Synthetic Lubricants Market
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The synthetic lubricants market size is estimated to grow at a CAGR 1.98% rate during the forecast period. The growing automotive industry and industrialization are one of the major drivers for the growth of global synthetic lubricant market. Stringent environmental regulations to reduce carbon emission are expected to boost the demand for synthetic lubricants. The consumption of synthetic lubricants is increasing due to their properties, such as water solubility, high viscosity indexes, and bio-degradability. High cost is one of the major restraints observed in the market.
PAO is expected to remain the largest segment in overall market during the forecast period. Growth in the market size of PAO synthetic lubricants is attributed to its improved oxidative and thermal stability benefits across engine oil, metalworking fluids, and hydraulic fluids applications.
By application type, the engine oil segment is projected to hold the largest share in the overall market. The demand for engine oil is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. Rapid growth of the automotive industry, especially in the APAC region is expected to fuel the demand for this segment. Engine oil is mainly used in automobiles to reduce metal-to-metal contact and minimize overall friction and reduce damage.
Europe is anticipated to be the largest market during the forecast period. Increasing investment in blending plants for synthetic lubricants especially in European nations such as Russia and the Netherlands is driving the growth in the region. Several national ecolabels/schemes and one international standard have been developed in the recent years for setting up of requirements for the ecological and technical characteristics of lubricants. The adoption of these standards is expected to fuel the demand for synthetic lubricants in the respective regional areas.
Key players in the market include Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum PLC ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan).
Key Questions Addressed by the Report
- What are the major developments impacting the market?
- Where will all these developments take the industry in the mid to long term?
- What are the upcoming applications of synthetic lubricants?
- What will be the major factors impacting market growth during the forecast period?
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. Synthetic Lubricants Market, By End-Use Industry
Oil & Gas
6. Synthetic Lubricants Market, By Type
7. Synthetic Lubricants Market, By Product Type
8. Synthetic Lubricants Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
9. Company Profiles
Petroliam Nasional Berhad
Royal Dutch Shell PLC
British Petroleum (Bp) PLC
Idemitsu Kosan Co. Ltd.
Indian Oil Corporation Ltd.
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