According to the latest report “Synthetic Lubricants Market: By Base Oil (PAO, Esters, Group III, PAG and Others); By Application (Engine Oils, Metalworking Fluids, Industrial Oils and Others); By Geography- Forecast (2017-2021)” published by IndustryARC, estimates the market to reach $69.58Bn by 2021.
Browse 48 Market Tables, 90 Figures spread through 173 slides and an in-depth TOC on “Global Synthetic Lubricants Market (2016 – 2021)” – http://industryarc.com/Report/16281/synthetic-lubricants-market.html
Lubricants are used in industrial applications in order to reduce friction and to provide protection against corrosion. These lubricants are used in many industries such as automotive, energy, mining, food processing, chemicals and textile among others. Only a small fraction of these lubricants are recycled, hence, major manufacturers are currently looking for a renewable source of these lubricants to meet the growing demands of the economy.
Some of the key factors affecting the market growth of synthetic lubricants include, huge foreign investments pouring into the industrialization sector of BRICS, coupled with the parallel demand for energy efficient machines in these countries. A gradual shift from labor intensive manufacturing to capital intensive manufacturing industries where a system can perform to its maximum potential has increased the consumption of synthetic lubricants. Due to the change in modern gearbox sizes which are smaller than the previous one, the volume consumption of industrial gear lubricants has decreased, but is balanced with the growing industrial plants. Hence, the demand for industrial grade synthetic lubricants is growing uniformly across the world.
The global synthetic lubricants market is estimated to grow at a CAGR of over 4.35% during the forecasted period and will reach $69.58 billion in 2021. The various end-users of synthetic lubricants included in the report comprise of food processing, automotive, energy, mining, textile and more. The cumulative data for these industries is given in the assumptions. Continuous industrialization and growth in the manufacturing sector across the globe has led to the increasing consumption of synthetic lubricants in applications such as automotive manufacturing and textiles.
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The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In the Asia-Pacific region, China and India are the frontrunners for the industrial lubricants market. The U.S. is a major market for industrial lubricants in North America, and is followed by Canada and Mexico. Germany, Spain and U.K are the key countries in the European region. Europe and the Americas have witnessed significant growth in manufacturing facilities with the global share rising to more than 60% of the market in 2016. The automotive industry is expected to continue a strong recovery through 2021 and will be among the fastest growing end use applications of the Synthetic lubricant markets.
The Prominent Players in this Market Include
- Exxon Mobil Corp.
- Royal Dutch Shell PLC
- BP PLC
- Chevron Corp.
- Total SA
Exxon Mobil Corp. & Royal Dutch Shell PLC are key players of the Synthetic lubricants market in 2016 with a combined share of 25%. BP PLC, Fuchs and Total among others are prominent players of the synthetic lubricants market in 2016. With various product launches, mergers, acquisitions, collaborations and other strategies, the key players are focused on increasing market shares in the industry.
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Browse Related Reports:
- Lubricants Market: By Type (Engine Oil, Gear Oil, Hydraulic Fluid, Metalworking Fluids, Greases, Turbine Oil, Compressor Oil, Others) Base Oil (Mineral, Synthetic, Bio-based, Others) Application (Automotive, Industrial, Others)-Forecast(2017 – 2022) – http://industryarc.com/Report/11709/lubricants-market-analysis.html
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