The synthetic lubricants market size is estimated to be USD 32.2 billion in 2018 and is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%.
Browse 145 market data Tables and 45 Figures spread through 139 Pages and in-depth TOC on “Synthetic Lubricants Market“
Can the stringent environmental regulations bring about growth of the market?
Governments all over the world are emphasizing on the need for more stringent environmental regulations. The US EPA has regularly modified and enforced several norms for reducing vehicular emissions and improving the quality and efficiency of the fuels used. The EU (European Union) has imposed stringent rules that are to be followed by manufacturers of passenger vehicles and light-duty vehicles, under the EU light-duty vehicle CO2 regulation, by 2020. As per the EU regulation, the target is to reduce CO2 emissions by 3.1% annually between 2017 and 2020. There is a mandatory CO2 emission standard for new passenger cars and light commercial vehicles, whereas a regulation on heavy-duty vehicle CO2 standards is expected to be proposed in the near future. The increasingly stringent regulations vehicular emissions are likely to increase the consumption of synthetic lubricants. The use of more efficient and effective synthetic lubricants can significantly reduce carbon emission from vehicles. OEMs recommend the use of high-performance lubricants to increase fuel efficiency and reduce emission.
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Is the high cost of synthetic lubricants challenging the market growth?
The high price is impacting the market growth. The price can go up to 2-5 times higher than that of mineral oil lubricants. The price of silicone-based synthetic lubricant can go as high as 20 times the price of mineral oil lubricants. Price plays a key role in the choosing of the type of lubricants in major developing markets such as China, India, Africa, and Brazil. Reducing their cost, especially in price-sensitive markets, is a major challenge for the market players.
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Industrial Lubricants Market by Type (Metalworking Fluid, Grease Hydraulic, Gear, Compressor, Turbine Oil), End-Use Industry (Construction & Mining, Metal, Cement, Power Generation, Manufacturing, Food), Base Oil, and Region – Global Forecasts to 2021
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