According to IMARC Group latest report titled Synthetic Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a comprehensive analysis of the industry, which comprises insights onsynthetic lubricants marketreport. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global synthetic lubricants market size reached US$ 14.4 Billion in 2022. Looking forward, IMARC Group expects themarket to reach US$ 18.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.
What are synthetic lubricants?
Synthetic lubricants refer to specialized lubricants that are formulated using synthetic base oils and advanced additives to provide superior performance and protection compared to conventional mineral-based lubricants. They offer exceptional thermal stability, oxidative resistance, and enhanced lubrication properties, making them ideal for a wide range of applications. Additionally, they are designed to outperform traditional mineral oils in terms of stability and longevity. They possess consistent viscosity characteristics across a wide range of temperatures, ensuring optimal lubrication in extreme conditions. Their superior thermal resistance minimizes friction, heat, and wear, extending critical components' lifespan and reducing maintenance costs. Moreover, synthetic lubricants exhibit excellent resistance to oxidation and degradation, enabling them to maintain their lubricating properties over extended periods, even under high-stress operating conditions.
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What are the growth prospects and trends in the synthetic lubricants industry?
The escalating demand for synthetic lubricants from the industrial sector majorly drives the global market. This can be supported by the growing awareness regarding the significant benefits of synthetic lubricants in optimizing operational efficiency and reducing downtime. Along with this, the widespread adoption of synthetic lubricants due to their exceptional lubricating properties resulting in reduced friction and wear, leading to enhanced machinery performance, lower energy consumption, and decreased maintenance requirement, is significantly supporting the market. In addition, the rising emphasis on environmental sustainability and regulatory compliance is also positively influencing the market. Synthetic lubricants are formulated with precise chemical compositions, allowing manufacturers to produce eco-friendly variants with reduced emissions and minimal impact on ecosystems, thus catalyzing the demand. Furthermore, the introduction of innovative synthetic lubricant formulations with enhanced properties is creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- BP plc
- Chevron Corporation
- China Petrochemical Corporation
- Exxon Mobil Corporation
- Idemitsu Kosan Company Ltd.
- Indian Oil Corporation Limited
- Lanxess AG
- Lukoil
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell plc
- TotalEnergies SE
Synthetic Lubricants Market Segmentation:
Our report has categorized the market based on region, product, base oil, end use industry.
Breakup by Product:
- Engine Oil
- Hydraulic Fluid
- Metalworking Fluids
- Compressor Oil
- Gear Oil
- Transmission Fluid
- Turbine Oil
- Others
Breakup by Base Oil:
- Polyalphaolefin (PAO)
- Esters
- Polyalkylene Glycol (PAG)
- Others
Breakup by End Use Industry:
- Automotive
- Power Generation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metalworking
- Chemical
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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