Fior Markets launched a study titled “Synthetic Lubricants Market by Type (Polyalphaolefin,Esters, Polyalkylene Glycol, Group III), Application, Regions”,and Global Forecast 2019-2026.
The global synthetic lubricants market is expected to grow from USD 33.87 Billion in 2018 to USD 43.12 Billion by 2026, at a CAGR of 3.06% during the forecast period from 2019-2026. Growing investment on the research and development activities along with development of fire resistant ester-based oils, and implementation of stringent environment regulations are expected to drive the global synthetic lubricants market.
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The polyalphaolefin (PAO) segment had a market value of USD 18.05 billion in 2018
The type segment is divided into polyalphaolefin (PAO), esters, polyalkylene glycol (PAG),and group III. . Polyalphaolefin (PAO) synthetic lubricants display superior oxidative and thermal stability. These oils are widely used as engine oil, metalworking fluids, and hydraulic fluids.Polyalphaolefin (PAO) increase the drain intervals and provide seal protection and reduce the possibility of component failure. As a consequence the polyalphaolefin (PAO) led the global synthetic lubricants with USD 18.05 billion revenue in 2018.
The compressor oil segment is anticipated to grow at a CAGR of 5.06% in 2019-2026
The application is categorized into engine oil, hydraulic fluids, metalworking fluids, compressor oil, gear oil, refrigeration oil, transmission fluids, and turbine oil. Owing to the growing adoption of synthetic lubricants in automotive industry as well as increasing global demand for passenger cars, the engine oil segment dominated the global synthetic lubricants market with USD 14.42 billion revenue in 2018. Whereas, the compressor oil segment is projected to grow at the fastest CAGR of 5.06% over the forecast period. Rising use of compressors in the oil & gas industry coupled with HVAC and refrigeration applications are expected to drive this increased growth rate.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region led the global demand for the synthetic lubricants with USD 13.35 billion revenue in 2018. However, the Asia Pacific region is anticipated to grow at an accelerated CAGR of 5.13% over the forecast period.
Major players in the global synthetic lubricants market areRoyal Dutch Shell PLC, ExxonMobil Corporation, British Petroleum PLC, Chevron Corporation, Total SA, Sinopec Limited, Lukoil, Indian Oil Corporation Ltd., Fuchs Group, Idemitsu Kosan Co. Ltd., Petroliam NasionalBerhad, Dowdupont Inc., Croda International PLC., Sasol Limited, Phillips 66, Morris Lubricants, Valvoline Inc, EniS.p.A., and Bharat Petroleum Corporation Limited, among others.
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