Synthetic Lubricants Market is expected to showcase significant growth up to 2023

Global Synthetic Lubricants Market has been traversing alongside a lucrative growth path over the past few years primarily driven by the rapid growth of the automotive business sphere across the globe. Powered by enhanced standard of living, there has been copious increase in automobile sales worldwide. With surging disposable incomes, the global expenditure on luxury possessions has increased multifold, surging the sales of feature-rich branded cars, thereby prompting industry growth.

Synthetic Lubricants Market growth is driven by rising demand for natural gas across several utility domains including food and beverage, personal care, manufacturing, and construction. For instance, Mobil SHC Pegasus™ is a synthetic natural gas engine lubricant capable of enhancing fuel efficiency up to 1.5%, compared to traditional engine lubricants, along with decreasing CO2 emissions while offering incomparable equipment protection.

Vehicles often use synthetic lubricants in gearbox brakes and hydraulic fluids to lessen the wear & tear of engine components. Synthetic lubricants are endowed with an array of remarkable benefits such as hydrolytic stability, low additive solvency, low-temperature fluidity, and high viscosity index which are exponentially increasing product demand.

The competitive terrain of the global synthetic lubricants market is rather diverse, inclusive of distinguished players such as Shell, ExxonMobil and BP, Castrol, Total, Fuchs, and Chevron. For most parts, companies are known to use tried-and-tested strategies to emphasize their presence in the industry.

In 2018, Shell Lubricants, the market conglomerate in finished lubricants, reportedly launched the fully synthetic Helix HX8 engine oil for the Indian market. Helix HX8 is suitable for all cars including hatchbacks, SUVs, sedans, and MUVs. It forms safety barriers around critical and high-risk engine parts, providing 40% better wear and 78% better corrosion protection compared to other lubricants.

French oil major Total has reportedly launched a lubricant blending unit worth US$20 Million in Tanzania to increase production for regional consumption. The factory was officially inducted on 8th February 2019. Reportedly, the 8000 m2 lubricant blending factory will boast of an interior laboratory and a 2200 t tank farm allowing to process 22000 t of lubricants and 2000 t of grease annually.

High fiber cost as compared to mineral oil might restrict the product demand, slightly hampering synthetic lubricants market growth. The rising demand for mineral oils from small & medium scale manufactures primarily in Asia Pacific belt would further hinder the industry growth.

All in all, shifting customer preference towards superior quality, cost-effective, and long-life lubricants would inspire the synthetic lubricants market trends in the future. Moreover, driven by escalating concerns about environmental degradation, market magnates are concentrating on developing biodegradable products, for example, FUCHS has developed a comprehensive range of rapidly biodegradable lubricants and greases, known as PLANTO, optimal for a multitude of applications.

Table Of Content For This Research Report:

Chapter 4 Synthetic Lubricants Product Insights

4.1 Synthetic lubricants market volume share by product, 2015 & 2023

4.2 PAO based

4.2.1 Synthetic lubricants market estimates and forecast, 2012-2023, (Kilo Tons) (USD Million)

4.2.2 Synthetic lubricants market estimates and forecast, by region, 2012-2023, (Kilo Tons) (USD Million)

4.3 Ester based

4.3.1 Market estimates and forecast, 2012-2023, (Kilo Tons) (USD Million)

4.3.2 Market estimates and forecast, by region, 2012-2023, (Kilo Tons) (USD Million)

4.4 PAG based

4.4.1 Market estimates and forecast, 2012-2023, (Kilo Tons) (USD Million)

4.4.2 Market estimates and forecast, by region, 2012-2023, (Kilo Tons) (USD Million)

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