Synthetic lubricants are the specialty lubrication chemicals which provide a large number of benefits and advantages when used for automotive applications. Some of the major advantages of synthetic lubricants are low friction and excellent thermal stability. Increasing awareness among consumers regarding the benefits and advantages of synthetic lubricants as opposed to its mineral counterparts is a key factor anticipated to augment the demand for synthetic lubricants, thus fueling the growth of global synthetic lubricants market over the forecast period. One of the major applications of synthetic lubricants is their usage as a heat transfer fluid especially in heat exchangers and other related heavy machinery. Increasing industrial sector in the developing regions like Asia-Pacific and LAMEA countries is anticipated to propel the demand for synthetic lubricants over the forecast period. Lubricants are those substances which are utilized to achieve reduction in the overall friction between two sliding or moving parts or surfaces. The key objective of a lubricant is to maintain two sliding or moving surfaces aside to decrease the relative friction and thus reduce the continuous destruction of the parts of machinery. The process of reducing the relative friction across two sliding or moving surfaces by the introduction of lubricants is commonly known as lubrication. Lubricants are categorized into three major product segments including bio-based lubricants, synthetic lubricants and mineral based lubricants.
The expanding automotive industry coupled with growing popularity of synthetic lubricants especially for automobile applications is anticipated to boost the growth of global synthetic lubricants market, especially in developing countries such as Brazil, South Korea, China and India. In addition, increasing research and development activities coupled with the increasing investments by various key players in the global synthetic lubricants market for the development and introduction of enhanced grades is projected to propel the demand for synthetic lubricants over the foreseeable years. Key drivers of the global synthetic lubricant market include developing economies and increasing populations as well as rising consumer awareness. However, high initial and operational costs required in the production of synthetic lubricants as well as problems related to potential decomposition of synthetic lubricants in various chemical environments may hamper the growth of global synthetic lubricants market.
The synthetic lubricants market can be segmented on the basis of type, application and region. On the basis of type, the global synthetic lubricants market can be segmented into esters, PAO, group 3 (hydro cracking) and PAG. On the basis of application, the global synthetic lubricants market can be segmented into metalworking fluids, engine oil and industrial. On the basis of region, the global synthetic lubricants market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific. The demand in Asia-Pacific is analyzed to be the major driving factor for the growth of global synthetic lubricants market. China is anticipated to account for the largest share and lead the overall demand for synthetic lubricants owing to increasing industrial production over the last few years. The markets in other developing countries such as Brazil, Russia, Poland, Indonesia, New Zealand, Argentina and India among others are also anticipated to grow rapidly throughout the forecast period.
Major players operating in the global synthetic lubricants market are focusing on some key market strategies such as mergers and acquisitions to keep hold in the ever competitive market. Moreover, they are concentrating on collaborating with local players to increase their market reach as well as strengthen their goodwill in the global market. Some of the key players involved in the manufacture and supply of synthetic lubricants include Aerospace Lubricants Inc, Exxon Mobil Corporation Ltd, Petronas Lubricants International, Castrol India Ltd, Pennzoil Lubricants, The Dow Chemical Company, Lubrizol Corporation, Motul Lubricants, Total Lubricants Ltd and Royal Dutch Shell Plc among others.
Market by Type
· Group 3 (hydro cracking)
Market by Application
· Metalworking fluids
· Engine oil
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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