What is the global market size of Synthetic Lubricants Market?

Synthetic Lubricants Market size was valued at USD 16.85 billion in 2021 and is poised to grow from USD 17.5 billion in 2022 to USD 23.4 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).

Synthetic Lubricants Market Size, Share, Growth Analysis, By Type(PAO, Esters, and PAG), By Product Type(Engine Oil, Transmission Fluids and Hydraulic Fluids, Metalworking Fluids, General Industrial Oils), By End-user(Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2160 | Region: Global | Published Date: July, 2024
Pages: 184 | Tables: 98 | Figures: 76

Synthetic Lubricants Market Regional Insights

The Asia Pacific region is anticipated to dominate the global Synthetic Lubricants market. The region's expanding automotive and petrochemical sectors are to blame for this rise. Many large oil firms that produce synthetic lubricants and have substantial distribution networks control the majority of the market. The Asia Pacific refinery industry, particularly in nations like China, India, and Singapore, has benefited from the low price of crude oil, which has led to a growth in the region's petrochemical production.

Europe, on the other hand, is another region where the market is expanding quickly. This growth is linked to elements including the region's manufacturing sector's recovery, increased emphasis on lowering vehicle CO2 emissions, improvements in product quality, and the availability of base oil. Demand for the product in the region is also being fueled by rising investment in synthetic lubricant mixing facilities in Russia and the Netherlands. The European Union's rules and regulations for environmental and public health safety, however, could be a threat to the market.

Synthetic Lubricants Market Report Snapshots

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Synthetic Lubricants market size was valued at USD 17.87 billion in 2022 and is poised to grow from USD 18.60 billion in 2023 to USD 25.66 billion by 2031, at a CAGR of 4.1% during the forecast period (2024-2031).

The majority of businesses are concentrating on enhancing their presence in developing and potentially lucrative areas like Asia Pacific by forming strategic alliances and opening new facilities. For instance, in the recent years, firms like ExxonMobil, Total, and Shell have partnered with gearbox producers like Stäublito, Bonfiglioli, and Shanthi, with the latter group of firms recommending the use of synthetic gear lubricants. 'Royal Dutch Shell', 'ExxonMobil Corporation', 'Chevron Corporation', '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.'

There are several factors driving the synthetic lubricants market such as, growing demand for fuel-efficient and high-performance vehicles, increasing industrialization and urbanization, growing environmental concerns, advancements in technology, government regulations and growing demand for industrial automation.

The largest consumer of synthetic lubricants is the automotive industry. The need for synthetic lubricants is growing along with the desire for more fuel-efficient cars and the need to cut carbon emissions.

The Asia Pacific region is anticipated to dominate the Synthetic Lubricants market. The region's expanding automotive and petrochemical sectors are to blame for this rise. Many large oil firms that produce synthetic lubricants and have substantial distribution networks control the majority of the market. The Asia Pacific refinery industry, particularly in nations like China, India, and Singapore, has benefited from the low price of crude oil, which has led to a growth in the region's petrochemical production.

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Synthetic Lubricants Market Regional Insights

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