Press release
Synthetic Lubricants Market trends are driven by growing demand from automobile and industrial sectors
The revenue size of the global industry is predicted to be $5.1 billion by end of forecast timeline. Applicationgrowth of the industry in automobile sector, construction industry, food & beverage industry and personal care sector in developing nations like UAE, Qatar and Saudi Arabia hasshifted attentionto natural gas expansion. All these aspects are predicted to promote synthetic lubricants industry trends.
High costs compared its mineral equivalents can hinder the industry expansion in future. Synthetic lubricants market price trend observed a steep decline in last few years owing to low petrochemical prices. But costs are predicted to increase by end of forecast period.
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Product Trends
Global synthetic lubricants industry is segmented into products like PAG (Polyalkylene glycols), GroupIV (Polyalpha- olefin)(PAO)and GroupV (Esters).
Group IV Polyalpha-olefinsegment contributed more than 436 kilotons for 2015 in terms of size and is predicted to record aCAGR of about 4.1% during forecast timeline. Enhanced use of polyalpha-olefin in engines of automobiles along with OEM (original equipment manufacturers) endorsementin brands like BMW and Volkswagen is projected to promote segment expansion in future.
Group V or esters segment is predicted to touch $1.74 billion and record CAGR of 4.91% by the end of forecast period. Rising demand of esters in reciprocating compressors due to original equipment manufacturers like Ingersoll Rand as well as recommending usage of compressor oil is predicted to fuel segment growth.
Application Trends
Global synthetic lubricants market is segmented into applications like metalworking fluids, engine oils and heat transfer fluid (HTF).
Engine oils contributed more than 40.1% of globalsynthetic lubricants market share for 2015 and is predicted to record CAGR of 4.3% by end of forecast timeline. Main applications of engine oils are rising drain intervals and offering outstanding film protection along with broad functioning temperature range. All these aspects are predicted to enhance the demand for engine oils segment.
Regional Trends
Global synthetic lubricants industry is segmented into geographical locations like Asia Pacific, North America, MEA, LATAM and Europe.
Asia Pacific, led by India and China synthetic lubricants market, is predicted to consume 245 kilo tons by end of forecast timelineand projectedto record CAGR of 4.6%.Growing high end automobile sales in Asia Pacific is projected to stimulate industry expansion during forecast timeline. Further, superlative features and high performance of synthetic lubricants products as compared to its mineral based counter parts helps in wide use of these products in high end automotive.
Competitive Trends
Key industry participants profiled in the report include Castrol, Amsoil Incorporation, Valvoline, ExxonMobil, Fuchs Group, Shell, Chevron, British Petroleum, Pennzoil, Kendalland Total.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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