Press release
Synthetic Lubricants Market Size to Reach USD 38.9 billion, Trends, Growth Factors, Type and Application, Global Industry Opportunities and Forecast 2029
Synthetic Lubricants Market Overview:The global synthetic lubricants market is operating at the growth stage of its industry life cycle where new product launch, development in the synthetic lubricant technology, and introduction of new-age engine types are the prominent factors that boost the synthetic lubricants market growth. Synthetic lubricants have grater properties over mineral lubricants along with better hardware compatibility to automotive components that fuel the overall market growth of synthetic lubricants. These lubricants are less expensive than the bio-based and mineral lubricants, which is one of the major factors expected to boost the global market growth. On the other hand, emergence of bio-based lubricants as a strong substitute of synthetic lubricants is the major factor that restrains the market growth. In addition, fluctuating prices of raw materials is further expected to hamper the market growth.
The global Synthetic Lubricants market was valued at USD 24.2 billion in 2020, and is projected to reach USD 38.9 billion by 2029, growing at a CAGR 5.096% during the forecast period 2022-2029.
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Synthetic Lubricants Market Key Players
The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Royal Dutch Shell PLC , ExxonMobil Corporation , British Petroleum PLC , Chevron Corporation , Total SA , Sinopec Limited , Lukoil , Indian Oil Corporation Ltd. , Fuchs Group , and Idemitsu Kosan Co and Others
Recent Development
In July 2019, the highly populated enterpriser, Indian Oil Corporation introduced high-performance lubricants Servo SuperMile Plus which is a high-quality engine oil suitable for new-generation petrol and diesel cars.
In March 2018, one of the top key players, Petronas introduced two engine oils named Petronas Selenia Quadrifoglio 5W-40 and Petronas Syntium 7000 0w-16 at the Geneva Motor Show by strengthening the product portfolio of the enterpriser.
In April 2020, Scania Prime Lube announced an offer to provide better service for Scania trucks that need better servicing for smoother performance. The effort is also to take them in to the workshop to provide better servicing. As a part of its multi-point checking of the vehicle it includes Scania LDF3 synthetic lubricant replacement. This is to make the ride smoother as this replacement will also help in the better performance of the engine. The part is also to boost awareness regarding the latest lubricants and how they can improve the performance of the product.
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Synthetic Lubricants Market Segmentation:
Synthetic Lubricants Market by Type, 2020-2029, (USD Million, Kilotons)
Polyalphaolefin (PAO)
Esters
Polyalkylene Glycol (PAG)
Group III (Hydrocracking)
Synthetic Lubricants Market by Product Type, 2020-2029, (USD Million, Kilotons)
Engine Oil
Hydraulic Fluids
Metalworking Fluids
Compressor Oil
Gear Oil
Refrigeration Oil
Transmission Fluids
Turbine Oil
Synthetic Lubricants Market by End-Use Industry, 2020-2029, (USD Million, Kilotons)
Construction
Mining
Metal Production
Cement Production
Power Generation
Automotive Manufacturing
Chemical
Marine (Deck Manufacturing)
Oil & Gas
Textile
Food Processing
Growth Factors:
Increasing demand from the Synthetic Lubricants industries
The growing use of Synthetic Lubricants in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Synthetic Lubricants Market
Synthetic Lubricants Market Regional Analysis
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Key Synthetic Lubricants Market Trends
- The report identifies, determines, and forecasts the Global Synthetic Lubricants Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Synthetic Lubricants Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is expected to drive the Growth
- Rising Adoption of Market Segments in the Synthetic Lubricants Growth
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Synthetic Lubricants Market.
Frequently Asked Questions
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What is the growth rate of Synthetic Lubricants Market?
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