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Chevron, Total, BP, Shell Synthetic Lubricants Market to hit $5bn by 2023 | Castrol, Valvoline Inc., Phillips 66
Synthetic Lubricants Market
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Growing natural gas demand from various sectors including food & beverage, personal care and construction will boost the natural gas production, which will positively impact the synthetic lubricants market.
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.
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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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
Esters market size is predicted to witness growth at over 4% CAGR from 2016 to 2023. Rising demand from reciprocating compressor will propel the industry landscape.
The global industry revenue generated from engine oils was valued at over 1 billion in 2015. It offers sustainable film protection and high operating temperature property. It also helps to improve drain intervals.
Browse key industry insights spread across 85 pages with 59 market data tables & 14 figures & charts from the report, “Synthetic Lubricants Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/synthetic-lubricants-market
Synthetic lubricants market share demand from metal working fluid accounted for over 5% in 2015. Positive outlook towards manufacturing industry is expected to augment the metalworking fluid demand over forecast period.
Key industry players include ExxonMobil, Fuchs, Amsoil, British Petroleum, Valvoline, Shell and Castrol. ExxonMobil, British Petroleum, Shell and Castrol were accounted for 50% of overall industry size.
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