Chemical and Materials

Global Synthetic Lubricants Market at A Highest CAGR of 3.95 % With Leading Players Trends and Analysis

Businesses can achieve practical and enduring results which are driven by accurate and timely research. Synthetic Lubricants Market report evaluates the growth rate and the market value based on market dynamics and growth inducing factors. It also provides the list of major competitors along with the strategic insights and analysis of the key factors influencing the Chemical and material industry. Global Synthetic Lubricants Market report provides in-depth market data and forecast by analyzing key business trends and identifying potential growth avenues across the entire value chain. This Synthetic Lubricants Market has been formed with the vigilant efforts of innovative, enthusiastic, knowledgeable and experienced team of analysts, researchers, industry experts, and forecasters.

Global synthetic lubricants market is expected to register a steady potential growth rate CAGR of 3.95% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017.

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Market Definition: Global Synthetic Lubricants Market

Synthetic lubricants are produced from oil extracted from various different artificial chemical manufacturing industries such as esters, PAO and various others. These oils are then processed for replacing the mineral oils present in crude oil to develop synthetic lubricants which are then used as lubricating fluids/compounds to enhance the performance levels of different machineries and components. Unlike, other lubricants synthetic lubricants are developed with the help of chemical synthesis instead of refinement or extraction of petrol-based compounds with the main objective of these lubricants being to reduce the friction levels between two different surfaces.

Market Drivers:

  • Increasing production activities for natural gas being carried out in the various gulf countries; this is expected to act as a driver for the market growth
  • High demand associated with the automotive industry; this factor is expected to propel the market growth
  • Growth in the levels of industrialization from the various developing countries/regions of the world is expected to boost the market growth
  • Various different benefits associated with these lubricants over the conventional lubricants is expected to foster positive market growth

Market Restraints:

  • Increasing availability of bio-lubricants is expected to act as a restraint for the market growth
  • Concerns related to high costs of these lubricants; this factor is expected to hinder the market growth
  • High demands for alternative fuels and products; this factor is expected to restrict the market growth

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Segmentation: Global Synthetic Lubricants Market

By Product

  • Silicones
  • Polyalphaolefin (PAO)
  • Esters
  • Polyalkylene Glycol (PAG)
  • Group III (Hydrocracking)
  • Phosphate Ester
  • Polyolester
  • Biolubes
  • Di-Basic Acid Ester (Di-Ester)
  • Others

By Application

  • Engine Oil
    • Passenger Vehicle (PV)
    • Commercial Vehicles (CV)
  • Hydraulic Fluids
  • Compressor Oil
  • Gear Oil
  • Greases
  • Refrigeration Oil
  • Transmission Fluids & Hydraulic Fluids
  • Turbine Oil
  • Heat Transfer Fluids (HTF)
  • Metalworking Fluids
  • Process Oil
  • Marine Lubricants
  • General Industrial Oils
  • Others

By End-Use Industry

  • Construction
  • Mining
  • Metal Production
  • Cement Production
  • Power Generation
  • Automotive Manufacturing
  • Chemical
  • Marine (Deck Manufacturing)
  • Oil & Gas
  • Food Processing
    • Food
      • Bakery
      • Sugar
      • Dairy
      • Meat, Poultry & Seafood
      • Others
    • Beverage
    • Pharmaceuticals & Cosmetics
    • Others
  • Textile
  • Others
    • Paper
    • Paints & Coatings
    • Rubber
    • Wood
    • Glass
    • Mechanical Components

Key Developments in the Market:

  • In October 2019, FUCHS announced that they had agreed to acquire Nye Lubricants Inc. located in The Fairhaven, Massachusetts, United States. Nye Lubricants Inc. is a well-known leader in development and innovations related to synthetic lubricants. This acquisition will help FUCHS enhance their product offerings for speciality lubricants product range helping provide specialized solutions for a number of different applications
  • In April 2018, Royal Dutch Shell announced that their subsidiary Shell Lubricants through their Indian division had launched “Shell Helix HX8” their fully synthetic engine oil developed for various different car types inclusive of sedans, hatchbacks, MUVs and SUVs. The product offers various significant performance benefits associated with lubricants over conventional products available presently in the industry

Competitive Analysis:

Global synthetic lubricants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of synthetic lubricants market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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