Global Synthetic lubricants Market to Surpass USD 23.4 Billion by 2030 Driven by Increase in Smartphone Usage

SkyQuest projects that the global synthetic lubricants market will attain a value of USD 23.4 billion by 2030, with a CAGR of 3.7% during the forecast period (2023-2030). Demand is also expected to expand in Asia Pacific due to the increase in vehicle production and installation of new machinery. The importance of synthetic lubricants is also increasing due to technological advances such as the NSF Food Lubricants Standard where leading manufacturers in the food industry are adopting the use of synthetic lubricants. Manufacturers have developed new materials and technologies that allow them to be used in devices that operate at higher pressures and temperatures, but they expect customers who want affordable products to replace synthetic lubricants will restrict global synthetic lubricants market expansion.

Westford, USA, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Chemical lubricants are also expected to decline due to increasing demand to reduce construction costs in the global synthetic lubricants market. The most used mineral oil is expected to be polyalkylene glycol (PAG) oil) has been incompatible with polyalphaolefins (PAOs) and PAOs will also hinder future global synthetic lubricants market expansion.

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Browse in-depth TOC of " Synthetic lubricants Market”

●       Pages - 157
●       Tables – 64
●       Figures – 67

Prominent Players of Global Synthetic lubricants Market

  • BP Plc
  • Total S.A.
  • Fuchs Petrolub SE
  • Idemitsu Kosan Co. Ltd.
  • AMSOIL Inc.
  • Petroliam Nasional Berhad (Petronas)
  • The Lubrizol Corporation
  • Valvoline Inc.
  • Pennzoil Quaker State Company
  • Royal Purple LLC
  • Croda International Plc
  • Evonik Industries AG
  • Klüber Lubrication München SE & Co. KG
  • Castrol Limited
  • Sinopec Limited
  • Gulf Oil Lubricants India Ltd.
  • Motul S.A.

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Esters Segment to Dominate Market Owing to High Temperatures

Esters are expected to expand significantly over the forecast period in the global synthetic lubricants market. This explains the fact that synthetic esters can be used at low and high temperatures as well as performance-enhancing properties including corrosion inhibitors, antioxidants, biting agents loads and anti-load components work well with them, because of a wide range of equipment including jet engines, hydraulic power packs, compressors, bearings and gearboxes.

Asia Pacific is expected to dominate the global synthetic lubricants market. The region’s expanding automotive and fuel markets are responsible for this increase. Much of the market is controlled by several large lubricants oil companies that own vast distribution networks. The Asia-Pacific region, particularly in countries such as China, India and Singapore, has benefited from the decline in crude oil prices, which has boosted regional petrochemical production.

PAO Segment to Witness Significant Growth Owing to High Viscosity Index

The PAO segment dominated the global synthetic lubricants market by 2022. This explains the fact that it has a high viscosity index and offers hydrolytic stability. Other factors affecting the rise in PAO include its widespread use in gear and bearing oils, its flexibility to high and low temperatures, and its ease of purchase compared to other base oils.

However, Europe is another region where the global synthetic lubricants market is growing rapidly. These developments are accompanied by factors such as the recovery of the regional manufacturing sector, greater emphasis on reducing vehicle CO2 emissions, improving product quality and availability of base oil achievable.

A comprehensive analysis of the major players in the global synthetic lubricants market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.

Key Developments of Global Synthetic lubricants Market

  • During the Superbike World Championship round in Indonesia last weekend in March 2023, renowned French oil lubricants manufacturer Motul announced two new products for Kawasaki motorcycle owners. Bringing these two products to Indonesia Motul Kawasaki Genuine Oil Power 10W- 40 and Motul Kawasaki Genuine Oil the Ultimate It is called 10W-50. For Kawasaki motorcycles with engines over 250cc, Motul has developed the KGO Ultimate 10W-50. Built to API SN Jaso MA2 specifications and made entirely from synthetic oil, it delivers exceptional performance and keeps the engine and gearbox in excellent condition.
  • In March 2020, ExxonMobil released Mobil Serv SM Lubrication Management, a cost-effective automated maintenance management system that enables operators to more efficiently, efficiently and rapidly schedule maintenance tasks.

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Key Questions Answered in Global Synthetic lubricants Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • List the top companies in the market and explain how they have achieved their positions of influence.
  • In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?

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