Dublin, March 29, 2019 (GLOBE NEWSWIRE) -- The "Synthetic Lubricants Market by Type (PAO, PAG, Esters, Group III), Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil), Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The synthetic lubricants market size is projected to grow from USD 32.2 billion in 2018 to USD 37.3 billion, by 2023
The industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for synthetic lubricants during the forecast period. However, technological advancements in the automotive industry and rise in demand for alternative fuels act as restraining factors for the growth of the synthetic lubricants market.
Lubricants are chemical compounds that help in the reduction of friction between moving parts or surfaces to enhance the efficiency of machines. Lubricants are broadly categorized into mineral oil lubricants, synthetic oil lubricants, bio-based lubricants, and greases. Synthetic lubricants have enhanced quality and have several advantages over other conventional mineral-based lubricants. These lubricants can perform efficiently in extreme conditions and difficult environmental situations.
Synthetic lubricants acquire good viscosity and stability when they are exposed to extreme temperature conditions. They are used in transportation, nuclear, gas, and other industries where mandatory approvals are required. Synthetic lubricants' base stock is customized according to the requirement so that a controlled molecular structure with predictable properties can be achieved. As compared to conventional mineral oils, synthetic lubricants are more expensive.
The global and regional players have sizable shares in the synthetic lubricants market. The key players in the market are focusing on strategies, such as acquisition, expansion, and new product launch, to expand their businesses, globally.
The key players in this market are Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (US), BP Plc. (UK), Chevron Corporation (US), Total S.A. (France), and Fuchs Group SE (Germany).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Synthetic Lubricants Market
4.2 APAC Synthetic Lubricants Market, By Application and Country
4.3 Synthetic Lubricants Market, By Region
4.4 Synthetic Lubricants Market, By Type
4.5 Synthetic Lubricants Market Attractiveness
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Automotive Industry and Vehicle Parc
5.2.1.2 Increasing Industrialization in Emerging Economies
5.2.2 Restraints
5.2.2.1 Rise in Demand for Alternative Fuels
5.2.3 Opportunities
5.2.3.1 Stringent Environmental Regulations
5.2.3.2 Advancements in Synthetic Lubricants Technologies
5.2.4 Challenges
5.2.4.1 High Cost of Synthetic Lubricants
5.3 Porter's Five Forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 GDP Trends and Forecast of Major Economies
5.4.2 Trends and Forecast of Oil & Gas Industry and Its Impact on Synthetic Lubricants Market
5.4.3 Trends and Forecast of Automotive Industry and Its Impact on Synthetic Lubricants Market
6 Synthetic Lubricants Market, By Type
6.1 Introduction
6.2 Polyalphaolefin (PAO)
6.2.1 APAC is Projected to Drive the Market for PAO-Based Synthetic Lubricants
6.3 Esters
6.3.1 High Demand for Engine Oil Boosts the Growth of Ester-Based Synthetic Lubricants Market
6.4 Polyalkylene Glycol
6.4.1 Increasing Demand in Metalworking Fluids to Drive the Market for PAG Synthetic Lubricants
6.5 Group Iii (Hydrocracking)
6.5.1 Lower Prices has Resulted in Rising Demand for Group Iii Synthetic Lubricants
7 Synthetic Lubricants Market, By Application
7.1 Introduction
7.2 Engine Oil
7.2.1 Engine Oil is the Largest Application of Synthetic Lubricants
7.3 Hydraulic Fluids
7.3.1 Growing Manufacturing Sector in Emerging Economies is Expected to Drive the Demand for Synthetic Hydraulic Fluids
7.4 Metalworking Fluids
7.4.1 Rise in Number of Machinery & Equipment is Expected to Drive the Market
7.5 Compressor Oil
7.5.1 Growth in Industrial Machinery & Equipment is Expected to Drive the Market
7.6 Gear Oil
7.6.1 Automotive Industry Provides Significant Growth Opportunity to the Market
7.7 Refrigeration Oil
7.7.1 Increasing Demand for Consumer Appliances Driving the Market
7.8 Transmission Fluids
7.8.1 Increasingly Stringent Environmental Regulations to Drive the Market
7.9 Turbine Oil
7.9.1 Growing Demand for Energy is One of the Major Drivers of the Market
8 Synthetic Lubricants Market, By Region
8.1 Introduction
8.2 Europe
8.2.1 Germany
8.2.1.1 Increase in Automotive Production Offers Opportunity for Growth of Synthetic Lubricants Market
8.2.2 UK
8.2.2.1 Increasing Investment in Infrastructure Significantly Influence the Market
8.2.3 France
8.2.3.1 Increasing Environmental Regulations Will Drive the Market in France
8.2.4 Italy
8.2.4.1 Growth in the Manufacturing Industry Will Drive the Market
8.3 North America
8.3.1 US
8.3.1.1 The US is the Largest Synthetic Lubricants Market, Globally
8.3.2 Canada
8.3.2.1 Canada is the Second-Largest Synthetic Lubricants Market in North America
8.3.3 Mexico
8.3.3.1 Increasing Manufacturing Activities are Driving the Synthetic Lubricants Market
8.4 APAC
8.4.1 China
8.4.1.1 China is the Largest Synthetic Lubricants Market in APAC
8.4.2 Japan
8.4.2.1 High Automobile Production Will Boost the Demand for Synthetic Lubricants
8.4.3 India
8.4.3.1 India is the Fastest-Growing Synthetic Lubricants Market, Globally
8.4.4 South Korea
8.4.4.1 Increasing Demand From Transportation Application is Driving the Synthetic Lubricants Market
8.5 Middle East & Africa
8.5.1 UAE
8.5.1.1 Oil & Gas and Automotive Industries are Expected to Significantly Impact the Synthetic Lubricants Market Growth
8.5.2 Egypt
8.5.2.1 Egypt is the Fastest-Growing Synthetic Lubricants Market in the Middle East & Africa
8.5.3 South Africa
8.5.3.1 Increasing Demand From Automobile Industry to Drive the Market
8.6 South America
8.6.1 Brazil
8.6.1.1 Significant Investments in Manufacturing Industry Aid the Synthetic Lubricants Market Growth
9 Competitive Landscape
9.1 Introduction
9.2 Competitive Leadership Mapping (Overall Market)
9.3 Strength of Product Portfolio
9.4 Business Strategy Excellence
9.5 Competitive Leadership Mapping (SMSE)
9.6 Strength of Product Portfolio
9.7 Business Strategy Excellence
9.8 Market Share Analysis
9.8.1 Royal Dutch Shell PLC
9.8.2 ExxonMobil Corporation
9.8.3 BP PLC
9.9 Competitive Situation and Trends
10 Company Profiles
10.1 Royal Dutch Shell PLC
10.2 Exxonmobil Corporation
10.3 British Petroleum (BP) PLC
10.4 Chevron Corporation
10.5 Total SA
10.6 Fuchs Group
10.7 Idemitsu Kosan Co. Ltd.
10.8 Sinopec Limited
10.9 Lukoil
10.10 Petroliam Nasional Berhad (Petronas)
10.11 Indian Oil Corporation Ltd.
10.12 Other Key Market Players
10.12.1 Dowdupont Inc.
10.12.2 Croda International PLC.
10.12.3 Sasol Limited
10.12.4 Phillips 66
10.12.5 Bel-Ray Company LLC.
10.12.6 Morris Lubricants
10.12.7 Penrite Oil
10.12.8 Valvoline Inc.
10.12.9 Liqui Moly GmbH
10.12.10 Bharat Petroleum
10.12.11 Rock Valley Oil and Chemical Co.
10.12.12 Peak Lubricants Pty Ltd.
10.12.13 Amalie Oil Co.
10.12.14 Eni S.p.A.
10.12.15 Addinol
10.12.16 Lubrication Technologies Inc.
10.12.17 Engen Petroleum
10.12.18 Petro-Canada Lubricants Inc.
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