Home » Automotive, Manufacturing & Industry, Marketing & Sales, Science, World » Global Industry Insights on Synthetic Lubricants Market Size, Share, Analysis, Growth and Forecasts, 2012 To 2020: Hexa Research
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On account of increasing demand from automotive and industrial applications, “synthetic lubricants market” is anticipated to witness lucrative growth over the forecast period. In addition, strong growth of automobile industry in India, China and Brazil is further expected to boost synthetic lubricants market in near future.

Synthetic lubricants are manufactured by chemical synthesis of group IV base oils (Polyalphaolefins) and group V base oils (esters and Polyakylene glycols). Synthetic lubricants are more superior to mineral oil lubricants on account of low pouring points, low traction coefficients, high temperature stability and high viscosity index. This superiority over mineral oils resulted in industries shift their demand towards synthetic lubricants over the past few years. This shift in demand is expected to drive the market over the forecast period. In addition, high load carrying capacity, low friction and high temperature performance of synthetic lubricants is expected to augment the market growth over the next five years. On account of increasing demand from automotive and industrial applications, synthetic lubricants market is anticipated to witness lucrative growth over the forecast period. In addition, strong growth of automobile industry in India, China and Brazil is further expected to boost synthetic lubricants market in near future. Innovative technology such as fire resistant ester based hydraulic oils has been succeeded in many industrial applications. This is expected to open new opportunities for market players in near future.   

PAG based lubricants have been preferred over PAO lubricants on account of similar properties and low cost. Innovation such as fire resistant hydraulic oils is expected to open new growth opportunities for ester based synthetic lubricants market over the foreseeable period. High cost of synthetic oils is anticipated to hamper the market growth in near future. 

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Ethylene Glycol Market

Heat Transfer Fluids Market

Product Insights

PAO lubricants emerged as the leading product segment for synthetic lubricants market in 2013. This trend is expected to continue over the forecast period on account of its superior properties and low cost. PAO based lubricants are compatible with other synthetic and mineral oils. This compatibility factor is anticipated to drive POA based lubricants market over the next five years. Group V ester based synthetic lubricants was the second major product segment for synthetic lubricants market. These lubricants possess high adhesive property which helps in reducing the friction between two moving surfaces. This advantageous factor is expected to boost the demand for ester based oils over the forecast period. However, volatile price of ester based oils is anticipated to hinder the market growth in near future. 

Application Insights

Engine oils have been the largest application segment for synthetic lubricants market over the past few years. Increasing application scope of synthetic oils in automobiles is the key factor to drive the market. In addition, rapid growth in automotive sector in emerging nations such as India, China and Brazil is further expected to boost synthetic oils demand over the forecast period. Synthetic oils are also used as heat transfer fluids. Heat transfer fluids are the second major application segment accounting nearly 30% of the global market share. Heat transfer fluids have found wide application in heat exchangers in boilers and other machineries. Rapid industrialization in Asia Pacific region coupled with increasing awareness towards the synthetic oils benefits over mineral oils is further expected to boost synthetic lubricants market over the next five years.

Regional Insights

Europe was the largest regional market for synthetic lubricants in 2013. However, this region is expected to lose its market share to Asia Pacific and South America over the next five years. Growth in end use industries such as automotives in India and China is the key factor to drive the market in Asia Pacific region. In addition, growth of aerospace industry is further expected to boost synthetic lubricants demand in near future. 

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Competitive Insights

Key players of synthetic lubricants market include British Petroleum, Royal Dutch Shell, Chevron Corp., Fuchs Lubricants, Exxon Mobil Corp. and Total S.A.

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