Press release
Automobile applications to rule synthetic lubricants market growth over 2016-2023, with APAC as a major revenue pocket
Subject to this wide spectrum of applications, synthetic lubricants market size is estimated to surpass 900 kilo tons by 2023, claims Global Market Insights, Inc. The industry has garnered a commendable traction with a catalogue of top-notch industry players such as ExxonMobil, BP, Castrol, Shell accruing almost 50% of the global business space.
Request for Sample Copy @ https://www.gminsights.com/request-sample/detail/368
The active involvement of the industry giants with regards to enhancing their manufacturing capabilities and geographic expansion is one of the major parameters underling the competitive landscape of synthetic lubricants market.
The recent news of ExxonMobil completing its establishment of new grease and synthetic lubricants facilities in Singapore was one such instance, depicting the growth tactics prevalent in this market space. The move has been quoted as a highly strategic initiative by the company, where it has expanded its manufacturing capabilities close to Asia Pacific region, one of the key growth grounds for synthetic lubricants industry growth. As per the estimates, APAC synthetic lubricants industry is expected to register a CAGR of 4.6% over 2016-2023.
Speaking along similar lines, the reason for APAC becoming the key investment destination and manufacturing spot is quite overt – the exponentially expanding automotive sector. Statistics claim engine oil to have contributed 40% to the global synthetic lubricants industry share in 2015 and is further expected to record a CAGR of 4% over 2016-2023.
With APAC countries such as China and India being perceived as the largest automotive hubs, it is rather undeniable for synthetic lubricants market to witness a profound growth in this region. In this regard, Europe will further accrue a significant portion of synthetic lubricants market share, on grounds of being fortunate of having the presence of some of the most renowned automotive tycoons - Mercedes, Rolls Royce, BMW, Audi, VW, and Airbus. Europe synthetic lubricants market size is slated to cross USD 1000 million by 2023.
With these developments, it is prudent to mention that automotive sector is poised to rule the application portfolio of the synthetic lubricants industry. In fact, the industry giants are constantly exploring ways to exploit this potential to the maximum. The recent extension of multiyear sponsorship agreement between Castrol and NFL (National Football League) underlines one such move toward the commercialization of opportunities in automotive space. Allegedly, Castrol has renewed its status as NFL’s official motor oil sponsor.
Despite these appreciable developments, certain factors such as the increasing demand for mineral oil, particularly from small scale manufacturers of APAC and high fiber cost associated with these lubricants might hamper the growth of synthetic lubricants industry in the coming years. Nonetheless, the exponentially expanding automotive sector holds enough evidence to validate the projected growth curve of this industry –a valuation of USD 5 billion by 2023. It would be further interesting to watch this industry multiply its revenue from its niche application areas including metalworking fluids, transmission fluids, and HTF in the ensuing years.
About Global Market Insights:
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.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Automobile applications to rule synthetic lubricants market growth over 2016-2023, with APAC as a major revenue pocket here
News-ID: 808867 • Views: …
More Releases from Global Market Insights, Inc.
Hepatitis B Vaccine Market Set to Surpass $12 Billion by 2034
The global hepatitis B vaccine market is poised for significant expansion over the next decade, fueled by rising liver disease cases, expanded immunization coverage, and advancements in vaccine development. Valued at USD 6.7 billion in 2024, the market is projected to reach USD 7.3 billion in 2025 and surge to USD 12 billion by 2034, reflecting a healthy compound annual growth rate (CAGR) of 5.7%.
A major driver behind this growth…
Rare Sugar Market Top 3 Trends, Covid-19 Outbreak, Factors Driving, Threats, Cha …
Rising awareness regarding health & fitness and the subsequent shift in consumer trends towards low-calorie sweeteners will boost rare sugar market share over the forecast spell. Recent years have marked a steady rise in the prevalence of cardiovascular ailments, diabetes, and obesity, among other chronic conditions, which have triggered a massive change in consumer perceptions towards health.
This in turn has led to a surge in demand for various functional foods…
Global Selenium Yeast Market Industry Assessment, Trends, Competitive Landscape, …
The selenium yeast market is anticipated to register substantial gains on account of rising inclination towards organic additives in animal nutrition, with an aim to improve livestock health and production. Consumers are steadily becoming aware of the downsides associated with using synthetic additives. As a result, they are preferring selenium yeast feed grades over other counterparts to provide balanced nutrition to their livestock.
According to Global Market Insights Inc estimates…
Power Distribution Component Market Share, Size, Trends by 2025 | Leading Key pl …
Global Power Distribution Component Market Report offers market overview, segmentation by types, application, countries, key manufactures, cost analysis, industrial chain, sourcing strategy, downstream buyers, marketing strategy analysis, distributors/traders, factors affecting market, forecast and other important information for key insight.
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/3091
Voltage rating have acted as a standard industry protocol toward the installation of power components reliant on regulatory preference, deployment areas, and the group…
More Releases for APAC
Bronchopulmonary Dysplasia APAC Market Poised for Phenomenal Expansion Across AP …
DelveInsight's "Bronchopulmonary Dysplasia- Patient Pool Analysis, Market Size and Market Forecast APAC, 2034" report comprises of detailed understanding of the Bronchopulmonary Dysplasia, historical and forecasted patient burden, treatment addressable patient population, as well as key differences in market trends in the APAC region (India, China, South Korea, Taiwan, and Australia) when compared with established markets.
The APAC Bronchopulmonary Dysplasia market report provides current treatment pattern analysis, potential upcoming players, market share…
Allergic Rhinitis APAC Market Poised for Phenomenal Expansion Across APAC Region …
"DelveInsight's "Allergic Rhinitis- Patient Pool Analysis, Market Size and Market Forecast APAC, 2034" report comprises of detailed understanding of the Allergic Rhinitis, historical and forecasted patient burden, treatment addressable patient population, as well as key differences in market trends in the APAC region (India, China, South Korea, Taiwan, and Australia) when compared with established markets.
The APAC Allergic Rhinitis market report provides current treatment pattern analysis, potential upcoming players, market share…
Epilepsy APAC Market Poised for Phenomenal Expansion Across APAC Region in the C …
DelveInsight's "Epilepsy- Patient Pool Analysis, Market Size and Market Forecast APAC, 2034" report comprises of detailed understanding of the Epilepsy, historical and forecasted patient burden, treatment addressable patient population, as well as key differences in market trends in the APAC region (India, China, South Korea, Taiwan, and Australia) when compared with established markets.
The APAC Epilepsy market report provides current treatment pattern analysis, potential upcoming players, market share of approved and…
Insomnia APAC Market Poised for Phenomenal Expansion Across APAC Region in the C …
DelveInsight's "Insomnia- Patient Pool Analysis, Market Size and Market Forecast APAC, 2034" report comprises of detailed understanding of the Insomnia, historical and forecasted patient burden, treatment addressable patient population, as well as key differences in market trends in the APAC region (India, China, South Korea, Taiwan, and Australia) when compared with established markets.
The APAC Insomnia market report provides current treatment pattern analysis, potential upcoming players, market share of approved and…
Vascular Dementia APAC Market Poised for Phenomenal Expansion Across APAC Region …
DelveInsight's "Vascular Dementia- Patient Pool Analysis, Market Size and Market Forecast APAC, 2034" report comprises of detailed understanding of the Vascular Dementia, historical and forecasted patient burden, treatment addressable patient population, as well as key differences in market trends in the APAC region (India, China, South Korea, Taiwan, and Australia) when compared with established markets.
The APAC Vascular Dementia market report provides current treatment pattern analysis, potential upcoming players, market share…
Frontotemporal Dementia APAC Market Poised for Phenomenal Expansion Across APAC …
"DelveInsight's "Frontotemporal Dementia- Patient Pool Analysis, Market Size and Market Forecast APAC, 2034" report comprises of detailed understanding of the Frontotemporal Dementia, historical and forecasted patient burden, treatment addressable patient population, as well as key differences in market trends in the APAC region (India, China, South Korea, Taiwan, and Australia) when compared with established markets.
The APAC Frontotemporal Dementia market report provides current treatment pattern analysis, potential upcoming players, market share…
