Synthetic Lubricants Market Size Worth USD 50.13 Billion in 2032 | Emergen Research

Rising number of automotive industries is a key factor driving Synthetic Lubricants market revenue growth

Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global synthetic lubricants market size was USD 36.45 Billion in 2022 and is expected to register a steady revenue CAGR of 3.2% during the forecast period, according to latest analysis by Emergen Research. Rising number of automotive industries and industrialization in emerging countries and increasing Research & Development (R&D) activities and innovations in technologies are key factors driving market revenue growth.

Synthetic lubricants are used in transmissions, differentials, engines, and a range of other automobile components, which lubricate, reduce friction, and increase fuel efficiency, resulting in maximum vehicle performance and longevity. For instance, engine oil is a type of lubricant created primarily for use in engines, while grease is utilized in the suspension and steering joints to avoid premature wear and tear. The lubricating oil might be petroleum or synthetic, and its viscosity can vary. Braking fluids, another synthetic lubricant, are used to sustain and enhance the performance of braking systems in all car applications. As brakes play such a vital part in the safety of automobiles and trucks, it is critical to keep these in good condition to preserve their excellent performance.

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In addition, leading automotive companies have started investing in manufacturing these synthetic lubricants and making partnerships and acquisitions with other companies, which is in turn, driving revenue growth of the market. For instance, on 23 February 2021, Shell stated that it offered carbon-neutral lubricants in various products for passenger automobiles, heavy-duty diesel engines, and industrial uses. Shell intends to compensate for the yearly emissions of over 200 million liters of advanced synthetic lubricants, with the goal of compensating for roughly 700,000 tons of Carbon Dioxide equivalent (CO2e)1 emissions per year, which is comparable to removing nearly 340,000 automobiles off the road for a year.

However, limited awareness among individuals and rising demand for alternative fuels are key factors, which could restrain market revenue growth. Despite the numerous advantages of synthetic lubricants, there is still a lack of information and misconceptions about them, which leads to aversion to using these lubricants. In addition, the market availability of counterfeit or low-quality synthetic lubricants creates a barrier for genuine manufacturers since these products may not meet the stated performance or protection.

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Scope of Research

Report DetailsOutcome
Market Size in 2022USD 36.45 Billion
CAGR (2023–2032)3.2%
Revenue Forecast To 2032USD 50.13 Billion
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredType, product type, end-use, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledExxon Mobil Corporation., Calumet Specialty Products Partners, L.P., AMSOIL INC. IN., CASTROL LIMITED, Valvoline Global Operations, FUCHS, Indian Oil Corporation Ltd, TotalEnergies, LUKOIL, and BP p.l.c.
Customization Scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global synthetic lubricants market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective synthetic lubricants solutions. Some major players included in the global synthetic lubricants market report are:

    • Exxon Mobil Corporation
    • Calumet Specialty Products Partners, L.P.
    • Valvoline Global Operations
    • FUCHS
    • Indian Oil Corporation Ltd.
    • TotalEnergies
    • LUKOIL
    • BP p.l.c.

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Strategic Development

  • On 5 December 2021, Aramco launched the ORIZON product range in over 20 cities, including Riyadh, Jeddah, and Dammam, with additional sites on the way. ORIZON lubricants are available in synthetic and semi-synthetic formulations for gasoline and heavy-duty diesel engines, in addition to driveline goods, greases and braking fluids.
  • On 23 February 2021, Shell announced to offer carbon neutral lubricants in various products for passenger automobiles, heavy duty diesel engines, and industrial uses. Shell intends to compensate for the yearly emissions of more than 200 million liters of advanced synthetic lubricants, with the goal of compensating for roughly 700,000 tons of carbon dioxide equivalent (CO2e)1 emissions per year, which is comparable to removing nearly 340,000 automobiles off the road for a year.

Some Key Highlights From the Report

  • The engine oil segment accounted for largest revenue share in the global synthetic lubricants market in 2022. This is because engine oil is the most prevalent type of automotive lubricant to be found in autos. This is made up of base oils that have been upgraded with various additives, such as detergents, dispersants, and viscosity index improvers, for multi-grade oils. Internal combustion engines are lubricated using motor oil. Motor oil's primary role is to minimize friction and wear on components that move while also cleaning the engine of sludge and varnish. In addition, engine oil also neutralizes acids produced by fuel and lubricant oxidation, improves piston ring sealing, and cools down the engine by transporting heat out of moving parts.
  • The automotive manufacturing segment is expected to register steadily fast revenue growth rate in the global synthetic lubricants market during the forecast period. This is because synthetic oils surpass conventional oils in terms of preserving fluidity or viscosity across a wider temperature range. Synthetic lubricants help to improve fuel efficiency by minimizing engine friction and reduce overall petrol costs over time.  Vehicles can go longer between oil changes because synthetic oils last longer than traditional oils, and in the long run, this saves both time and money. 
  • The North America market accounted for largest revenue share in the global synthetic lubricants market in 2022 owing to presence of leading oil manufacturing companies and their product development and rising portfolio with other companies. For instance, on 28 August 2023, Valvoline Global, an automotive pioneer driving the future of mobility with innovative lubricant and fluid products, introduced a new portfolio of ValvolineTM 4-stroke Full Synthetic Premium Motor Oil for marine and powersports applications. Greater operating speeds, seasonal use, and severe working environments present new problems for these four-stroke ATV/UTV and marine motors.

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Emergen Research has segmented the global synthetic lubricants market on the basis of type, product type, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019-2032)
    • Polyalphaolefin (PAO)
    • Polyalkylene Glycol (PAG)
    • Esters
    • Others
  • Product Type Outlook (Revenue, USD Billion; 2019-2032)
    • Compressor Oil
    • Engine Oil
    • Metalworking Fluids
    • Turbine Oil
    • Gear Oil
    • Hydraulic Oil
    • Transmission Oil
    • Refrigeration Oil
  • End-use Outlook (Revenue, USD Billion; 2019-2032)
    • Construction
    • Automotive Manufacturing
    • Cement Production
    • Mining, Metal Production
    • Marine
    • Oil & Gas (O&G)
    • Food Processing
    • Textile
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Benelux
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East & Africa

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