The global market for synthetic lubricants is expected to reach USD 5.54 billion by 2020. Increasing penetration in automobile applications is expected to be a key driving force for the market, particularly in light of positive automotive outlook in India, China, South Korea and Brazil. Endorsement of synthetic oil manufacturers by OEMs is further expected to product boost demand over the forecast period.
However, the high cost of synthetic oils in comparison to their mineral counterparts is a key challenge for the development of the market. Engine oils were the largest application segment accounting for 39% of market revenue in 2013. The growing awareness of benefits of synthetic lubricants in terms of engine efficiency is expected to be a key driving factor for the development of the market. Another key application market for synthetic oils was heat transfer fluids in heat exchangers and heavy machinery.
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Further key findings from the study suggest:
- Global synthetic lubricant demand was 678.1 kilo tons in 2013 and is expected to reach 823.3 kilo tons by 2020, growing at a CAGR 2.90 % from 2014 to 2020.
- Europe was the largest regional market accounting for 263.5 kilo tons of synthetic lubricant demand in 2013.
- However, Asia Pacific is expected to witness fastest growth at an estimated CAGR of 3.33% in terms of volume owing to the growing automobile and industrial market in the region.Group IV (PAO) based lubricants were the largest product segment, with demand exceeding 454 kilo tons in 2013.
- The compatibility of these oils with other mineral oils is a key driver for the development of the market.
- PAG and Ester based oils offer superior performance as compared to PAO based oils but are significantly expensive resulting in relatively low demand share.
- The global synthetic lubricants market is fragmented with large number of manufacturers present globally.
- Key participants include Shell, British Petroleum, Exxon Mobil, Valvoline, Total and Chevron among others.
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For the purpose of this study, Grand View Research has segmented the global Synthetic Lubricants market on the basis of application, product and region:
Synthetic Lubricants Product Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
- PAO (Polyalphaolefins)
- PAG (Polyakylene glycol)
Synthetic Lubricants Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
- Engine Oils
- Transmission Fluids
- Metalworking Fluids
Synthetic Lubricants Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
- North America
- Asia Pacific
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