The synthetic lubricants market is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%. Synthetic lubricants are widely used in the manufacturing and transportation sectors, such as automotive, aviation, marine, transportation equipment manufacturing, metal production, commercial machinery manufacturing, food & beverage, and rubber & plastic industries. Hence, the rapid growth in these industries is expected to contribute to the growth of the synthetic lubricants market. Furthermore, the use of synthetic lubricants is very essential in the engine oil segment. The automotive industry is the largest consumer for engine oil and the rapid growth of the industry is expected to drive the demand for synthetic lubricants.
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Engine oil was the largest application segment of the synthetic lubricants market in 2018.
The engine oil segment is projected to account for the largest share of the synthetic lubricants market during the forecast period, in terms of value. The demand for engine oil is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. In addition, premium automobiles are engineered in a way that encourage the use of synthetic lubricants for better performance of engines. Moreover, stringent government regulations regarding the use of eco-friendly lubricants to reduce harmful emissions, is driving the market.
High-performance properties of the PAO-based synthetic oil to drive the market of synthetic lubricants during the forecast period.
The dominance of the PAO-based synthetic oil segment is projected to continue during the forecast period, owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The increased consumer awareness regarding OEM recommendations and favorable properties of PAO, for instance, high viscosity indexes, are expected to drive the PAO synthetic lubricants market during the forecast period.
APAC is projected to be the largest market of synthetic lubricants in 2018.
APAC is projected to be the largest synthetic lubricants market during the forecast period due to the high growth of the manufacturing and transportation industries in emerging countries, such as China, India, and South Korea. The domestic and foreign investments in these industries have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the synthetic lubricants market in the region.
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Key players profiled in the report include Royal Dutch Shell Plc (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), Idemitsu Kosan Co. Ltd. (Japan) and others.
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