November 27, 2020

COVID-19 Anlysis: Synthetic Lubricants Market Impact of Drivers, Challenges and Forecast 2020-2027

The Global Synthetic Lubricants Market is projected to reach a value of over USD 39.8 billion by 2027 at a CAGR of around 2.4%.

Synthetic lubricants are the lubricants formulated with base oil derived from advanced chemicals such as Esters, PAO, PAG, and others. The synthetic base oils replace the mineral base oils from the crude oil in the formulation and have better performance. These organic compounds have favorable properties that contribute to their rapidly growing use for a variety of industrial applications. Synthetic lubricants have been using in compressors processing in diverse materials such as ammonia, hydrocarbon gases, hydrogen, hydrogen chloride, natural gas, nitrogen, and others. Synthetic lubricants offer the number of advantages include decreased evaporation loss, better lubrication during extreme cold weather conditions, better chemical share-ability, improved fuel economy, better engine life, and increased horsepower and torque due to less drag on the vehicle engine.

Synthetic Lubricants Market: Drivers & Challenges

Market Driver:

Increasing Demand from Automotive Industry

The increasing demand from vehicle aftermarket in developing economies for synthetic lubricants is due to the rapid growth in the number of cars and trucks in use. According to OICA, in 2018, approximately 94 million unit’s vehicles were sold globally. The automobile industry is expected to grow at a substantial growth rate globally due to improved road infrastructure and increasing average age of vehicles. On the other hand, continuous innovation in lubricants is further expected to fuel the synthetic lubricant market.

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Growing Industrialization in Developing Economies

As today’s developed countries grow richer, they are experienced a process of structural transformation. Technological progress in recent decades has contributed to growing industrialization in developing countries. Moreover, domestic and foreign investment into developing countries due to the easy availability of raw materials and low labor costs comparatively in developed countries. The Asia Pacific region has become a global center of manufacturing during the last decade. Thus, growing industrialization in developing economies will help to spur the synthetic lubricants market.

Market Challenges:

High Cost of Synthetic Lubricants

The main disadvantage of synthetic lubricants is high cost due to fluctuation of the raw material prices. Petroleum product is the only source for the manufacturing the synthetic lubricants. The gap between supply and demand influences the prices. Over the past few years, the combination of stable demand and oversupply has put the pressure on the petroleum product prices. Moreover, a natural disaster that could potentially disrupt the production of petroleum product that will directly effect on the product price.

Synthetic Lubricants Market: Key Segments

  • Segmentation based on base oil: Poly-Alpha-Olefin (PAO), Polyalkylene Glycol (PAG), Silicones, and Esters
  • Segmentation based on product type: Engine Oil, Transmission Fluids, Heat Transfer Fluids (HTF), Metalworking Fluids, Hydraulic Oil, Gear Oil, Compressor Oil, and Others
  • Segmentation based on the end user: Automobile, Construction, Heavy Metal, Power & Energy, Mining, Oil & Gas, Food Processing, Textile, and Others
  • Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America, with individual country-level analysis.

Synthetic Lubricants Market: Report Scope

The report on the synthetic lubricants market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

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List of the leading companies operating in the Synthetic Lubricants Market include:

  • Royal Dutch Shell PLC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Exxon Mobil Corporation
  • Total
  • BP p.l.c.
  • Chevron Corporation
  • Valvoline Inc
  • Pennzoil
  • Phillips 66
  • NACO Corporation
  • Other Key Companies

Synthetic Lubricants Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Synthetic Lubricants Market, by Base Oil

  • Poly-Alpha-Olefin (PAO)
  • Polyalkylene Glycol (PAG)
  • Silicones
  • Esters

Synthetic Lubricants Market, by Product Type

  • Engine Oil
  • Transmission Fluids
  • Heat Transfer Fluids (HTF)
  • Metalworking Fluids
  • Hydraulic Oil
  • Gear Oil
  • Compressor Oil
  • Others

Synthetic Lubricants Market, by End User

  • Automobile
  • Construction
  • Heavy Metal
  • Power & Energy
  • Mining
  • Oil & Gas
  • Food Processing
  • Textile
  • Others

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Synthetic Lubricants Market by Region

  • Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
  • North America (US, Canada, Mexico)
  • Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
  • Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
  • South America (Brazil, Argentina, Rest of South America)

Key Questions answered by the report

  • What are the prominent developments affecting the market worldwide and its growth?
  • What will be the impact of the developments in the market on the industry and the market players in the future?
  • What are the evolving variations of the market globally?
  • What are the evolving functions of the market globally?
  • What are the prominent aspects that will affect market growth globally during the study period?
  • Who are the key players operating in the market across the globe?
  • How are the key players leveraging in the present market scenario worldwide?

Table of Content

    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
    1. Introduction
    2. Drivers
      1. Increasing Demand from Automotive Industry
      2. Growing Industrialization in Developing Economies
    3. Restraint
      1. Demand for Alternative Fuels
      2. Availability of Alternative
    4. Opportunities
      1. Growing E-commerce Industry
      2. Advancements in Synthetic Lubricants Technologies
    5. Challenges
      1. High Cost of Synthetic Lubricants
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  6. GLOBAL SYNTHETIC LUBRICANTS MARKET BY BASE OIL, Market Size in USD Million and Kiloton (2019-2027)
    1. Introduction
    2. Poly-Alpha-Olefin (PAO)
    3. Polyalkylene Glycol (PAG)
    4. Silicones
    5. Esters
  7. GLOBAL SYNTHETIC LUBRICANTS MARKET BY PRODUCT TYPE, Market Size in USD Million and Kiloton (2019-2027)
    1. Introduction
    2. Engine Oil
    3. Transmission Fluids
    4. Heat Transfer Fluids (HTF)
    5. Metalworking Fluids
    6. Hydraulic Oil
    7. Gear Oil
    8. Compressor Oil
    9. Others
  8. GLOBAL SYNTHETIC LUBRICANTS MARKET BY END USER, Market Size in USD Million and Kiloton (2019-2027)
    1. Introduction
    2. Automobile
    3. Construction
    4. Heavy Metal
    5. Power & Energy
    6. Mining
    7. Oil & Gas
    8. Food Processing
    9. Textile
    10. Others
  9. GLOBAL SYNTHETIC LUBRICANTS MARKET BY REGION, Market Size in USD Million and Kiloton (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of Asia-Pacific
    3. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Rest of Europe
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
    1. Royal Dutch Shell PLC
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. Exxon Mobil Corporation
    3. Total
    4. BP p.l.c.
    5. Chevron Corporation
    7. Valvoline Inc
    8. Pennzoil
    9. Phillips 66
    10. AMSOIL INC
    11. INEOS
    12. LANXESS
    13. NACO Corporation
    14. FUCHS
    16. LUKOIL
    17. Other Key Companies
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

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