Synthetic Lubricant Market – Overview:
Synthetic Lubricant are predominantly utilized in numerous end use industries such as construction, power & energy, mining, oil & gas, food processing, automobile, and others. Synthetic Lubricant Market is expected to witness healthy growth due to increasing construction activities and oil & gas activity across the globe. Among end user segment, automobile is predicted to register healthy growth in the near future due to increasing automotive sales along with increasing consumption of Synthetic Lubricants. Moreover, increasing construction activities in developed and developing countries is estimated to drive the market growth.
Geographically, Asia Pacific emerged as the largest market for Synthetic Lubricant in 2016 and is predicted to retain its dominance over the forecast years due to growing demand from automotive, construction, and oil & gas sector specifically in China, India, Japan, Vietnam, Thailand, Taiwan, and South Korea. In addition, economic growth in this region along with rapid industrialization has resulted in the increased production and sales of automobile which in turn is estimated to drive the demand for Synthetic Lubricant in the upcoming years. Furthermore, huge investment by major operating players in their Research & Development activities and shifting of Synthetic Lubricant manufacturing facilities as well as significantly increasing end use industries in this region is estimated to propel the Synthetic Lubricant regional market growth. North American market is estimated to witness steady growth due to rising demand from power & energy and oil & gas sector. In North America, U.S. and Canada are among the major contributor in the regional market growth on account of strong growth of food processing and oil & gas sector. Europe is estimated to witness significant growth owing to growing passenger car and heavy vehicle production and sales in various countries such as Germany, Spain, Italy, and UK. The Middle Eastern & African market is expected to register above healthy growth on account of increasing commercial and residential construction activities specifically in Qatar, Turkey, the United Arab Emirates, Oman, and Saudi Arabia. Latin American countries such as Brazil, Argentina, and Mexico is estimated to register moderate growth due to rising per capita disposable income along with strong consumer base for automotive industry.
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Industry/ Innovation/ Related News:
March 2017- Petronas Lubricants announced that the company has launched motorcycle lubricant named as Petronas Sprinta with Ultraflex. With this product launch the company will be able to meet the increasing demand for synthetic lubricant.
June 2017- KLONDIKE Lubricants Corporation launched Synthetic Nano Grease in Canada. This product launch will strengthen company’s position among the lubricant manufacturers.
June 2017- ExxonMobil, one of the leading manufacturer of lubricants announced that the company completed its expansion project in Jurong to raise the manufacturing of grease and synthetic lubricants. With this expansion, the company strengthen its manufacturing capabilities and will be able to meet the increasing demand for grease and synthetic lubricants products in Asia Pacific region.
September 2017- GP Petroleums, a subsidiary of Petrochem Group launched Repsol’s synthetic motorcycle oils in India. With this product launch the company is planning to expand its footprint in the Asia Pacific region.
The Synthetic Lubricant Report has analysed the level of competition among the key operating players as well as sector growth and market scenario. The Global Synthetic Lubricant Market comprises of various manufacturers operating in the market which comprised of large scale and medium size manufacturers. Some of the prominent market players operating in the Global Synthetic Lubricant Industry has shifted their focus towards growth association specifically by Asia Pacific as medium scale and small scale manufacturers are from this region specifically from China, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, and Japan. Moreover, the major operating players are focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their manufacturing capacity of Synthetic Lubricant to meet the growing demand for synthetic lubricant. Furthermore, some of the manufacturers has launched a series of product to strengthen their position in the market.
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