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Synthetic Lubricants Market Insights | Key Players: ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Petroliam Nasional Berhad (Malaysia) & Fuchs Petrolub SE (Germany)

02-18-2019 12:26 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

/ PR Agency: MNM
New product launches is the most popular strategy adopted by the key players of the global synthetic lubricants market

The global synthetic lubricants market is estimated to be worth USD 31.0 billion in 2014 and is projected to reach USD 36.0 billion by 2020, at a CAGR of 2.5% between 2015 and 2020. Key strategies such as new product development, expansion, and contracts & agreements are adopted by the major players to meet the demand of end users. The maximum number of strategic developments undertaken between 2011 and 2015 took place in North America. North America is followed by Asia-Pacific and Europe.

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Major players operating in the global synthetic lubricants market are ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Petroliam Nasional Berhad (Malaysia), and Fuchs Petrolub SE (Germany).

ExxonMobil Corporation (U.S.) is one of the leading synthetic lubricants manufacturers in the world. The company accounted for the largest share of all the developments recorded from 2011 to 2015. It accounted for 23.3% of all the strategic developments undertaken. The company has made maximum developments in North America. ExxonMobil Corporation has been focusing on new product development, expansion, and partnerships & collaborations to maintain its leading position in the market. For instance, ExxonMobil Corporation launched readily biodegradable synthetic hydraulic oil, Mobil SHC Hydraulic EAL (Environmentally Acceptable Lubricant). High performance lubricant is mainly used for industries where EALs are required, such as hydraulic oil applications and offshore oil.

Chevron Corporation (U.S.) is another major player in the global synthetic lubricants market. The company accounted for 16.7% of all the strategic developments recorded during the period from 2011 to 2015. The company has been focusing on new product launches. In January 2015, Chevron Corporation (U.S.) launched Kixx, a multi-grade motor oil made of 100% synthetic base fluids. This product helps in fuel efficiency and reduces noise.

This report provides a detailed analysis of the synthetic lubricants market and segments the same on the basis of types, application, and geography. Based on application, the market has been segmented into engine oil, metalworking fluids, and industrial. Based on geography, the market has been segmented as Europe, North America, Asia-Pacific, and Rest of the World.

Increasing use of synthetic and semi-synthetic lubricants expected to drive the synthetic lubricants market

The global synthetic lubricants market size is estimated at USD 31.0 billion in 2014 and is projected to reach USD 36.0 billion by 2020, at a CAGR of 2.5% from 2015 to 2020.

The report analyses the synthetic lubricants market with respect to type, application, and geography. The application segment is divided into engine oil, metalworking fluids, and industrial. The industrial segment includes transmission fluids, hydraulic oil, turbine oil, and compressor oil. Engine oil application is the leading segment, contributing over 45.6% to the overall synthetic lubricants market in 2014. Growth in the end-use industries such as automotive and industrial is driving the engine oil application segment. This would in turn drive the demand for synthetic lubricants.

PAO (Polyalpha Olefins) accounts for the major market share in overall synthetic lubricants market. However PAG (Polyalkylene Glycols) is projected to grow at the fastest rate between 2015 and 2020. The demand for PAGs in Asia-Pacific is growing on account of the increasing demand from various emerging economies such as China and India. Moreover, increasing domestic demand, coupled with cheap manufacturing facilities, is expected to drive the demand for PAGs in the Asia-Pacific region.

Europe holds the biggest share of the global synthetic lubricants market in 2014. Asia-Pacific is the fastest-growing region in the global synthetic lubricants market. The tremendous growth of industrial production, increased trade, and increase in number of vehicles are primarily responsible for the high consumption of synthetic lubricants in the Asia-pacific region.

Some of the major players operating in the global synthetic lubricants market are ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Fuchs Petrolub SE (Germany), Total S.A. (France), Chevron Corporation (U.S.), Lubrizol Corporation (U.S.), Idemitsu Kosan Co. Ltd (Japan), Pennzoil (U.S.), The Dow Chemical Company (U.S.), and Petroliam Nasional Berhad (Malaysia). Most of the companies have adopted new product development, expansion, and contracts & agreements as their development strategies to sustain in the global synthetic lubricants market.

Read More Context at https://www.marketsandmarkets.com/Market-Reports/synthetic-lubricant-market-141429702.html

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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