Synthetic lubricant market size is projected to register USD 5.0 billion by 2023
Synthetic lubricants market size was estimated at 652.2 kilo tons in 2015, as per the latest research report by Global Market Insights, Inc. Positive automotive production landscape, particularly in Asia Pacific, along with superior performance and environmental properties will drive the global synthetic lubricants market trends.
Synthetic lubricant market size is projected to register USD 5.0 billion by 2023. Increasing focus towards natural gas development owing to strong application scope in construction, food & beverages and personal care industries, particularly Saudi Arabia, Qatar and UAE, may favor demand.
(Group IV) PAO synthetic lubricants market size was dominant by accounting over 66% of the total demand in 2015. Increased PAO usage in automotive engines accompanied by OEM recommendations in major brands such as BMW and Volkswagen should instigate product demand.
Europe PAG market is poised to sustain average growth and register over USD 165 million by 2023. Strong focus towards reducing maintenance cost and rising trend in condition based monitoring for manufacturing sector is projected to promote PAG market growth.
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Asia Pacific heat transfer fluid demand may observe highest gains with 4.7% CAGR up to 2023. HTFs are used for heating reboilers and water removal in the oil & gas and chemical industries. Presence of large scale manufacturing companies in China and India may instigate product demand.
Synthetic lubricants market price are higher when compared to mineral based products which may negatively impact overall growth.
Regulatory support towards sustainable products development in the U.S and EU accompanied by superior mechanical properties may boost biolubricants market and hamper synthetic lubricants demand.
Key insights from the report include:
Global synthetic lubricants market size is projected to gain growth rates at 4.2% and reach 903.0 kilo tons by 2023. Strong automobile sales outlook coupled with installation of new industrial machines, particularly in Asia Pacific, may boost demand.
Synthetic esters should witness highest gains, at more than 4.5% CAGR up to 2023. Rising product demand in reciprocating compressors with endorsing compressor oil use should instigate growth.
Engine oil applications registered close to USD 1.38 billion in revenue in 2015. Key properties, improved drain intervals, sustainable film protection and wide operating temperature, should favor demand.
Europe, dominated by Germany and UK synthetic lubricants market size, dominated the regional industry demand with overall consumption at above 210 kilo tons in 2015. Presence of aerospace and automotive manufacturing companies such as Airbus, Rolls Royce, Audi, BMW, Volkswagen, and Mercedes are expected trends to boost sales.
North America, dominated by U.S automobile industry demand, may register over USD 1.45 billion by 2023. Presence of major aviation companies including Boeing accompanied by increasing automotive production in the U.S. and Mexico are among the stimulating factors to foster synthetic lubricants market growth.
Global synthetic lubricants market share is fairly consolidated and was dominated by Shell, ExxonMobil, Castrol and British Petroleum, catering over 49% of overall demand in 2015.
Other market participants include Fuchs, Pennzoil, Amsoil, Kendall, Valvoline, Total and Chevron.
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