Press release
Synthetic Lubricants Market worth $37.3 billion by 2023 | Key players Royal Dutch Shell Plc, ExxonMobil Corporation, Chevron Corporation, Total SA, Lukoil.
Synthetic Lubricants Market, Synthetic Lubricants, Europe Synthetic Lubricants Market, APAC Synthetic Lubricants Market
Browse 145 market data Tables and 45 Figures spread through 139 Pages and in-depth TOC on "Synthetic Lubricants Market - Global Forecast to 2023"
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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.
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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).
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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.
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