The global synthetic lubricants market size is projected to reach USD 6.23 billion by 2025
registering a CAGR of 5.1%, according to a new report by Grand View Research,
Inc. Increasing focus of companies in the Gulf Cooperation Council (GCC) on
downstream products is anticipated to have a positive impact on the market
growth.
Polyalphaolefins (PAOs) lead the product
segment in 2018, in terms of revenue and volume. It is used as engine oil,
transmission oil, metalworking fluid, compressor oil, gear oil, and heat
transfer fluid for providing lubrication performance for a wide range of
temperatures. Growing scope of application for the aforementioned products in
the automotive and industrial sector is expected to drive the demand for PAOs
over the forecast period.
The North America market is mainly driven
by rapidly expanding aerospace and automobile industries in the region. Presence
of prominent aerospace companies, such as Boeing, in the region has resulted in
high demand for synthetic lubricants in engine oils. Moreover, increasing
automotive production in U.S. and Mexico coupled with a rising number of
automotive OEMs setting up bases in Mexico is expected to boost the demand for
automotive maintenance.
Access Research Report of Synthetic Lubricants
Market @ https://www.grandviewresearch.com/industry-analysis/synthetic-lubricants-market
Further key findings from the study suggest:
· Engine oils led the global synthetic
lubricants market in 2018 accounting for a share of more than 40%. These oils
are used to increase drain intervals and provide excellent film protection
· POA is expected to be the largest product
segment on account of increased use of PAOs in automotive engines coupled with
OEM recommendations by automotive firms like Volkswagen and BMW
· U.S. was the largest market in North
America in 2018 and is projected to expand further due to rising product demand
from passenger cars, commercial heavy-duty trucks, and metalworking fluids
· Some of the key industry participants
include ExxonMobil Corp.; Royal Dutch Shell Plc; Chevron Corp.; and Total S.A.
Application Insights
Engine oil segment led the global market in
2018 and is projected to expand further over the forecast period. On the other
hand, Heat Transfer Fluids (HTFs) are estimated to register the highest CAGR
from 2019 to 2025. These fluids play an important role in oil & gas
processing from upstream to the downstream sector, which covers the processing
of crude oil or natural gas, transportation and refining. Companies, which
reprocess and recycle used lubricating oils, utilize a large amount of HTFs.
Transmission fluids are also highly preferred in the automotive sector.
These liquids enhance the performance of
brake band friction, valve operation, gear lubrication, and torque conversion.
They are used as hydraulic fluids and lubricants in power steering and 4WD
transfer cases respectively. Rising automotive vehicle sales are expected to be
a key factor driving the HTF segment. However, increased scope of application
of mineral counterparts as transmission fluids is expected to slow down the
growth.
About
Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
