Synthetic Lubricants Market worth $37.3 billion by 2023 | Key players Royal Dutch Shell Plc, ExxonMobil Corporation, Chevron Corporation, Total SA, Lukoil.

According to recent market research the "Synthetic Lubricants Market by Type (PAO, PAG, Esters, Group III), Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil), Region - Global Forecast to 2023" The synthetic lubricants market is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%, from USD 32.2 billion in 2018. Synthetic lubricants are widely used in the manufacturing and transportation sectors, such as automotive, aviation, marine, transportation equipment manufacturing, metal production, commercial machinery manufacturing, food & beverage, and rubber & plastic industries. Hence, the rapid growth in these industries is expected to contribute to the growth of the synthetic lubricants market. Furthermore, the use of synthetic lubricants is very essential in the engine oil segment. The automotive industry is the largest consumer for engine oil and the rapid growth of the industry is expected to drive the demand for synthetic lubricants.

Browse 145 market data Tables and 45 Figures spread through 139 Pages and in-depth TOC on "Synthetic Lubricants Market - Global Forecast to 2023"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/synthetic-lubricant-market-141429702.html

The engine oil segment is projected to account for the largest share of the synthetic lubricants market during the forecast period, in terms of value. The demand for engine oil is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. In addition, premium automobiles are engineered in a way that encourage the use of synthetic lubricants for better performance of engines. Moreover, stringent government regulations regarding the use of eco-friendly lubricants to reduce harmful emissions, is driving the market.

The dominance of the PAO-based synthetic oil segment is projected to continue during the forecast period, owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The increased consumer awareness regarding OEM recommendations and favorable properties of PAO, for instance, high viscosity indexes, are expected to drive the PAO synthetic lubricants market during the forecast period.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141429702

APAC is projected to be the largest synthetic lubricants market during the forecast period due to the high growth of the manufacturing and transportation industries in emerging countries, such as China, India, and South Korea. The domestic and foreign investments in these industries have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the synthetic lubricants market in the region.

Key players profiled in the report include Royal Dutch Shell Plc (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan).

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=141429702

Royal Dutch Shell PLC (The Netherlands) is one of the largest manufacturers of lubricants. The company offers a wide range of products that include automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, and special application lubricants. It is the leading player in the synthetic lubricants market. The company is focusing on agreements and expansions as the key strategies to strengthen its position in the market. For instance, in September 2018, the company renewed its agreement with BMW AG (Germany) to supply aftermarket synthetic engine oils in Europe and the Middle East & Africa till 2022. This agreement will strengthen the company's presence in Europe.

ExxonMobil Corporation is one of the largest market players and the second largest publicly traded company, in terms of market capitalization. The company markets its products globally under the brands-Exxon, Mobil, and Esso. It focuses on new product launch as the key strategy. In December 2018, the company launched Mobil 1 Truck & SUV synthetic motor oil for gasoline-fueled, light-duty trucks, and SUVs. This product maximizes engine efficiency and provides excellent protection.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Press Release: https://www.marketsandmarkets.com/PressReleases/synthetic-lubricant.asp
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/synthetic-lubricant-market.asp

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.