Market Research Future (MRFR) Announces the Publication of its Research Report – Global Synthetic Lubricant Market 2016-2023
The Global Synthetic Lubricant Market is expected to witness a significant growth of USD 39.34 billion by 2023 with CAGR of 3.2% between 2016 and 2023
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “The market witnessed a significant growth over the forecasted period owing to growing applications such as into engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others. Synthetic lubricant have features such as low pour point, low volatility, rust & corrosion inhibitors, thermal & oxidative stability, hydrolyze under high-temperature, and high-moisture conditions due to this features synthetic lubricant highly demand in various end user industries applications such as engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others.
Synthetic lubricant consisting of chemical compounds which are artificially made, it is used as alternative for petroleum-refined oils when working in high temperature. Synthetic lubricants can be manufactured using chemically modified petroleum components rather than whole crude oil, but can also be synthesized from other raw materials.
Major end users industries for synthetic lubricant are automobile, construction, power & energy, mining, oil & gas, food processing, and others for various application such as engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others. Growing populations, developing economic and increasing in demand automotive industry are major drivers of the Global Synthetic Lubricant Market.
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Synthetic Lubricant Market Key Players:
Key players of the Global Synthetic Lubricant Market are: Exxon Mobil Corporation (US), The DOW Chemical Company (US), Fuchs Petolub SE (Germany), Total Lubricants (Europe), Demitsu Kosan Co. Ltd (Japan), BP PLC (US), Chevron Corporation (US), Lubrizol Corporation (US), Pennzoil (US), Petroliam Nasional Berhad (Malaysia), and Others.
The Global Synthetic Lubricant Market is majorly segmented on the basis of types, application, end users and region. Based on types of synthetic lubricant the market is segmented into silicones, esters, polyalphaolefin (PAO), polyalkylene glycol (PAG), and others (alkylated aromatics, polybutenes). Based on application of synthetic lubricant the market is segmented into engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others (compressor oils, gear oils, synthetic greases oils). Based on end user the market segmented into automobile, construction, power & energy, mining, oil & gas, food processing, and others (turbines, vacuum pumps, soap & paint industries). Furthermore, based on region, market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
The Global Synthetic Lubricant Market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific synthetic lubricant market is largest market owing to robust industry growth of application industry in China, Japan and India. Asia Pacific synthetic lubricant market size is likely to witness highest gains over the forecast period. Positive stance on end-use industries such as automobile, construction, power & energy, mining, oil & gas, food processing, and others in countries like China, India, Indonesia, and Malaysia is predict to drive demand over the forecast period.
North America global synthetic lubricants led due to the US and Canada countries end user industries Ester based synthetic lubricants are expected to witness significant gains in terms of volume over the forecast period. Growing application of ester synthetic lubricants in aerospace engines on account of providing high thermal stability is expected to have a positive impact on the industry. Positive aerospace industry outlook in U.S. is expected to increase in demand of of aerospace engine which in turn will increase the demand for global synthetic lubricants markets.
Europe synthetic lubricants market share led by UK and Germany due to automotive, construction and food processing. The demand for synthetic lubricants in Europe is anticipated to increase at a significant rate. Whereas government regulations also promoting the applications of in various applications, such as engine oils, compressor oils, and metal fluids. Latin America and Middle East also witnessed in growth of synthetic lubricant market due to various end user industry such as automobile, construction, power & energy, mining, oil & gas, food processing, and others including the countries like UAE, South Africa, Saudi Arabia and rest of Middle East & Africa.
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