Trending News: Growing Industrialization In Emerging Economies Is Driving The Demand For Synthetic Lubricants
Global Synthetic Lubricants Market: Key Highlights
- According to the new market research report “Synthetic Lubricants Market by Base Oil (Poly-Alpha-Olefin (PAO), Polyalkylene Glycol (PAG), Silicones, Esters), by Product Type (Engine Oil, Transmission Fluids, Heat Transfer Fluids (HTF), Metalworking Fluids, Hydraulic Oil, Gear Oil, Compressor Oil, and Others), by End User (Automobile, Construction, Heavy Metal, Power & Energy, Mining, Oil & Gas, Food Processing, Textile, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) — Global Forecast (2020 to 2027)”, the global synthetic lubricants market is estimated to reach USD 39.8 Billion by 2027 at a CAGR of around 2.4% during the review period.
- Synthetic lubricants offer the number of advantages includes decreased evaporation loss, better lubrication during extreme cold weather conditions, better chemical shareability, improved fuel economy, better engine life, and increased horsepower and torque
- Stringent regulations on the emission of vehicles has increased the demand for synthetic lubricants
- However, increasing demand for alternatives is the major factor that is expected to hinder the market growth during the forecast period
Global Synthetic Lubricants Market: Key Market Dynamics
- The automobile industry is expected to grow at a substantial CAGR globally
- According to OICA, in 2018, approximately 94 million units of vehicles are sold globally
- Continuous innovation in lubricants is further expected to fuel the synthetic lubricant market
- Growing industrialization in developing economies will help to spur the synthetic lubricant market
- The high cost is one of the major challenges for synthetic lubricants market
- Moreover, increasing demand for the alternative is further impeding the market growth during the forecast period
Global Synthetic Lubricants Market: Regional Overview
Europe is expected to account for the largest shares for the synthetic lubricant market. Europe is experiencing healthy economic growth, rising manufacturing output, and expanding motor vehicle parks are the factors help to the consumption of synthetic lubricants. Moreover, stringent regulation on the emission of vehicles has increased the demand for synthetic lubricants. On 17 April 2019, the European Parliament and the Council adopted Regulation (EU) 2019/631 setting on CO2 emission standards for new passenger cars and new light commercial vehicles in the EU for the period after 2020.
- Asia Pacific
The Asia Pacific region is expected to grow at a high CAGR during the forecasted period. This fastest growth will be in Asia, supported by rising vehicle ownership rates and ongoing industrialization in large countries such as China, Japan, and India. OEM suggestions have played a vital role in driving this shift as consumers become more aware and appreciative of performance over the base price.
Global Synthetic Lubricants Market: Key Players Overview
- Royal Dutch Shell PLC:
Royal Dutch Shell is one of the leading company in the lubricant market. The company associated with the production, exploration, refining, and marketing of oil &natural gas. Royal Dutch Shell also offers the marketing and manufacturing of the chemicals. In May 2019, Royal Dutch Shell plc, through its subsidiary namely Shell Offshore Inc. has started production of crude oil in the deep-water US Gulf of Mexico. The plant can produce approximately 175,000 barrels of oil per day.
- Exxon Mobil Corporation.
Exxon Mobil Corporation is a publicly-traded international oil and gas company. The company continuously develops technologies to deliver energy and hold the market position in the global market. Exxon Mobil Corporation engaged in manufacturing the sell crude oil, natural gas, and petroleum products. In November 2019, Exxon Mobil Corporation expands high performance synthetic lubricant capacity in Louisiana. The company invested more than USD 200 Million to this expansion.
About Forencis Research
Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of market research reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets.
Our robust research methodology is designed to constantly map the high growth markets in various industries. This facilitates enhanced decision-making capabilities to our clients. Our robust research methodology is designed to constantly map the high growth markets in various industries. This facilitates enhanced decision-making capabilities to our clients. We strive to help our clients to foray into uncharted space to attain increased revenue growth for the present as well as the future.
Phone: +1 (720) 306 9020