This trend is expected to continue over the forecast period due to growing need of synthetic ester as hydraulic oils in manufacturing and construction industry. Rapid industrialization and infrastructure development in Asia Pacific is expected to propel demand for synthetic esters over the forecast period.
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Increasing demand for environment-friendly products is another major factor contributing towards the overall market growth. Rising need from heavy machinery manufacturers owing to its ability to withstand high temperatures is also playing a major role in fueling growth and trend is expected to continue over the forecast period.
Further key findings from the report suggest:
Hydraulic oils are expected to witness growth on account of rising awareness towards environmental friendly lubricants among consumers. In addition, growing exploration activities in oil & gas industry particularly in South China Sea coupled with rising demand for hydraulic oils from energy industry particularly in India, Indonesia and Vietnam is expected to drive growth.
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Europe dominated the product volume, accounting for 37.6% of the total share in 2013 primarily due to high lubricant demand from aerospace and manufacturing industries. Europe demand for Synthetic Ester Lubricants is expected to grow at a significant rate owing to supportive regulations promoting the use of biodegradable esters in various applications including compressor oils, engine oils and metalworking fluids.
The region is expected to lose share owing to the shift in manufacturing activities to parts of Asia and South America. This is primarily due to availability of cheap skilled labor coupled with low priced raw material availability and technology advancement.
Key participants include Exxon Mobil, British Petroleum, Shell, Total, Chevron, Fuchs Group, Valvoline, Amsoil Inc., INEOS and International Lubricants Inc.
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