DUBLIN, April 3, 2019 /PRNewswire/ -- 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" report has been added to ResearchAndMarkets.com's offering.
The synthetic lubricants market size is projected to grow from USD 32.2 billion in 2018 to USD 37.3 billion, by 2023.
The industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for synthetic lubricants during the forecast period. However, technological advancements in the automotive industry and rise in demand for alternative fuels act as restraining factors for the growth of the synthetic lubricants market.
The PAO segment is expected to lead the synthetic lubricants market, in terms of volume, during the forecast period.
The PAO segment is expected to lead the synthetic lubricants market, in terms of volume, between 2018 and 2023. The dominance of the PAO segment is owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The PAO-based synthetic lubricants can perform at extreme temperatures; and moreover, due to their low volatility, there is reduced oil consumption, oil residue, and deposit formation, which enhance the performance of the equipment or automobile.
The engine oil segment is projected to account for the largest share of the overall synthetic lubricants market, in terms of volume, between 2018 and 2023.
Engine oil is the largest application of synthetic lubricants. The rapid growth of the transportation sector in the developing regions is expected to drive the synthetic lubricants market during the forecast period. The increasing use of eco-labels in most countries of the region, rising demand for fuel-efficient lubricants in the automobile industry, and stringent environmental regulations in various countries are driving the market.
Europe is expected to be the largest synthetic lubricants market during the forecast period, in terms of volume.
Europe is projected to be the largest synthetic lubricants market during the forecast period. Stringent environmental regulations in countries such as France, the Netherlands, Germany, and Norway are driving the market. The demand for synthetic lubricants is expected to increase further owing to the ongoing product developments and widening distribution network. Moreover, the growing consumption of renewable energy is also driving the demand for gear oils and greases in wind turbines in the synthetic lubricants market in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Synthetic Lubricants Market
4.2 APAC Synthetic Lubricants Market, By Application and Country
4.3 Synthetic Lubricants Market, By Region
4.4 Synthetic Lubricants Market, By Type
4.5 Synthetic Lubricants Market Attractiveness
5 Market Overview
5.2 Market Dynamics
126.96.36.199 Growing Automotive Industry and Vehicle Parc
188.8.131.52 Increasing Industrialization in Emerging Economies
184.108.40.206 Rise in Demand for Alternative Fuels
220.127.116.11 Stringent Environmental Regulations
18.104.22.168 Advancements in Synthetic Lubricants Technologies
22.214.171.124 High Cost of Synthetic Lubricants
5.3 Porter's Five Forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 GDP Trends and Forecast of Major Economies
5.4.2 Trends and Forecast of Oil & Gas Industry and Its Impact on Synthetic Lubricants Market
5.4.3 Trends and Forecast of Automotive Industry and Its Impact on Synthetic Lubricants Market
6 Synthetic Lubricants Market, By Type
6.2 Polyalphaolefin (PAO)
6.2.1 APAC is Projected to Drive the Market for PAO-Based Synthetic Lubricants
6.3.1 High Demand for Engine Oil Boosts the Growth of Ester-Based Synthetic Lubricants Market
6.4 Polyalkylene Glycol
6.4.1 Increasing Demand in Metalworking Fluids to Drive the Market for PAG Synthetic Lubricants
6.5 Group Iii (Hydrocracking)
6.5.1 Lower Prices has Resulted in Rising Demand for Group Iii Synthetic Lubricants
7 Synthetic Lubricants Market, By Application
7.2 Engine Oil
7.2.1 Engine Oil is the Largest Application of Synthetic Lubricants
7.3 Hydraulic Fluids
7.3.1 Growing Manufacturing Sector in Emerging Economies is Expected to Drive the Demand for Synthetic Hydraulic Fluids
7.4 Metalworking Fluids
7.4.1 Rise in Number of Machinery & Equipment is Expected to Drive the Market
7.5 Compressor Oil
7.5.1 Growth in Industrial Machinery & Equipment is Expected to Drive the Market
7.6 Gear Oil
7.6.1 Automotive Industry Provides Significant Growth Opportunity to the Market
7.7 Refrigeration Oil
7.7.1 Increasing Demand for Consumer Appliances Driving the Market
7.8 Transmission Fluids
7.8.1 Increasingly Stringent Environmental Regulations to Drive the Market
7.9 Turbine Oil
7.9.1 Growing Demand for Energy is One of the Major Drivers of the Market
8 Synthetic Lubricants Market, By Region
126.96.36.199 Increase in Automotive Production Offers Opportunity for Growth of Synthetic Lubricants Market
188.8.131.52 Increasing Investment in Infrastructure Significantly Influence the Market
184.108.40.206 Increasing Environmental Regulations Will Drive the Market in France
220.127.116.11 Growth in the Manufacturing Industry Will Drive the Market
8.3 North America
18.104.22.168 The US is the Largest Synthetic Lubricants Market, Globally
22.214.171.124 Canada is the Second-Largest Synthetic Lubricants Market in North America
126.96.36.199 Increasing Manufacturing Activities are Driving the Synthetic Lubricants Market
188.8.131.52 China is the Largest Synthetic Lubricants Market in APAC
184.108.40.206 High Automobile Production Will Boost the Demand for Synthetic Lubricants
220.127.116.11 India is the Fastest-Growing Synthetic Lubricants Market, Globally
8.4.4 South Korea
18.104.22.168 Increasing Demand From Transportation Application is Driving the Synthetic Lubricants Market
8.5 Middle East & Africa
22.214.171.124 Oil & Gas and Automotive Industries are Expected to Significantly Impact the Synthetic Lubricants Market Growth
126.96.36.199 Egypt is the Fastest-Growing Synthetic Lubricants Market in the Middle East & Africa
8.5.3 South Africa
188.8.131.52 Increasing Demand From Automobile Industry to Drive the Market
8.6 South America
184.108.40.206 Significant Investments in Manufacturing Industry Aid the Synthetic Lubricants Market Growth
9 Competitive Landscape
9.2 Competitive Leadership Mapping (Overall Market)
9.3 Strength of Product Portfolio
9.4 Business Strategy Excellence
9.5 Competitive Leadership Mapping (SMSE)
9.6 Strength of Product Portfolio
9.7 Business Strategy Excellence
9.8 Market Share Analysis
9.8.1 Royal Dutch Shell PLC
9.8.2 ExxonMobil Corporation
9.8.3 BP PLC
9.9 Competitive Situation and Trends
10 Company Profiles
10.1 Royal Dutch Shell PLC
10.2 Exxonmobil Corporation
10.3 British Petroleum (BP) PLC
10.4 Chevron Corporation
10.5 Total SA
10.6 Fuchs Group
10.7 Idemitsu Kosan Co. Ltd.
10.8 Sinopec Limited
10.10 Petroliam Nasional Berhad (Petronas)
10.11 Indian Oil Corporation Ltd.
10.12 Other Key Market Players
10.12.1 Dowdupont Inc.
10.12.2 Croda International PLC.
10.12.3 Sasol Limited
10.12.4 Phillips 66
10.12.5 Bel-Ray Company LLC.
10.12.6 Morris Lubricants
10.12.7 Penrite Oil
10.12.8 Valvoline Inc.
10.12.9 Liqui Moly GmbH
10.12.10 Bharat Petroleum
10.12.11 Rock Valley Oil and Chemical Co.
10.12.12 Peak Lubricants Pty Ltd.
10.12.13 Amalie Oil Co.
10.12.14 Eni S.p.A.
10.12.16 Lubrication Technologies Inc.
10.12.17 Engen Petroleum
10.12.18 Petro-Canada Lubricants Inc.
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