What's driving the Synthetic Lubricants Market trend? | Key Players are Exxon Mobil, Shell, British Petroleum, Total, Chevron, Fuchs Group, Pennzoil, Amsoil Inc., Kendall, Valvoline, Castrol
Key industry players include Exxon Mobil, Shell, British Petroleum, Total, Chevron, Fuchs Group, Pennzoil, Amsoil Inc., Kendall (Phillips , ), Valvoline, Castrol
Increasing demand from the industrial sector owing to increasing installation of new machines and rising middle-class income level leading to surging affordability are expected to strengthen the demand of synthetic lubricants over the forecast timeline.
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Also, the rising demand for growing natural gas is expected to stimulate the synthetic lubricants market share. Natural gas is massively required across various sectors including personal care, food & beverage, and construction. This has augmented the natural gas production worldwide, and has had a positive impact on synthetic lubricants market.
According to a research report by Global Market Insights, Inc., synthetic lubricants market size is likely to surpass USD 5 billion by 2023.
Europe synthetic lubricants market size experienced a commendable surge in 2015, owing to the contribution of regions such as U.K and Germany. Estimates claim that Europe synthetic lubricants industry size was worth over 200 kilo tons in 2015.
With the presence of major automotive and aerospace manufacturing companies such as Audi, Rolls, Volkswagen, Royce, Airbus, BMW, and Mercedes, the demand for automobiles and aircrafts is anticipated to increase in the continent. This may positively encourage the growth prospects of Europe in synthetic lubricants market, through 2023.
North America however, appears to rule the roost, as the region has been forecast to be worth over USD 1 billion by 2023. In the wake of robustly growing aviation industry, the contenders of which include prominent companies including Boeing, stakeholders may envisage North America as a favorable investment hub.
Synthetic lubricants are highly sought-after in the heat transfer fluid industry, as the manufacturing operations in the sector demand high heat transfer efficiency. Owing to their increasing usage in several applications in various industries including chemical, oil & gas and pharmaceutical, the heat transfer fluid application segment is anticipated to grow at a CAGR of over 4% through 2025.
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Meanwhile, owing to their sustainable film protection and high operating temperature properties, engine oils also have been witnessing high demand lately. Estimates claim the engine oil application sector to be valued at around 1 billion in 2015.
The proliferation in PAO demand is contributing to the growth of synthetic lubricants market share. PAO is increasingly used in automobile engines and is also recommended by OEMs in major brands such as BMW and Volkswagen. Estimates claim that PAO segment held over 60% of the overall synthetic lubricant market share in 2015 in terms of volume and may positively influence the industry landscape through 2023.
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