Synthetic Lubricants Market Introduction
Growing cargo transportation, advancements in automotive industry, and rising industrialization across the globe is resulting in increasing uptake of synthetic lubricants for various applications in these industries. Synthetic lubricants have high viscosity indexes and are water soluble, and biodegradable. These properties of synthetic lubricants are increasing its popularity and creating significant opportunities for major players operating in the global synthetic lubricants market. Europe is one of the most attractive markets in terms of spending on synthetic lubricants. Increasing demand for synthetic lubricant in the region is encouraging prominent players to expand their footprints and production capacity in the regional market. Thus, key players in the European market is focusing on investing substantial amount in blending plants. Moreover, introduction of strict government regulations to reduce the emission of CO2 is influencing end users to purchase fuel-efficient lubricants.
Rising adoption of synthetic lubricants in automotive and industrial applications due to introduction of international standards to protect the environment is anticipated to accelerate the growth of synthetic lubricants market at a significant rate. In addition, development of innovative synthetic lubricants is anticipated to drive the global synthetic lubricants market growth. This, in turn, is projected to create opportunities for major companies operating in the market. However, high price of synthetic lubricant products and the availability of alternative products are some of the factors that are anticipated to hamper the synthetic lubricants market size expansion to a certain extent over the forecast period.
The global synthetic lubricants market is segmented based on type, application, and region.
By type, the synthetic lubricants market is analyzed across PAG, PAO, group III, and esters segments. Based on application, the market is segmented into hydraulic fluids, engine oil, compressor oil, metalworking fluids, refrigeration oil, gear oil, turbine oil, and transmission fluids. Based on region, the synthetic lubricants market is analyzed across six major geographies such as Eastern Europe, Latin America, Western Europe, North America, Middle East and Africa, and Asia Pacific.
Synthetic Lubricants Market Competitive Landscape
Key companies in the synthetic lubricants market are aimed at investing substantial amount on R&D to introduce innovative products in the market. Further, synthetic lubricants manufacturers are focused on collaborating their technological capabilities with leading players through strategic agreements. In addition, key companies in the synthetic lubricant market focus to expand their distribution network to enhance customer reach. Prominent companies analyzed in the synthetic lubricants industry are Amalie Oil Co., Addinol, Bharat Petroleum, Bel-Ray Company LLC, Chevron Corporation, British Petroleum (BP) PLC, Dowdupont Inc., Croda International PLC, Exxonmobil Corporation, Engen Petroleum, Eni S.p.A., Idemitsu Kosan Co. Ltd., Fuchs Group, Liqui Moly GmbH, Indian Oil Corporation Ltd., Lukoil, Morris Lubricants, Lubrication Technologies Inc., Penrite Oil, Peak Lubricants Pty Ltd., Petroliam Nasional Berhad (Petronas), Petro-Canada Lubricants Inc., Rock Valley Oil and Chemical Co., Phillips 66, Sasol Limited, Royal Dutch Shell PLC, Total SA, Sinopec Limited, and Valvoline Inc. among others.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on synthetic lubricants market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.