Global Synthetic Lubricants Market – Industry Trends and Forecast to 2030

Synthetic Lubricants Market Analysis and Size

Growth in the production activities for natural gas being carried out in many gulf countries and rise in the level of industrialization from various developing countries are the major drivers that will influence the growth of global synthetic lubricants market. Furthermore, growing demand for automotive industry and many benefits related with these lubricants will accelerate the global synthetic lubricants market growth rate. Also, rising R&D activities and increasing innovations in technologies will provide beneficial opportunities for the global synthetic lubricants market growth. However, increase in the availability of bio-lubricants and concerns associated with high prices of these lubricants will hamper the growth of the global synthetic lubricants market.

Data Bridge Market Research analyses that the global synthetic lubricants market which was USD 36.52 billion in 2022, is expected to reach USD 48.00 billion by 2030, growing at a CAGR of 3.7% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Synthetic Lubricants Market Scope and Segmentation

Market Definition

Synthetic lubricants, often referred to as synthetic oils, are specially engineered lubricating fluids that are synthesized through chemical processes rather than being refined from crude oil. These lubricants are designed to provide superior performance and characteristics compared to conventional mineral-based lubricants. They are typically composed of base oils and a variety of additives that enhance their properties.

Global Synthetic Lubricants Market Dynamics

Drivers

• Growth in the Production Activities for Natural Gas being Carried out in many Gulf Countries

The growth in production activities for natural gas in many gulf countries can be a significant driver for the global synthetic lubricants market. The production of natural gas often involves the operation of various machinery and equipment such as drilling rigs, compressors, turbines, and pumps. These machines require effective lubrication to maintain their performance, reduce friction, and prevent wear and tear. Natural gas production facilities are typically located in harsh environments, including deserts and offshore platforms, where extreme temperatures and humidity levels can pose challenges to machinery and equipment. Synthetic lubricants are known for their ability to perform consistently in such extreme conditions, making them a preferred choice.

• Rise in the Level of Industrialization from Various Developing Countries

Industrialization involves the establishment and expansion of manufacturing facilities, infrastructure development, and the growth of various industries such as automotive, manufacturing, construction, and mining. These activities require a wide range of machinery and equipment that rely on effective lubrication to function efficiently. Industrial equipment often operates under demanding conditions, including high temperatures, heavy loads, and constant use. Synthetic lubricants are preferred in industrial settings because of their ability to withstand extreme conditions, provide superior lubrication, and reduce friction and wear in machinery. This enhances the performance and durability of industrial equipment. Industrial machinery represents a significant investment for companies, and downtime for maintenance or equipment replacement can be costly. Synthetic lubricants help extend the service life of industrial equipment by reducing wear and minimizing the need for frequent lubricant changes and repairs

Opportunities

• Growing of the Automotive Industry

The automotive industry continues to expand globally, and modern vehicles increasingly require high-performance lubricants to meet efficiency and emissions standards. Synthetic lubricants offer advantages in terms of fuel efficiency and engine protection, making them a preferred choice.

• Industrialization and Manufacturing

As industrialization continues in emerging economies, there's a growing demand for synthetic lubricants in industrial machinery and equipment to improve operational efficiency and reduce maintenance costs.

Restraints/Challenges

• Limited Awareness among the Consumers

Many consumers and industries may not fully understand the benefits of synthetic lubricants and  may be hesitant to switch from traditional mineral-based lubricants. Limited awareness can slow market adoption.

• Market Competition is Very High

The global synthetic lubricants market is highly competitive, with numerous manufacturers offering a wide range of products. This competition can lead to price wars and put pressure on profit margins for companies.

This global synthetic lubricants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global synthetic lubricants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In January 2022, ExxonMobil Corporation underwent a restructuring, with the new organizational structure taking effect on April 1st. The company was divided into three main business lines, namely ExxonMobil Upstream Company, ExxonMobil Product Solutions, and ExxonMobil Low Carbon Solutions
• In January 2022, Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, unveiled a marketing agreement with Rock Energy in Bangladesh for the promotion and distribution of its lubricant products

Global Synthetic Lubricants Market Scope

The global synthetic lubricants market is segmented on the basis of product, application and end-user industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.

Product

• Silicones
• PAO
• Esters
• PAG
• Group 3
• Phosphate Ester
• Polyolester
• Biolubes
• Di-Basic Acid Ester
• Others

Application

• Engine Oil
• Hydraulic Fluids
• Compressor Oil
• Gear Oil
• Greases
• Refrigeration Oil
• Transmission Fluids
• Hydraulic Fluids
• Turbine Oil
• HTF
• Metalworking Fluids
• Process Oil
• Marine Lubricants
• General Industrial Oils
• Others

End-User Industry

• Construction
• Mining, Metal Production
• Cement Production
• Power Generation
• Automotive Manufacturing
• Chemical
• Marine
• Oil and Gas
• Food Processing
• Textile
• Others

Global Synthetic Lubricants Market Regional Analysis/Insights

The global synthetic lubricants market is analysed and market size, volume information is provided by country, product, application and end-user industry as referenced above.

The countries covered in the global synthetic lubricants market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the global synthetic lubricants market and will continue to flourish its dominance during the forecast period of 2023 to 2030, due to the presence of leading manufacturers in this region.

Asia-Pacific will continue to however project the highest CAGR in the global synthetic lubricants market for the period of 2023 to 2030, due to the rapidly growing automotive sector in this region.

The country section of the synthetic lubricants market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Synthetic Lubricants Market Share Analysis

The global synthetic lubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global synthetic lubricants market.

Some of the major players operating in the global synthetic lubricants market is:

• Exxon Mobil Corporation (U.S.)
• Calumet Branded Products, LLC (U.S.)
• AMSOIL INC.(U.S.)
• RED LINE OOL (U.S.)
• CASTROL LIMITED(U.K.)
• Valvoline Global Operations (U.S.)
• PENNZOIL  (U.S.)
• Quaker State (U.S.)
• Petro-Canada Lubricants Inc. (Canada)
• FUCHS (Germany)

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