Press release
Synthetic Lubricants Market Strategies and Insight Drivers 2026 | Indian Oil Corporation Ltd; Chevron Corporation; Castrol Limited; FUCHS; Pennzoil
Synthetic Lubricants Market
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Market Analysis: Global Synthetic Lubricants Market
Global synthetic lubricants market is expected to register a steady potential growth rate of 3.95% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the focus of various authorities and organizations on extensive levels of research & development activities resulting in high levels of innovations in technologies.
Key Market Competitors:
Few of the major competitors currently working in the global synthetic lubricants market are Total; Lubrication Engineers; Exxon Mobil Corporation; Synthetic Lubricants, Inc.; Royal Dutch Shell; BP p.l.c.; Valvoline LLC; Indian Oil Corporation Ltd; Chevron Corporation; Castrol Limited; FUCHS; Pennzoil; Phillips 66 Company; AMSOIL INC.; INEOS; NACO Corporation; LANXESS; Idemitsu Kosan Co.,Ltd.; China Petroleum & Chemical Corporation; LUKOIL; Petroliam Nasional Berhad (PETRONAS) among others.
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Market Definition: Global Synthetic Lubricants Market
Synthetic lubricants are produced from oil extracted from various different artificial chemical manufacturing industries such as esters, PAO and various others. These oils are then processed for replacing the mineral oils present in crude oil to develop synthetic lubricants which are then used as lubricating fluids/compounds to enhance the performance levels of different machineries and components. Unlike, other lubricants synthetic lubricants are developed with the help of chemical synthesis instead of refinement or extraction of petrol-based compounds with the main objective of these lubricants being to reduce the friction levels between two different surfaces.
Segmentation: Global Synthetic Lubricants Market
Synthetic Lubricants Market : By Product
Silicones
Polyalphaolefin (PAO)
Esters
Polyalkylene Glycol (PAG)
Group III (Hydrocracking)
Phosphate Ester
Polyolester
Biolubes
Di-Basic Acid Ester (Di-Ester)
Others
Synthetic Lubricants Market : By Application
Engine Oil
Hydraulic Fluids
Compressor Oil
Gear Oil
Greases
Refrigeration Oil
Transmission Fluids & Hydraulic Fluids
Turbine Oil
Heat Transfer Fluids (HTF)
Metalworking Fluids
Process Oil
Marine Lubricants
General Industrial Oils
Others
Synthetic Lubricants Market : By End-Use Industry
Construction
Mining
Metal Production
Cement Production
Power Generation
Automotive Manufacturing
Chemical
Marine (Deck Manufacturing)
Oil & Gas
Food Processing
Textile
Others
Synthetic Lubricants Market : By Geography
North America
Europe
Asia-Pacific
South America
Middle East and Africa
Key Developments in the Market:
In October 2019, FUCHS announced that they had agreed to acquire Nye Lubricants Inc. located in The Fairhaven, Massachusetts, United States. Nye Lubricants Inc. is a well-known leader in development and innovations related to synthetic lubricants. This acquisition will help FUCHS enhance their product offerings for speciality lubricants product range helping provide specialized solutions for a number of different applications
In April 2018, Royal Dutch Shell announced that their subsidiary Shell Lubricants through their Indian division had launched "Shell Helix HX8" their fully synthetic engine oil developed for various different car types inclusive of sedans, hatchbacks, MUVs and SUVs. The product offers various significant performance benefits associated with lubricants over conventional products available presently in the industry
Synthetic Lubricants Market Drivers:
Increasing production activities for natural gas being carried out in the various gulf countries; this is expected to act as a driver for the market growth
High demand associated with the automotive industry; this factor is expected to propel the market growth
Growth in the levels of industrialization from the various developing countries/regions of the world is expected to boost the market growth
Various different benefits associated with these lubricants over the conventional lubricants is expected to foster positive market growth
Synthetic Lubricants Market Restraints:
Increasing availability of bio-lubricants is expected to act as a restraint for the market growth
Concerns related to high costs of these lubricants; this factor is expected to hinder the market growth
High demands for alternative fuels and products; this factor is expected to restrict the market growth
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