Synthetic Lubricants Market Size, Sales Estimation, Top Leading Players and Business Overview 2022-2027

According to IMARC Group latest report titled "Synthetic Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on synthetic lubricants market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global synthetic lubricants market reached a value of US$13.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$17.9 Billion by 2027, exhibiting at a CAGR of 4.64% during 2022-2027.

Synthetic lubricants are man-made oils engineered to perform better than traditional mineral-based lubricants. They are made by synthesizing chemically modified base oils and additives to create a lubricant that offers improved performance in terms of temperature resistance, oxidation stability, viscosity index, and wear protection. They have several advantages over mineral-based lubricants, including better oxidation and thermal breakdown resistance, longer lifespan, and better performance at low temperatures. They also have a more consistent molecular structure, which allows them to maintain their viscosity and lubricating properties over a wider range of operating conditions. They are commonly used in high-performance applications such as aviation, automotive racing, and heavy machinery, where lubricant demands are particularly high. They are also used in industrial applications such as power generation, chemical processing, and manufacturing.

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Market Trends:

The global market is majorly driven by the increasing product demand from high-performance automotive, industrial, and aviation applications. In line with this, the growing awareness of the benefits of synthetic lubricants is significantly contributing to the market growth. Furthermore, the development of new and innovative products that offer improved performance characteristics, such as extended drain intervals and better fuel efficiency, is expected to positively influence the market. Apart from this, rapid industrialization and rising automotive production are catalyzing the market. Moreover, the stricter regulatory requirements for reducing emissions and improving fuel efficiency are creating a positive outlook for the market. In addition, the increasing focus on sustainability and environmental friendliness, with synthetic lubricants being seen as a more environmentally friendly option than traditional mineral-based lubricants, is providing a boost to the market.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• BP plc
• Chevron Corporation
• China Petrochemical Corporation
• Exxon Mobil Corporation
• Idemitsu Kosan Company Ltd.
• Indian Oil Corporation Limited
• Lanxess AG
• Lukoil
• Petroliam Nasional Berhad (PETRONAS)
• Royal Dutch Shell plc
• TotalEnergies SE

Synthetic Lubricants Market Segmentation:

Our report has categorized the market based on region, product, base oil, end use industry.

Breakup by Product:
• Engine Oil
• Hydraulic Fluid
• Metalworking Fluids
• Compressor Oil
• Gear Oil
• Transmission Fluid
• Turbine Oil
• Others

Breakup by Base Oil:
• Polyalphaolefin (PAO)
• Esters
• Polyalkylene Glycol (PAG)
• Others

Breakup by End Use Industry:
• Automotive
• Power Generation
• Heavy Equipment
• Food and Beverage
• Metallurgy and Metalworking
• Chemical
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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