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Synthetic Lubricants Market Top Key Industry Players: ExxonMobil, Fuchs, Amsoil, British Petroleum, Valvoline, Shell and Castrol
Synthetic Lubricants Market
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Ester based synthetic lubes are mostly used in industrial application and set to grow at highest CAGR of over 5%. This lube is attributed to its high thermal stability and hence extensively used in jet engines and compressors in industries. North America is expected to promote jet engine sales, which in turn should propel regional ester based synthetic lubricant demand during forecast timeframe.
Engine oil contributed over 40% of the global synthetic lubricant revenue share and expected to grow at a rate of over 5%. This growth in demand for synthetic lubes as engine oil can be attributed to its better chemical and shear stability, lubrication during extreme cold weather conditions, improving fuel economy, high viscosity index and resistance to oxidation & thermal breakdown.
Synthetic lubricants Market is expected to surpass USD 5 billion by 2023. Synthetic lubricants are those which are manufactured from pure chemicals and not refined from crude oil. It improves thermal stability, oxidation resistance, reduce residue formation and evaporation losses. These lubricants are also used to reduce friction hence increasing fuel efficiency and equipment life.
Synthetic lubricants have been observing increased demand owing to product development and new technology adoption. These are synthed from ethylene oxides sourced from tight oil, shale gas and CBM. Some major integrated companies which ensure supply of ethylene oxides for producing PAO, PAG and ester based synthetic lubricants are Shell, Chevron, ExxonMobil, Total and BP.
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Global Synthetic Lubricants Market by Product
• Group IV (PAO)
• Group V (Esters)
• Group V (PAG)
Global Synthetic Lubricants Market by Application
• Engine Oils
• Heat Transfer Fluids (HTF)
• Transmission Fluids
• Metalworking Fluids
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Asia Pacific synthetic lubricant market share led by India and China should be over USD 1.3 billion by 2023. Increasing automobile sales coupled with rising end use industry segment require high performance lubes for swift functionality and should propagate regional industry growth.
North America synthetic lube market is expected to grow at CAGR of 5% during forecast timeframe. This growth can be attributed to presence of major aerospace and automotive companies like Bombardier, Ford and Boeing. Its application as heat transfer mediums and transmission systems should propel regional product demand.
Global synthetic lubricant market is highly fragmented with presence of large number small scale manufacturers. Companies are investing heavily in innovation and product development to capitalize in market share. Some key players include Royal Dutch Shell PLC, Castrol, Exxon Mobil and BP.
Browse Related Report
Chelating Agents Market Size By Product (Aminopolycarboxylic Acid [APCA], Sodium Gluconate, Organophosphates), By Application (Pulp & Paper, Household & Industrial Cleaning, Agrochemicals, Water Treatment, Chemical Processing, Consumer Products), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
https://www.marketwatch.com/press-release/chelating-agents-market-in-asia-pacific-to-cross-us15-billion-by-2024-2018-10-03
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