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Synthetic Lubricants Market Top Key Players: ExxonMobil, Shell, BP, Total, Chevron, Phillips 66, Valvoline Inc., Castrol, Fuchs Lubricants Co.
Synthetic Lubricants Market
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The global industry revenue generated from heat transfer fluid is predicted to witness growth at over 4% by 2023 on account of its enhancing heat transfer efficiency. It finds application in various industrial processing including chemical, oil & gas and pharmaceutical. High cost over mineral oil may hamper the synthetic lubricant market growth. Government regulations to support development of environment friendly product will propel the demand for bio-lubricants, are also among the major restraints.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ExxonMobil
2. Shell
3. BP
4. Total
5. Chevron
6. Fuchs Lubricants Co.
7. Pennzoil
8. Amsoil Inc.
9. Phillips 66
10. Valvoline Inc.
11. Castrol
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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.
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
• Others
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North America led by the U.S. lubricants market is set to reach over USD 1 billion by 2023. Existence of numerous aviation industry including Boeing may spur the business growth in coming years. Europe synthetic lubricants market share led by UK and Germany was over 200 kilo tons in 2015. Existence of enormous automotive and aerospace manufacturing companies including Rolls, Audi, Volkswagen, Airbus, Royce, Mercedes and BMW may increase the automobile sale, which may positively encourage the business growth over the forecast period
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.
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