Synthetic Lubricant Market Research Report- Forecast to 2030

Synthetic Lubricants Market Research Report Information By Type (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), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) ā€“ Market Forecast Till 2030

ID: MRFR/CnM/2109-HCR | 140 Pages | Author: Priya Nagrale | December 2023         

 Synthetic Lubricant Market Speak to Analyst Request a Free Sample

Global Synthetic Lubricants Market Overview


Synthetic Lubricants Market Size was valued at USD 7.9 billion in 2021. The synthetic lubricants market industry is projected to grow from USD 8.39 Billion in 2022 to USD 12.40 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2022 - 2030). The growing automotive industry and vehicle sales and increasing industrialization in emerging economies are the key market drivers enhancing market growth.


Synthetic Lubricants Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Synthetic Lubricants Market Trends




  • Growing automotive industry and vehicle sales boost the market growth




Rising demand from the automotive industry and vehicle sales, as well as surging industrialization in emerging regions, are expected to propel the Synthetic Lubricants Market during the forecast period. In addition, the qualities of synthetic lubricants, which are lacking from conventional lubricants, are likely to drive market expansion. These properties include high thermal stability, significant load-carrying capacity, wearing and tear prevention, and low friction. A rise in vehicle demands due to improved fuel efficiency owing to viscosity reduction in synthetic lubricants which decrease engine friction is also anticipated to boost the market during the predicted period. Environmental regulations getting implemented in the automotive industry to reduce carbon emissions and these factors are also expected to support the market. According to the International Organization of Motor Vehicle Manufacturers, in 2020, the number of vehicles produced ly was 77.6 million and the number reached 80.1 million in 2021. As a result, the rising demand for automotive vehicles ly is anticipated to accelerate the market CAGR during the projected period.


Additionally, synthetic lubricants have superior mechanical compatibility with automobile components compared to mineral lubricants, which propels the market expansion of synthetic lubricants. These lubricants are less expensive than mineral and bio-based lubricants, which is expected to be one of the key drivers fueling the expansion of the market. Market limitations are likely to come in the form of elements like the high operational cost of manufacturing synthetic lubricants and potential breakdown issues in some environmental environments.


One important factor influencing the market's growth is the advent of bio-based lubricants as an effective replacement for synthetic lubricants. Furthermore, it is anticipated that fluctuating raw material prices may restrain market expansion. The adoption of cutting-edge new-age engines and the ongoing evolution of vehicle design is anticipated to provide potential growth opportunities. One of the newest synthetic lubricants market developments worldwide is the adoption of new-generation engines and high-end vehicle components.


Synthetic Lubricants Market Segment Insights


Synthetic Lubricants Type Insights


The synthetic lubricants market segmentation, based on fusion type, includes Silicones, Esters, PAO, PAG, and others. The PAO synthetic lubricants segment held the majority share in 2021 contributing to around ~45-50% with respect to the synthetic lubricants market revenue. This is caused by the fact that it has a high viscosity index and gives hydrolytic stability. Other aspects influencing PAO's rise include its expanding use in gear and bearing oils, adaptability in both high and low temperatures, and relative affordability when compared to other base oils.


May 2021: A new generation of polyalphaolefin (PAO) base stock was launched by ExxonMobil Chemical. It is intended to offer exceptionally low viscosity and low volatility while enabling increased fuel efficiency and energy economy. With the help of a new PAO structure, the new SpectraSyn MaX delivers reduced viscosity while enhancing or retaining other crucial properties.


Synthetic Lubricants Application Insights


The synthetic lubricants market segmentation, based on Application, includes Engine Oil, Process Oil, Hydraulic Oil, Marine Lubricants, Metal Working Fluids, and others. The Engine Oil segment dominated the market in 2021 contributing around ~33-38% in respect to the synthetic lubricants market revenue. This is due to the expanding automotive sector, which includes both commercial and passenger vehicles. Engine oil is typically used in cars to reduce metal-on-metal friction and so prevent damage. The production of automobiles surged from USD 77.6 billion to USD 80.1 billion between 2020 and 2021, according to OICA. Additionally, due to their higher viscosity compared to conventional lubricants, modern high-performance petrol, and diesel-based engines have increased the need for synthetic lubricants in the market.


July 2019: A well-known manufacturer, Indian Oil Corporation, launched the high-performance lubricant Servo SuperMile Plus, a premium engine oil perfect for new-generation diesel and petrol vehicles.


Synthetic Lubricants End User Insights


The synthetic lubricants market data has been bifurcated by End user into Automobile, Construction, Power & Energy, Mining, Oil & Gas, Food Processing, Others. The Automobile segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Comparing to other End Users within the anticipated period, the factors that contribute to its extensive usage as engine oil in passenger cars and large cargo transportation.


March 2020: Mobil Serv SM Lubrication Management, a low-cost automated maintenance management that allows operators to effectively coordinate, automate, and accelerate maintenance-related tasks, has been launched by ExxonMobil.


Figure 2:  Synthetic Lubricants Market, by End User, 2021 & 2030 (USD Billion)


Synthetic Lubricants Market, by End User


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Synthetic Lubricants Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, Asia Pacific had the highest revenue share of almost 35%-40.0%. The region's expanding automotive and petrochemical sectors are too accountable for this rise. Several large oil companies that produce synthetic lubricants and have substantial distribution networks dominate the vast majority of the market. The Asia Pacific refinery industry, particularly in countries such as India, China, and Singapore, has benefited from the low price of crude oil, which has led to growth in the region's petrochemical production.


Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3:  SYNTHETIC LUBRICANTS MARKET SHARE BY REGION 2021 (%)


SYNTHETIC LUBRICANTS MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe synthetic lubricants market is expected to grow at the fastest CAGR from 2022 to 2030. This growth is linked to factors including the region's manufacturing sector's recovery, greater emphasis on lowering vehicle CO2 emissions, improvements in product quality, and the availability of base oil. The product's demand in the region is also being fueled by rising investment in synthetic lubricant mixing facilities in Russia and the Netherlands. The European Union's rules and regulations for environmental and public health safety, however, could be a risk to the market. Further, the Germany synthetic lubricants market held the largest market share, and the UK synthetic lubricants market was the fastest-growing market in the European region


The North America Synthetic Lubricants Market is expected to grow significantly from 2022 to 2030. The growing demand from the engine oil application area is also anticipated to boost the supply of synthetic lubricants in North America. Due to the expansion of the region's automotive industry, the supply of engine oil is increasing. Due to their higher thermal stability and decreased friction resistance, synthetic lubricants are necessary as functional consumables. Consequently, each of these factors is supporting regional development. Moreover, United States synthetic lubricants market held the largest and fastest growing market and Canada synthetic lubricants market is the second-fastest growing market in the North America region.


Synthetic Lubricants Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the synthetic lubricants market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the synthetic lubricants industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies adopted by manufacturers in the synthetic lubricants industry to benefit customers and expand the market sector is to manufacture locally to reduce operating costs. In recent years, the synthetic lubricants industry has provided lubricants with some of the most significant benefits. The synthetic lubricants market major players such as Chevron Corporation, ExxonMobil Corporation, Total Lubricants, and others are working to expand the market demand by investing in research and development activities.


American multinational oil and gas company Chevron Corporation specializes mostly in oil and gas. Its headquarters are in San Ramon, California, and it operates in more than 175 countries. It is the second-largest direct descendant of Standard Oil and was once known as the Standard Oil Company of California. The company’s Chevron, Texaco, and Caltex brands are well known for their high standards of performance, quality, and technology. Their lubricating products are commonly used in automobiles, trucks, buses, and industrial machinery. In Jan 2023, Chevron announced intentions to increase its share buyback budget by three times, to a stunning USD75 billion, making it the largest shareholder payout in the history of the oil industry. The decision was made as the company prepares to announce 2022 profits that have increased by a factor of two to USD 37.2 billion.


Also, The Irving, Texas-based ExxonMobil Corporation is a multinational American oil and gas company. ExxonMobil develops and deploys next-generation technologies to enable safely and ethically meet the world's growing demand for energy and high-quality chemical products. ExxonMobil is one of the leading public companies’ energy providers and chemical manufacturers in the world. In March 2020, Mobil Serv SM Lubrication Management, a low-cost automated maintenance management system that enables operators to effectively coordinate, automate, and accelerate maintenance-related processes, has been launched by ExxonMobil.


Key Companies in the synthetic lubricants market include



  • 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) among others


Synthetic Lubricants Industry Development


October 2020: Shell expanded its product line to provide end-to-end lubrication services and supplies to companies all over a broad range of industries, ensure that equipment runs smoothly.


April 2020: Scania Prime Lube announced a goal to provide better customer service for Scania automobiles that need more frequent maintenance for improved performance. Additionally, there are attempts to bring them within the workshop so they can receive better care. The multi-point checkup of the car includes replacing the synthetic LDF3 lubricant for Scania. Since this change will also enhance the engine's performance, the goal is to make the ride more comfortable.


Synthetic Lubricants Market Segmentation


Synthetic Lubricants Type Outlook



  • Silicones

  • Esters

  • PAO

  • PAG

  • Others


Synthetic Lubricants Application Outlook



  • Engine Oil

  • Process Oil

  • Hydraulic Oil

  • Marine Lubricants

  • Metal Working Fluids

  • Others


Synthetic Lubricants End User Outlook



  • Engine Oil

  • Process Oil

  • Hydraulic Oil

  • Marine Lubricants

  • Metal Working Fluids

  • Others


Synthetic Lubricants Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 7.90 billion
Market Size 2022 USD 8.35 billion
Market Size 2030 USD 12.40 billion
Compound Annual Growth Rate (CAGR) 5.80% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, End-User, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Chevron Corporation, ExxonMobil Corporation, Total Lubricants, and others
Key Market Opportunities Growing industrialization in developing countries
Key Market Dynamics Expansion of automotive industry Advancement on bio-based lubricants




Frequently Asked Questions (FAQ) :

The Synthetic Lubricants market size was valued at USD 7.9 Billion in 2021.

The Synthetic Lubricants market is projected to grow at a CAGR of 5.80% during the forecast period, 2022-2030.

Asia-Pacific had the largest share in the synthetic lubricants market

The key players in the synthetic lubricants market are Chevron Corporation, ExxonMobil Corporation, Total Lubricants, and others.

The PAO of the Synthetic Lubricants category dominated the market in 2021.

The automobile application of Synthetic Lubricants had the largest share in the synthetic lubricants market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersā€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid