Synthetic Lubricants Market Size to Surpass US$ 21.2 Billion by 2032, exhibiting a CAGR of 3.8%

According to IMARC Group latest report titled “Synthetic Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on synthetic lubricants market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global synthetic lubricants market size reached US$ 15.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.

Synthetic lubricants are engineered chemical compounds that offer superior performance in various applications compared to conventional mineral oils. These lubricants are characterized by their ability to reduce friction, wear, and tear in machinery and engines, leading to extended equipment life and improved efficiency. The working mechanism of synthetic lubricants involves the formation of a protective layer on surfaces, which minimizes direct contact between moving parts and thus reduces heat and wear. Properties of synthetic lubricants include high viscosity index, excellent thermal stability, and low volatility, which make them suitable for extreme temperature conditions and heavy-duty applications. Advantages of using synthetic lubricants include longer service intervals, reduced environmental impact due to lower volatility, and enhanced performance in severe operating conditions. Their specialized formulation enables them to provide consistent lubrication in a wide range of temperatures and conditions, making them indispensable in industries such as automotive, aviation, industrial manufacturing, and more.

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Market Trends:

The global market is primarily driven by the growing demand for high-performance lubricants in the automotive sector, aiming to extend engine life and improve fuel efficiency. In line with this, the stringent environmental regulations are compelling manufacturers to produce engines that are compatible with synthetic lubricants, thereby fostering market growth. Moreover, the industrial sector's continuous pursuit of operational efficiency and equipment longevity is significantly contributing to the demand for synthetic lubricants. In addition to this, the advancements in synthetic lubricant technologies are enabling their application in extreme conditions, which traditional lubricants cannot withstand, thus broadening the market scope. The market is further supported by the robust distribution networks and the availability of synthetic lubricants through various channels, enhancing consumer accessibility. Enhanced research and development initiatives aimed at improving the performance and reducing the cost of synthetic lubricants are also playing a crucial role in market development.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• BP plc
• Chevron Corporation
• China Petrochemical Corporation
• Exxon Mobil Corporation
• Idemitsu Kosan Company Ltd.
• Indian Oil Corporation Limited
• Lanxess AG
• Lukoil
• Petroliam Nasional Berhad (PETRONAS)
• Royal Dutch Shell plc
• TotalEnergies SE

Synthetic Lubricants Market Segmentation:

Our report has categorized the market based on region, product, base oil, end use industry.

Breakup by Product:

• Engine Oil
• Hydraulic Fluid
• Metalworking Fluids
• Compressor Oil
• Gear Oil
• Transmission Fluid
• Turbine Oil
• Others

Breakup by Base Oil:

• Polyalphaolefin (PAO)
• Esters
• Polyalkylene Glycol (PAG)
• Others

 Breakup by End Use Industry:

• Automotive
• Power Generation
• Heavy Equipment
• Food and Beverage
• Metallurgy and Metalworking
• Chemical
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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