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As per a recent industry report put forward by Global Market Insights Inc., Synthetic Lubricants Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 5 billion by 2023 with a projected CAGR of 4% over 2016-2023.Synthetic lubricants are those which are manufactured from pure chemicals and not refined from crude oil. It improves thermal stability, oxidation resistance, reduce residue formation and evaporation losses. These lubricants are also used to reduce friction hence increasing fuel efficiency and equipment life.
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Synthetic lubricants have been observing increased demand owing to product development and new technology adoption. These are synthed from ethylene oxides sourced from tight oil, shale gas and CBM. Some major integrated companies which ensure supply of ethylene oxides for producing PAO, PAG and ester based synthetic lubricants are Shell, Chevron, ExxonMobil, Total and BP.
Global synthetic lubricants market is segmented into products like PAG (Polyalkylene glycols), GroupIV (Polyalpha- olefin)(PAO)and GroupV (Esters).
Group IV Polyalpha-olefinsegment contributed more than 436 kilotons for 2015 in terms of size and is predicted to record aCAGR of about 4.1% during forecast timeline. Enhanced use of polyalpha-olefin in engines of automobiles along with OEM (original equipment manufacturers) endorsementin brands like BMW and Volkswagen is projected to promote segment expansion in future.
Increasing automotive sales coupled with rising disposable income for middle-class people should drive industry growth. Automotive industry dominates lubricant industry, countries like India, China, U.S. and Brazil should foster industry growth. China automotive sales is anticipated to grow sizing over 30 million units of automotive by 2023.
Stringent fuel economy and emission regulations around the world coupled with improving automotive OEM specification drives the global synthetic lubricants market.
Global synthetic lubricants market is segmented into applications like metalworking fluids, engine oils and heat transfer fluid (HTF).
Engine oils contributed more than 40.1% of global synthetic lubricants market share for 2015 and is predicted to record CAGR of 4.3% by end of forecast timeline. Main applications of engine oils are rising drain intervals and offering outstanding film protection along with broad functioning temperature range. All these aspects are predicted to enhance the demand for engine oils segment.
Browse key industry insights spread across 85 pages with 59 market data tables & 14 figures & charts from the report, “Synthetic Lubricants Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/synthetic-lubricants-market
Asia Pacific synthetic lubricants market share led by India and China should be over USD 1.3 billion by 2023. Increasing automobile sales coupled with rising end use industry segment require high performance lubes for swift functionality and should propagate regional industry growth.
North America synthetic lube market is expected to grow at CAGR of 5% during forecast timeframe. This growth can be attributed to presence of major aerospace and automotive companies like Bombardier, Ford and Boeing. Its application as heat transfer mediums and transmission systems should propel regional product demand.
Europe synthetic lubricants market price is predicted to surpass $1.67 billion by end of 2023 due to presence of key automobile and airplaneproducing firms like Audi, Airbus, Volkswagen, Rolls Royce, Mercedes and BMW.
Middle East and LATAM synthetic lubricants industry provides unexplored growth avenues for industry participants. But U.S. synthetic lubricants market is equally saturated.
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Key industry participants profiled in the report include Castrol, Amsoil Incorporation, Valvoline, ExxonMobil, Fuchs Group, Shell, Chevron, British Petroleum, Pennzoil, Kendalland Total.
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.
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Release ID: 88924368