The global synthetic lubricants market size was calculated to be worth USD 4.69 billion in 2018 and is projected to reach USD 6.76 billion by 2025. The increasing automotive industry and industrialization in the Asia-Pacific region is propelling the global synthetic lubricants industry. In addition to that, the unique properties of PAG synthetic lubricants such as high viscosity indexes, water solubility and bio-degradability are also key contribution factors to the market growth.
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Synthetic lubricants offer various benefits when used for automotive applications such as low friction and excellent thermal stability. Growing awareness regarding the benefits of the product, but the differing factor of its mineral counterparts will boost the industry growth in the upcoming years. The major use of synthetic lubricants is their use as heat transfer fluids in heat exchangers and heavy machinery. Increasing industrial sector in Asian countries will boost product demand of global Synthetic Lubricants market over the next couple of years.
Growing R&D investment by various organization for introduction and development of enhanced grades is anticipated to surge the demand over the next eight years. However, reduced cost of mineral oils may led to the downfall of synthetic oil demand thus halting industry development in the forthcoming years. Technological innovations related to flow and anti-slip properties of these products will certainly have noteworthy impact on the market in the forthcoming years.
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According to the type of global Synthetic Lubricants market, segmentation follows categories like API Group IV and API Group V. Group IV base oils are called as Polyalphaolefins (PAO). The formation of these types of synthetic base oils are produced with help of a process called as synthesizing. They have high heat applications and high temperature range and mostly used in extreme cold conditions. Group V base oils are categorized as all other base oils consisting of silicone, polyester, phosphate ester, polyalklene glycol (PAG) and biolubes. The main motive behind mixing these base oils with other base stocks is to improve the oil’s property.
Esters come under the category of Group V base oils and used in various lubricants formulations to enhance the properties of the existing base oil. Ester oils are capable enough to survive the high temperatures and offer superior detergency when compared to other PAO synthetic base oil. PAG provided natural viscosity index, high quality lubricity and stable temperature. PAG base fluids are available in water insoluble as well as soluble forms, and in vast range of viscosity grades. They provide low volatility in high-temperature applications and have application in high and low temperature environment. They are generally utilized as metalworking fluids, food-grade lubricants and quenchants. In addition to that, they have application in compressor and hydraulic equipments.
The key players of the global synthetic lubricants market includes:
- Exxon Mobil Corporation Ltd
- Castrol India Ltd
- Aerospace Lubricants Inc
- Petronas Lubricants International
- Pennzoil Lubricants
- Dow Chemical Company
- Motul Lubricants
- Royal Dutch Shell Plc
- Lubrizol Corporation
- Total Lubricants Ltd
Key segments of the global synthetic lubricants market
Type Overview, 2015-2025 (Kilo Tons, USD Million)
Application Overview, 2015-2025 (Kilo Tons, USD Million)
- Engine Oils
- Heat Transfer Fluids (HTF)
- Transmission Fluids
- Metalworking Fluids
Regional Overview, 2015-2025 (Kilo Tons, USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Rest of MEA
Some Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
Chapter 4. Market Overview, By Type
Chapter 5. Market Overview, By Application
Chapter 6. Market Overview, By Region
Chapter 7. Company Profiles
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