Global synthetic lubricant market size was valued at approximately USD 23.64 billion in 2023 and is expected to generate revenue of around USD 40.97 billion by end of 2032, growing at a CAGR of around 6.30% between 2024 and 2032.
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Synthetic Lubricant Market Overview
Synthetic lubricants are blended with additives, thickeners, and synthetic base oils. Synthetic lubricants are lubricants that are composed of base oils from the sophisticated chemical industry, such as esters, PAO, and PAG, among others. Synthetic lubricant fluids possess comparable lubricating properties to mineral oils, but they lack their drawbacks.
Improved oxidative and thermal stability, superior volatility characteristics, preferred frictional properties, and higher flash point and autoignition temperatures are among the benefits of synthetic lubricants. The application of synthetic lubricants in the automotive industry is anticipated to be facilitated by the increasing population and the increasing industrialization, thereby driving market growth.
In commercial passenger vehicles and motorcycles, synthetic lubricants are employed in the automotive sector as gearbox lubes, diesel engine oils, and transmission oils. Furthermore, numerous industries implement novel technologies, including ester-based lubricants that are resistant to fire. Additionally, synthetic lubricants are extensively employed in the transportation and manufacturing sectors, including the aviation, marine, automotive, food and beverage, metal production, transportation equipment manufacturing, commercial apparatus manufacturing, and rubber and plastic industries.
Therefore, it is anticipated that the synthetic lubricant market will experience accelerated development as a result of the rapid expansion of these industries. However, the market growth is expected to be impeded by the increasing demand for alternative mineral oils that are less expensive, which is a result of the high cost of these lubricants. Nevertheless, the food industry is experiencing a rapid increase in the use of synthetic lubricants as a result of technological advancements, including the NSF food lubrication standard established by major equipment manufacturers. Consequently, this is expected to contribute to the expansion of the synthetic lubricant market in the years ahead.
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The Global Synthetic Lubricant Market is segmented based on product, application and region
Global Synthetic Lubricant Market: Product Segment Analysis
● Polyalphaolefin (PAO)
● Polyalkylene Glycol (PAG)
● Esters
● Others
Global Synthetic Lubricant Market: Application Segment Analysis
● Engine Oil
● Hydraulic Fluids
● Metalworking Fluids
● Compressor Oil
● Gear Oil
● Refrigeration Oil
● Transmission Fluids
● Others
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The Global Synthetic Lubricant market profiles key players such as:
● Royal Dutch Shell Plc
● Castrol
● Pennzoil
● Total S.A
● The Dow Chemical Company
● Fuchs Petrolub SE
● ExxonMobil Corporation
● BP
● Lubrizol Corporation
● Chevron Corporation
● Idemitsu Kosan Co. Ltd.
● PETRONAS
● Among Others
Regional Analysis of the Synthetic Lubricant Market
The global synthetic lubricant industry is divided into the following regions: the Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The global synthetic lubricant market was primarily dominated by Europe in 2023. The regional market is expected to be driven by the rapidly emergent applications in the automotive industry and the increasing investment in plant blending for synthetic lubricants. Furthermore, the Asia Pacific is expected to establish itself as the fastest-growing regional market as a result of the rising sales of premium vehicles.
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