Product Code: CH 3985
"The synthetic lubricants market is projected to register a CAGR of 3.0%, in terms of value, during the forecast period."
The synthetic lubricants market size is projected to grow from USD 32.2 billion in 2018 to USD 37.3 billion, by 2023. The industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for synthetic lubricants during the forecast period. However, technological advancements in automotive industry and rise in demand for alternative fuels act as restraining factors for the growth of the synthetic lubricants market.
"The PAO segment is expected to lead the synthetic lubricants market, in terms of volume, during the forecast period."
The PAO segment is expected to lead the synthetic lubricants market, in terms of volume, between 2018 and 2023. The dominance of the PAO segment is owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The PAO-based synthetic lubricants can perform at extreme temperatures; and moreover, due to their low volatility, there is reduced oil consumption, oil residue, and deposit formation, which enhance the performance of an equipment or automobile
"The engine oil segment is projected to account for the largest share of the overall synthetic lubricants market, in terms of volume, between 2018 and 2023."
Engine oil is the largest application of synthetic lubricants. The rapid growth of the transportation sector in the developing regions is expected to drive the synthetic lubricants market during the forecast period. The increasing use of eco-labels in most countries of the region, rising demand for fuel-efficient lubricants in the automobile industry, and stringent environmental regulations in various countries are driving the market.
"Europe is expected to be the largest synthetic lubricants market during the forecast period, in terms of volume."
Europe is projected to be the largest synthetic lubricants market during the forecast period. Stringent environmental regulations in countries such as France, the Netherlands, Germany, and Norway are driving the market. The demand for synthetic lubricants is expected to increase further owing to the ongoing product developments and widening distribution network. Moreover, the growing consumption of renewable energy is also driving the demand for gear oils and greases in wind turbines in the synthetic lubricants market in the region.
Extensive primary interviews were conducted during the process of determining and verifying the market size of several segments gathered through secondary research,. A breakdown of the profiles of the primary interviewees is as follows:
- By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%.
- By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%.
- By Region: APAC - 41%, North America- 30%, Europe - 18%, and South America and Middle East & Africa - 11%
The key players profiled in the report 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).
This report segments the synthetic lubricants market on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and agreements associated with the synthetic lubricants market.
Reasons to Buy the Report:
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the synthetic lubricants market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on synthetic lubricants offered by top players in the synthetic lubricants market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the synthetic lubricants market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the market for synthetic lubricants across regions
- Market Diversification: Exhaustive information about new products, untapped markets, and recent developments in the synthetic lubricants market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the synthetic lubricants market.
TABLE OF CONTENTS
- 1.1 OBJECTIVES OF THE STUDY
- 1.2 MARKET DEFINITION
- 1.3 SCOPE OF THE STUDY
- 1.3.1 MARKET SEGMENTATION
- 1.3.2 REGIONS COVERED
- 1.3.3 YEARS CONSIDERED FOR THE STUDY
- 1.4 CURRENCY
- 1.5 UNIT CONSIDERED
- 1.6 LIMITATIONS
- 1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY
- 2.1 RESEARCH DATA
- 2.1.1 SECONDARY DATA
- 188.8.131.52 Key data from secondary sources
- 2.1.2 PRIMARY DATA
- 184.108.40.206 Key data from primary sources
- 220.127.116.11 Breakdown of primary interviews
- 2.2 MARKET SIZE ESTIMATION
- 2.2.1 BOTTOM-UP APPROACH
- 2.2.2 TOP-DOWN APPROACH
- 2.3 DATA TRIANGULATION
- 2.4 ASSUMPTIONS
- 2.5 LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
- 4.1 ATTRACTIVE OPPORTUNITIES IN THE SYNTHETIC LUBRICANTS MARKET
- 4.2 APAC SYNTHETIC LUBRICANTS MARKET, BY APPLICATION AND COUNTRY
- 4.3 SYNTHETIC LUBRICANTS MARKET, BY REGION
- 4.4 SYNTHETIC LUBRICANTS MARKET, BY TYPE
- 4.5 SYNTHETIC LUBRICANTS MARKET ATTRACTIVENESS
5 MARKET OVERVIEW
- 5.1 INTRODUCTION
- 5.2 MARKET DYNAMICS
- 5.2.1 DRIVERS
- 18.104.22.168 Growing automotive industry and vehicle parc
- 22.214.171.124 Increasing industrialization in emerging economies
- 5.2.2 RESTRAINTS
- 126.96.36.199 Rise in demand for alternative fuels
- 5.2.3 OPPORTUNITIES
- 188.8.131.52 Stringent environmental regulations
- 184.108.40.206 Advancements in synthetic lubricants technologies
- 5.2.4 CHALLENGES
- 220.127.116.11 High cost of synthetic lubricants
- 5.3 PORTER'S FIVE FORCES ANALYSIS
- 5.3.1 THREAT OF SUBSTITUTES
- 5.3.2 THREAT OF NEW ENTRANTS
- 5.3.3 BARGAINING POWER OF SUPPLIERS
- 5.3.4 BARGAINING POWER OF BUYERS
- 5.3.5 INTENSITY OF COMPETITIVE RIVALRY
- 5.4 MACROECONOMIC INDICATORS
- 5.4.1 GDP TRENDS AND FORECAST OF MAJOR ECONOMIES
- 5.4.2 TRENDS AND FORECAST OF OIL & GAS INDUSTRY AND ITS IMPACT ON SYNTHETIC LUBRICANTS MARKET
- 5.4.3 TRENDS AND FORECAST OF AUTOMOTIVE INDUSTRY AND ITS IMPACT ON SYNTHETIC LUBRICANTS
6 SYNTHETIC LUBRICANTS MARKET, BY TYPE
- 6.1 INTRODUCTION
- 6.2 POLYALPHAOLEFIN (PAO)
- 6.2.1 APAC IS PROJECTED TO DRIVE THE MARKET FOR PAO-BASED SYNTHETIC LUBRICANTS
- 6.3 ESTERS
- 6.3.1 HIGH DEMAND FOR ENGINE OIL BOOSTS THE GROWTH OF ESTER-BASED SYNTHETIC LUBRICANTS MARKET
- 6.4 POLYALKYLENE GLYCOL (PAG)
- 6.4.1 INCREASING DEMAND IN METALWORKING FLUIDS TO DRIVE THE MARKET FOR PAG SYNTHETIC LUBRICANTS
- 6.5 GROUP III (HYDROCRACKING)
- 6.5.1 LOWER PRICES HAS RESULTED IN RISING DEMAND FOR GROUP III SYNTHETIC LUBRICANTS
7 SYNTHETIC LUBRICANTS MARKET, BY APPLICATION
- 7.1 INTRODUCTION
- 7.2 ENGINE OIL
- 7.2.1 ENGINE OIL IS THE LARGEST APPLICATION OF SYNTHETIC LUBRICANTS
- 7.3 HYDRAULIC FLUIDS
- 7.3.1 GROWING MANUFACTURING SECTOR IN EMERGING ECONOMIES IS EXPECTED TO DRIVE THE DEMAND FOR SYNTHETIC HYDRAULIC FLUIDS
- 7.4 METALWORKING FLUIDS
- 7.4.1 RISE IN NUMBER OF MACHINERY & EQUIPMENT IS EXPECTED TO DRIVE THE MARKET
- 7.5 COMPRESSOR OIL
- 7.5.1 GROWTH IN INDUSTRIAL MACHINERY & EQUIPMENT IS EXPECTED TO DRIVE THE MARKET
- 7.6 GEAR OIL
- 7.6.1 AUTOMOTIVE INDUSTRY PROVIDES SIGNIFICANT GROWTH OPPORTUNITY TO THE MARKET
- 7.7 REFRIGERATION OIL
- 7.7.1 INCREASING DEMAND FOR CONSUMER APPLIANCES DRIVING THE MARKET
- 7.8 TRANSMISSION FLUIDS
- 7.8.1 INCREASINGLY STRINGENT ENVIRONMENTAL REGULATIONS TO DRIVE THE MARKET
- 7.9 TURBINE OIL
- 7.9.1 GROWING DEMAND FOR ENERGY IS ONE OF THE MAJOR DRIVERS OF THE MARKET
8 SYNTHETIC LUBRICANTS MARKET, BY REGION
- 8.1 INTRODUCTION
- 8.2 EUROPE
- 8.2.1 GERMANY
- 18.104.22.168 Increase in automotive production offers opportunity for growth of synthetic lubricants market
- 8.2.2 UK
- 22.214.171.124 Increasing investment in infrastructure significantly influence the market
- 8.2.3 FRANCE
- 126.96.36.199 Increasing environmental regulations will drive the market in France
- 8.2.4 ITALY
- 188.8.131.52 Growth in the manufacturing industry will drive the market
- 8.3 NORTH AMERICA
- 8.3.1 US
- 184.108.40.206 The US is the largest synthetic lubricants market, globally
- 8.3.2 CANADA
- 220.127.116.11 Canada is the second-largest synthetic lubricants market in North America
- 8.3.3 MEXICO
- 18.104.22.168 Increasing manufacturing activities are driving the synthetic lubricants market
- 8.4 APAC
- 8.4.1 CHINA
- 22.214.171.124 China is the largest synthetic lubricants market in APAC
- 8.4.2 JAPAN
- 126.96.36.199 High automobile production will boost the demand for synthetic lubricants
- 8.4.3 INDIA
- 188.8.131.52 India is the fastest-growing synthetic lubricants market, globally
- 8.4.4 SOUTH KOREA
- 184.108.40.206 Increasing demand from transportation application is driving the synthetic lubricants market
- 8.5 MIDDLE EAST & AFRICA
- 8.5.1 UAE
- 220.127.116.11 Oil & gas and automotive industries are expected to significantly impact the synthetic lubricants market growth
- 8.5.2 EGYPT
- 18.104.22.168 Egypt is the fastest-growing synthetic lubricants market in the Middle East & Africa
- 8.5.3 SOUTH AFRICA
- 22.214.171.124 Increasing demand from automobile industry to drive the market
- 8.6 SOUTH AMERICA
- 8.6.1 BRAZIL
- 126.96.36.199 Significant investments in manufacturing industry aid the synthetic lubricants market growth
9 COMPETITIVE LANDSCAPE
- 9.1 INTRODUCTION
- 9.2 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET)
- 9.2.1 VISIONARY LEADERS
- 9.2.2 DYNAMIC DIFFERENTIATORS
- 9.2.3 INNOVATORS
- 9.3 STRENGTH OF PRODUCT PORTFOLIO
- 9.4 BUSINESS STRATEGY EXCELLENCE
- 9.5 COMPETITIVE LEADERSHIP MAPPING (SMSE)
- 9.5.1 PROGRESSIVE COMPANIES
- 9.5.2 RESPONSIVE COMPANIES
- 9.5.3 DYNAMIC COMPANIES
- 9.5.4 STARTING BLOCKS
- 9.6 STRENGTH OF PRODUCT PORTFOLIO
- 9.7 BUSINESS STRATEGY EXCELLENCE
- 9.8 MARKET SHARE ANALYSIS
- 9.8.1 ROYAL DUTCH SHELL PLC
- 9.8.2 EXXONMOBIL CORPORATION
- 9.8.3 BP PLC
- 9.9 COMPETITIVE SITUATION AND TRENDS
- 9.9.1 EXPANSION
- 9.9.2 NEW PRODUCT LAUNCH
- 9.9.3 ACQUISITION
- 9.9.4 AGREEMENT
10 COMPANY PROFILES
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
- 10.1 ROYAL DUTCH SHELL PLC
- 10.2 EXXONMOBIL CORPORATION
- 10.3 BRITISH PETROLEUM (BP) PLC
- 10.4 CHEVRON CORPORATION
- 10.5 TOTAL SA
- 10.6 FUCHS GROUP
- 10.7 IDEMITSU KOSAN CO. LTD.
- 10.8 SINOPEC LIMITED
- 10.9 LUKOIL
- 10.10 PETROLIAM NASIONAL BERHAD (PETRONAS)
- 10.11 INDIAN OIL CORPORATION LTD.
- 10.12 OTHER KEY MARKET PLAYERS
- 10.12.1 DOWDUPONT INC.
- 10.12.2 CRODA INTERNATIONAL PLC.
- 10.12.3 SASOL LIMITED
- 10.12.4 PHILLIPS 66
- 10.12.5 BEL-RAY COMPANY LLC.
- 10.12.6 MORRIS LUBRICANTS
- 10.12.7 PENRITE OIL
- 10.12.8 VALVOLINE INC.
- 10.12.9 LIQUI MOLY GMBH
- 10.12.10 BHARAT PETROLEUM
- 10.12.11 ROCK VALLEY OIL AND CHEMICAL CO.
- 10.12.12 PEAK LUBRICANTS PTY LTD.
- 10.12.13 AMALIE OIL CO.
- 10.12.14 ENI SPA
- 10.12.15 ADDINOL
- 10.12.16 LUBRICATION TECHNOLOGIES INC.
- 10.12.17 ENGEN PETROLEUM
- 10.12.18 PETRO-CANADA LUBRICANTS INC.
Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
- 11.1 INSIGHTS FROM INDUSTRY EXPERTS
- 11.2 DISCUSSION GUIDE
- 11.3 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
- 11.4 AVAILABLE CUSTOMIZATIONS
- 11.5 RELATED REPORTS
- 11.6 AUTHOR DETAILS