Synthetic Lubricants Market Rising at 4%CAGR to 2023: Analysis of Key Players, Trends, Drivers, & Challenges

Synthetic Lubricants Industry 2017 Market Research Report was a professional and depth research report on Synthetic Lubricants industry that you would know the world's major regional market conditions of Synthetic Lubricants industry, the main region including North American, Europe and Asia etc, and the main country including USA, EU, China, South East Asia, India, Japan and etc.

Increasing demand from automobile and industrial sector will drive the global synthetic lubricants market size during forecast period. Growing automobiles demand on account of rising middle class income level and increasing installation of new machines are some of factors responsible to augment industry landscape.

Growing natural gas demand from various sectors including food & beverage, personal care and construction will boost the natural gas production, which will positively impact the synthetic lubricants market.

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Synthetic lubricants market size is anticipated to cross USD 5 billion with consumption of over 900 kilo tons by 2023; according to a new research report by Global Market Insights, Inc.

PAO contributed over 60% of global synthetic lubricants market volume share in 2015. Increasing adoption of PAO in automobile engine coupled with OEM recommendation in major brands such as Volkswagen and BMW may positively influence the industry landscape. PAG synthetic lubricants market share for 2015 was over USD 290 million. Increasing manufacturers concern towards reducing maintenance cost is expected to stimulate the industry growth in coming years.

The global industry revenue generated from heat transfer fluid is predicted to witness growth at over 4% by 2023 on account of its enhancing heat transfer efficiency. It finds application in various industrial processing including chemical, oil & gas and pharmaceutical. High cost over mineral oil may hamper the synthetic lubricant market growth. Government regulations to support development of environment friendly product will propel the demand for bio-lubricants, are also among the major restraints.

North America led by the U.S. lubricants market is set to reach over USD 1 billion by 2023. Existence of numerous aviation industry including Boeing may spur the business growth in coming years. Europe synthetic lubricants market share led by UK and Germany was over 200 kilo tons in 2015. Existence of enormous automotive and aerospace manufacturing companies including Rolls, Audi, Volkswagen, Airbus, Royce, Mercedes and BMW may increase the automobile sale, which may positively encourage the business growth over the forecast period

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Esters market size is predicted to witness growth at over 4% CAGR from 2016 to 2023. Rising demand from reciprocating compressor will propel the industry landscape.

The global industry revenue generated from engine oils was valued at over 1 billion in 2015. It offers sustainable film protection and high operating temperature property. It also helps to improve drain intervals.
Synthetic lubricants market share demand from metal working fluid accounted for over 5% in 2015. Positive outlook towards manufacturing industry is expected to augment the metalworking fluid demand over forecast period.

Key industry players include ExxonMobil, Fuchs, Amsoil, British Petroleum, Valvoline, Shell and Castrol. ExxonMobil, British Petroleum, Shell and Castrol were accounted for 50% of overall industry size.

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This release was published on openPR.