricants declined. Further, after lifting the lockdowns, and, reduction of corona cases, rapidly the growth of the synthetic lubricants market rises.


Market Dynamics:


Drivers:


The growing demand for the automotive sector is driving the growth of the market.  Owing to their superior characteristics, synthetic lubricants are used in various applications like process oil, engine oil, hydraulic oil, marine lubricants, metalworking fluids, and others which is boosting the demand for synthetic lubricants. The increasing automobile, construction, and power & energy industries for developing domestic and the commercial market in the major regions like Asia-Pacific, Europe, and North America region is accelerating the synthetic lubricants market growth in the review period.


Owing to its superior properties like water solubility, high viscosity indexes, and bio-degradability, the consumption of synthetic lubricants are increased. The report of the International Organization of Motor Vehicle Manufacturers (OICA) states that in 2010, the worldwide car production is 58.3 million which increases to 72.1 million in 2016.


Restraint:


The synthetic lubricants are very expensive which is restraining the market growth. The countries related to the US and European governments like Germany, France, Norway, Sweden, Austria, and Switzerland are implementing the regulations for reducing the dependence on petroleum-based products which is hampering the lubricants market growth.


Opportunities:


When working with high temperatures, synthetic lubricants are used as an alternative for petroleum-refined oils. Growing environment regulations among the automotive sector regarding the reduction of carbon emissions are creating various opportunities for the manufacturers of synthetic lubricants to bolster market growth. By increasing investment in research and development, it is expected that to introduce environmental-friendly, efficient, and effective synthetic lubricants at lower prices which is the opportunity to escalate the market growth.


Challenges:


Reducing the cost of synthetic lubricants is the challenging factor of the synthetic lubricants market.


Study Objectives -



  • To provide detailed information about the lubricants market structure along with various forecast segments and sub-segments for the coming 7 years.

  • To provide the factors that are affecting the growth of the synthetic lubricants market value.

  • To analyze the synthetic lubricants market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, and regional trade analysis, etc.

  • To provide history and forecast revenue segments and sub-segments of the synthetic lubricants market revenue for the main geographies.

  • To provide the country-level analysis of the current synthetic lubricants market size and future prospective.

  • To provide country-level analysis of the synthetic lubricants market industry growth by region, form, and application.

  • To track and analyze new product developments, strategic alliances, and global lubricants market research.


Segment Overview:


The global synthetic lubricants market has been divided into segments based on type, application, end-user, and region.


Based on Type


The global synthetic lubricants market based on the type is classified into few types such as silicones, esters, polyalphaolefin (PAO), polyalkylene-glycol-market-5081’>polyalkylene glycol (PAG), and others (alkylated aromatics, polybutenes). Out of these types, PAO is expected to hold the largest market share as it is the most commonly used synthetic lubricant used for various applications and in high volume. PAO is majorly used as high-performance functional base fluids in hydraulic oils, transmission oils, engine oils, and compressor oils.


Based on Application


The synthetic lubricants applications are categorized into various types such as process oil, engine oil, hydraulic oil, marine lubricants, metalworking fluids, and others (compressor oils, gear oils, synthetic greases oils). Among them, engine oil is dominating the highest lubricant market share for the rising automotive industry that includes personal vehicles and high cargo transportation, majorly in the Asia-Pacific region. The major applications of engine oil in automobiles are to reduce metal-to-metal contact, minimize overall friction, and reduces damage.


Based on End-user


The synthetic lubricants industries are analyzed into construction, automobile, power & energy, mining, food processing, oil& gas, and others (turbines, vacuum pumps, soap & paint industries). The automotive segment is in the leading position in the market in terms of both value and volume due to the suitability of synthetic lubricants in overall vehicle systems over industrial applications.


Based on Region


Region-wise, the global synthetic lubricants market is divided into five main geographies such as Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, Asia-Pacific is dominating the largest market share for its demand in various applications such as automotive, construction, and power & energy in the China region followed by Japan.


Regional Analysis -


Geographically, the synthetic lubricants market is segmented into five major regions like Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa. Out of these regions, Asia-Pacific is accounting for the maximum synthetic lubricants market share for its demand in emerging countries China and Japan for various applications like automotive, power & energy, and construction. Asia-Pacific is the largest consumer of the global synthetic lubricants market for the rising demand for automobiles in India, Taiwan, and South Korea. The growth in urbanization, strengthening industrialization, and highest automotive sales and production are fueling the market growth in this region.


The second-largest consumption of synthetic lubricants in North America and the third-largest consumption in Europe. For synthetic lubricants, growing investment in blending plants in the emerging countries Russia and the Netherlands is the driving factor of the market in Europe. Moreover, stringent regulations regarding carbon emissions from vehicles are propelling the demand for fuel-efficient lubricants which increases the synthetic lubricants market growth in the transportation sector.  Due to various applications like automobile, construction, power & energy, mining, oil & gas, food processing, and others, Latin America and the Middle East also witnessed significant growth in the market.


Competitive Landscape


The prominent key players in the synthetic lubricants market outlook are the following:



  • Exxon Mobil Corporation (US)

  • Total Lubricants (Europe)

  • Chevron Corporation (US)

  • Pennzoil (US)

  • The DOW Chemical Company (US)

  • BP PLC (US)

  • Petroliam Nasional Berhad (Malaysia)

  • Fuchs Petolub SE (Germany)

  • Demitsu Kosan Co.Ltd (Japan)

  • Lubrizol Corporation (US)


Recent Developments



  • In July 2019, the highly populated enterpriser, Indian Oil Corporation introduced high-performance lubricants Servo SuperMile Plus which is a high-quality engine oil suitable for new-generation petrol and diesel cars.

  • In March 2018, one of the top key players, Petronas introduced two engine oils named Petronas Selenia Quadrifoglio 5W-40 and Petronas Syntium 7000 0w-16 at the Geneva Motor Show by strengthening the product portfolio of the enterpriser.


  • In April 2020, Scania Prime Lube announced an offer to provide better service for Scania trucks that need better servicing for smoother performance. The effort is also to take them in to the workshop to provide better servicing. As a part of its multi-point checking of the vehicle it includes Scania LDF3 synthetic lubricant replacement. This is to make the ride smoother as this replacement will also help in the better performance of the engine. The part is also to boost awareness regarding the latest lubricants and how they can improve the performance of the product.




Report Overview:


This global synthetic lubricants market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the synthetic lubricants market drivers, restraints, challenges, and opportunities. The synthetic lubricants market forecast segments are type, application, end-user, and region.


Segmentation Table


The synthetic lubricants market trends have been segmented globally based on the type, application, end-user, and region.


By Type


Silicones, esters, polyalphaolefin (PAO), polyalkylene-glycol-market-5081’>polyalkylene glycol (PAG), and others (alkylated aromatics, polybutenes).


By Application


Process oil, engine oil, hydraulic oil, marine lubricants, metalworking fluids, and others (compressor oils, gear oils, synthetic greases oils).


By End-user


Construction, automobile, power & energy, mining, food processing, oil& gas, and others (turbines, vacuum pumps, soap & paint industries).


By Region


Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa are the five main geographies included in the synthetic lubricants market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 12.4 Billion
  CAGR   5.80%(2022–2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, By Application, By End Use and By Region
  Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Exxon Mobil Corporation (US),The DOW Chemical Company (US), Fuchs Petolub SE (Germany), Total Lubricants (Europe) Demitsu Kosan Co. Ltd (Japan), BP PLC (US), Chevron Corporation (US), Lubrizol Corporation (US), Pennzoil (US), Petroliam Nasional Berhad (Malaysia)
  Key Market Opportunities   It is used as alternative for petroleum-refined oils when working in high temperature.
  Key Market Drivers

  • Increasing in demand of automotive
  • The growing automobile, construction and power & energy industry


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    Frequently Asked Questions (FAQ) :

    The global synthetic lubricant market is expected to touch a size of USD 12.4 billion.

    Synthetic Lubricant Market is projected to be worth USD 12.4 Billion by 2030, registering a CAGR of 5.80% during the forecast period (2021 - 2030).

    Rising demand of lubricants in the automotive sector is expected to drive the global synthetic lubricant market.

    The APAC region is the best-performing region and will dominate the global synthetic lubricant market till 2023 owing to applications in construction, power & energy, and automotive sectors in China and Japan.

    Fuchs Petolub SE, Chevron Corporation, Lubrizol Corporation, Pennzoil, BP PLC, Exxon Mobil Corporation, Total Lubricants, Demitsu Kosan Co. Ltd, Petroliam Nasional Berhad, The DOW Chemical Company, and others are key players of the global synthetic lubricants market.