According to a new market report published by Credence Research “Synthetic Lubricants Market – Growth, Future Prospects, Competitive Analysis & Forecast, 2016 – 2023,” the synthetic lubricants market is expected to reach US$ 33.8 Bn by 2023, expanding at a CAGR of more than 2.8% from 2016 to 2023.
Market Insights
Growing demand from the automobile industry is the major factor driving the growth of global synthetic lubricants market. In addition, increasing sales of branded cars is another factor contributing to the growing demand for synthetic lubricant in the market. The demand for automobiles from both the developing and developed economies has boosted growth of global synthetic lubricants market in 2015 and is anticipated to increase in the near future. The properties of synthetic lubricants such as high viscosity index, low additive solvency, low biodegradability, hydrolytic stability, good high temperature properties and excellent low temperature fluidity are some primary properties leading to high demand for synthetic lubricants in the global market.
Based on products, the global synthetic lubricants market is segmented into group IV (PAO), group V (PAG), and group V (Esters). Among these, group IV (PAO) a synthetic lubricant accounted for major share of global synthetic lubricants market in 2015 and is anticipated to increase in the near future. PAO synthetic lubricants are most commonly used as base oils. They are also known as high performance lubricants that provide excellent properties such as varnish control for heavy duty services applications and reciprocating compressors. Other products such as PAG and Esters are also expected to boost high demand for synthetic lubricants in the market. Engine oils accounted as the largest application of global synthetic lubricants market in 2015 and are expected to retain its position in the near future. High demand for engine oils from emerging economies such as India and China in Asia Pacific is anticipated to fuel growth of synthetic lubricants in the market. Other applications of synthetic lubricants such as transmission fuels, heat transfer fluids, metalworking fluids and others are also projected to fuel growth of global synthetic lubricants market in the near future.
Browse the full Synthetic Lubricants {Group IV (PAO), Group V (PAG), Group V (Esters)} Market for Transmission Fuels, Engine Oils, Heat Transfer Fluids (HTF), Metalworking Fluids and Other Applications- Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023 report at http://www.credenceresearch.com/report/synthetic-lubricants-market
Competitive Insights
Europe accounted for major share of global synthetic lubricants market in 2015 and is anticipated to increase in the near future. Growing number of automobile industries in the region is the major factor boosting growth of global synthetic lubricants market. Increasing demand for sports cars is another factor fueling demand for high performance lubricants in the region. Asia Pacific accounted as the largest and fastest growing region for synthetic lubricants market. Emerging countries such as India and China are the major countries contributing to the growth of automobile sector worldwide. Therefore, Asia Pacific is anticipated to boost high demand for global synthetic lubricants market. Other regions such as North America, Latin America and Middle East & Africa are also anticipated to fuel high demand for synthetic lubricants during the forecast period from 2016 to 2023.
Key Trends
- High performance fluids
- Excellent low temperature fluidity
- High compatibility with mineral oils
- Opportunities from increasing innovations in the automotive industry
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