Synthetic Lubricants, the Future of Engine Oils. The Synthetic Lubricants Market to be Worth $16 billion by 2027- Arizton

The global synthetic lubricant market to reach $16 billion by 2027 from $13 billion in 2021.


Chicago, March 23, 2022 (GLOBE NEWSWIRE) -- The global synthetic lubricants market is expected to grow at a CAGR of over 3% during 2021-2027. The increasing demand from fuel-efficient vehicles, and high-performance machinery are driving the growth of the market. There is a shift from conventional lubricant to synthetic lubricant due to longer service life and greater thermal stability.

Synthetic lubricants are the highest performing engine oils in the market. Synthetic lubricants have a higher percentage of highly refined base oils than conventional mineral oils, which provides better engine protection, performance and they also reduce sludge development.

Synthetic Lubricants Market Report Scope

REPORT ATTRIBUTESDETAILS
MARKET SIZE (REVENUE)$16 Billion (2027)
MARKET SIZE (VOLUME)7 Million Ton (2027)
CAGROver 3% (2022-2027)
BASE YEAR2021
FORECAST YEAR2022-2027
LARGEST MARKETAPAC
GEOGRAPHIC ANALYSISNorth America, Europe, APAC, Latin America, and Middle East & Africa
COUNTRIES COVEREDUS, Canada, Brazil, Mexico, Saudi Arabia, UAE, South Africa, China, India, Japan, South Korea, Indonesia, Germany, UK, France, Italy, and Spain

Click Here to Download the Free Sample Report

Recent Developments

  • The FUCHS Group, had signed an agreement to acquire the lubricants business of Gleitmo Technik AB, and is expected to integrate it into its subsidiary FUCHS LUBRICANTS SWEDEN AB.
  • Sinopec entered the South African market by acquiring a majority stake in Chevron’s lubricant facility.
  • Shell Indonesia announced investment to double the production capacity of its lubricants oil blending plant (LOBP) located in Jakarta, Indonesia. When completed the plant would produce up to 300 million litres of finished lubricants, annually.

APAC Dominating market for synthetic lubricants

APAC accounted for 45% market share in 2021. The growth in the region is associated with the increasing demand for automotive and high-performance industrial machinery and equipment. APAC region consists of emerging as well as developed economies such as Japan, China, India, South Korea, and Australia. These countries have considerable demand for automotive, agricultural, and construction vehicles. APAC region to create lucrative growth opportunities for vendors due to the growth of new industrial developments such as advanced manufacturing, development of smart cities, and smart construction.

Key Offerings:

  • Market Size & Forecast by Revenue | 2021−2027
  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
  • Market Segmentation – A detailed analysis by application, end-user, type, and geography
  • Competitive Landscape – 5 key vendors and 18 other prominent vendors are profiled in the report

Insights Offered in the Report:

  1. Engine oil is the largest segment and it accounted for a market share of 29.38% in 2021. Higher viscosity indices improved thermal and oxidative stability, and decreased volatility are the characteristics which boost demand for synthetic base stocks in engine oil lubrication.
  2. Automotive and transportation synthetic lubricants accounted for 32.20% market share in 2021. The automotive and transportation segment is expected to register a CAGR of 3.76% during the forecast period. Factor driving the demand for synthetic lubricants are wear and tear prevention, reduced friction, proper heat dissipation, oxidation and corrosion prevention, component stress relieving, and maintaining proper engine functionality.
  3. Poly alpha olefin is the most popular synthetic base stock. It eliminates many of the drawbacks of mineral oil lubricants. PAO based lubricants don’t require viscosity modifiers, have higher flash points and low volatility, lower pour-points, and high temperature operability.
  4. Shell (US), ExxonMobil (US), British Petroleum (UK), Chevron (US), and Sinopec (China) are some of the key players in the synthetic lubricants market. The market is largely commoditized, with price serving as a significant differentiator. Manufacturers are constantly involved in developing new and sustainable products as per customer requirements and safeguard environment.

Click Here to Download the Free Sample Report

Synthetic Lubricants Market Competition Overview

The competition among the players in the synthetic lubricants market is intense. The fast-changing technological environment could undesirably affect vendors as customers expect continous innovations and upgrades in lubrication formulation. The present scenario is forcing vendors to alter and refine their unique value proposition to achieve a strong market presence. Also, vendors can boost profitability by practicing efficient production techniques that minimize product costs and mitigate associated risks.

Partnerships and acquisitions can also increase product offerings and access new geographical markets. Manufacturers can also improve quality by employing gas-to-liquids (GTL) plants, which generate highly pure, proprietary GTL base oils.

Key Vendors

  • Royal Dutch Shell
  • ExxonMobil
  • British Petroleum
  • Chevron
  • Sinopec

Other Prominent Vendors

  • Total Energies
  • Fuchs
  • Idemitsu Kosan
  • Lukoil
  • Petronas
  • Indian Oil
  • Dow
  • Morris Lubricants
  • Sasol
  • Valvoline
  • Penrite oil
  • Bharat Petroleum
  • Liqui Moly
  • Peak Lubricants
  • Amalie Oil
  • Eni
  • Addinol
  • Engen Petroleum
  • Croda International
  • Petro-Canada Lubricants

Explore our chemicals & materials profile to know more about the industry.

Click Here to Download the Free Sample Report

Read some of the top-selling reports:

About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Click Here to Contact Us

Call: +1-312-235-2040

+1 302 469 0707

 

Contact Data