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What's Driving The Synthetic Lubricants Market Share? | Shell, ExxonMobil, BP, Total, Chevron , Phillips 66, Valvoline Inc., Castrol

06-21-2019 07:17 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Synthetic Lubricants Market

Synthetic Lubricants Market

Synthetic Lubricants Market has been witnessing an elevated application scope lately, subject to the remarkable growth in the automotive industry over the past few years. Fueled by the upgraded standard of living, there has been a rapid rise in the automobile sales globally. A noticeable preference toward branded cars has substantially increased the utilization of synthetic lubricants in vehicles as gearbox brake, and hydraulic fluids to reduce the wear and tear of engine components.

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Low additive solvency, hydrolytic stability, high viscosity index, and low-temperature fluidity are some of the unique product characteristics remarkably fueling the synthetic lubricants market demand. Another profound factor influencing synthetic lubricants market dynamics is the growing demand for natural gas across various utility domains including personal care, food and beverage, and construction.

Increasing demand from automobile and industrial sector will drive the global synthetic lubricants market size during forecast period. Growing automobiles demand on account of rising middle class income level and increasing installation of new machines are some of factors responsible to augment industry landscape.

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.

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

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

Application Trends

Global synthetic lubricants market is segmented into applications like metalworking fluids, engine oils and heat transfer fluid (HTF).

Engine oils contributed more than 40.1% of globalsynthetic lubricants market share for 2015 and is predicted to record CAGR of 4.3% by end of forecast timeline. Main applications of engine oils are rising drain intervals and offering outstanding film protection along with broad functioning temperature range. All these aspects are predicted to enhance the demand for engine oils segment.
HTF or heat transfer fluid removes water and heats reboilers in chemical and oil & gas sectors. Due to this property the demand of HTF segment is predicted to grow in future. It is projected to surpass 291 kilo tons of production by end of 2023. Further, these fluids are also utilizedin power steering and as lubricants in four-wheeldrive fluid transfers. The segment is predicted to record CAGR of 4.2% during forecast timeline.

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PAO, PAG, and esters are three basic products encompassing the business landscape. With a contribution of 60% of the overall volume, PAO synthetic lubricants market led the global industry in 2015. Increasing proliferation of PAO in automobile engines is significantly driving the market demand. In addition to this, efforts taken by companies involved in the market undoubtedly is adding a different dimension, that will likely scale up the commercialization of synthetic lubricants industry. For instance, OEM recommendation in reputed brands like BMW, Volkswagen has significantly complemented the industry outlook. Speaking along the same line, Europe synthetic lubricants market is majorly influenced by the presence of numerous automotive manufacturing companies which include Mercedes, Audi, Rolls, BMW, driving substantial product demand. With Germany at the helm, Europe market is slated to exceed USD 1000 million by the end of 2023.

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

Changing consumer preferences for high quality, cost effective lubricants are likely to drive the synthetic lubricants market trends in future. Subject to the increasing concerns over environmental degradation, manufacturers are also striving to bring biodegradable products in the market. With several manufacturers’ venturing into novel product deployment, synthetic lubricants market will certainly widen its horizon in the coming six years.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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