Press release
Europe Synthetic Lubricants Market is set to surpass $1,000 million by 2023 | By key players Audi, Mercedes, Volkswagen, BMW, Rolls, Royce, Airbus
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Top Key Players in The Market are:
Key industry players include Shell, Castrol, ExxonMobil and BP, Fuchs, Total and Chevron where Shell, Castrol, ExxonMobil and BP
Some of the leading players delineated in the report, including British Petroleum, Castrol, ExxonMobil, Shell accounted for more than 50% of the overall industry size. Along with ExxonMobil, Castrol, Shell and British Petroleum, other leading players profiled in the report are Valvoline, Amsoil and Fuchs. According to the latest research report by Global Market Insights, Inc., synthetic lubricants market size is expected to surpass US$ 5 bn with the consumption of over 900 kilo tons by 2023.
Exponential adoption of PAO in automobile engine and recommendation by leading OEMs such as BMW and Volkswagen to embrace the product have augured well for the synthetic lubricants industry forecast. While PAO was pegged at over 3/5th of synthetic lubricants market volume share in 2015, PAG synthetic lubricants market share was valued at over USD 290 million in the same year.
Over the years, popularity of reciprocating compressor has been grabbing headlines on the heels of increased usage of compressor oil. Esters market size is slated to expand at a growth rate of over 4% through 2023. Notably, growing call among manufacturers to minimize the maintenance cost will trigger demand for the lubricants among the end-users.
Heat transfer fluid (HTF) is expected to generate sizeable synthetic lubricants market revenue in the wake of improved heat transfer efficiency. HTF is increasingly used in industrial processing such as oil & gas, chemical and pharmaceutical. Heat transfer fluid application is expected to expand at a CAGR of over 4% through 2023.
There has been an increased inclination among prominent companies to use synthetic lubricants for engine oils as they provide strong film protection, enhance drain intervals, and functioning temperature range. Synthetic lubricants market revenue from engine oils was valued at over 1 billion in 2015. Use of synthetic lubricant products for engine oil application is poised to instilled confidence among stakeholders.
Use of synthetic lubricants for metal working fluid is also expected to rise profoundly as leading companies increasingly adopt lubricant products. Synthetic lubricants industry share from metal working fluid was pegged at over 5% in 2015.
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Stakeholders are likely to rev up their investments in North America owing to the presence of leading aviation players such as Boeing. North America synthetic lubricants market is likely to be pegged at over US$ 1 billion by 2023. Besides, Europe will also continue to witness increased traction for synthetic lubricants as countries such as the U.K. and Germany observe sustained demand for synthetic lubricant products.
Global Market Insights, Inc. claims in its report that Europe synthetic lubricants industry share was valued at over 200 kilo tons in 2015. Presence of prominent automotive and aerospace manufacturing companies such as Audi, Mercedes, Volkswagen, BMW, Rolls, Royce and Airbus has inevitably boosted the sales of automobile, thereby fueling the industry revenue growth.
There are some of the factors which are likely to derail the growth synthetic lubricants industry. Industry analysis indicates government regulations to promote the development of environmentally friendly product and high cost as compared to mineral oil to mar the industry growth.
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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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