According to a new market report published by Credence Research “Synthetic Lubricants Market – Growth, Future Prospects, Competitive Analysis & Forecast, 2016 – 2023,” the synthetic lubricants market is expected to reach US$ 33.8 Bn by 2023, expanding at a CAGR of more than 2.8% from 2016 to 2023.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Growing demand from the automotive industry is a key driver of the growth of the global market for synthetic lubricants. In addition, the increase in sales of branded cars is another factor contributing to the growing demand for synthetic lubricants on the market. Demand for automobiles from both developing and developed economies has boosted the growth of the global market for synthetic lubricants in 2015 and is expected to increase in the near future. The properties of synthetic lubricants such as high viscosity index, low additive solvency, low biodegradability, hydrolytic stability, good high temperature properties and excellent low temperature fluidity are some of the primary properties that lead to high demand for synthetic lubricants on the global market.
Based on products, the global market for synthetic lubricants is segmented into Group IV (PAO), Group V (PAG) and Group V (Esters). Among these, Group IV (PAO) synthetic lubricants accounted for a large share of the global market for synthetic lubricants in 2015 and is expected to increase in the near future. The most common use of PAO synthetic lubricants is as base oils. These are also known as high-performance lubricants that provide excellent properties such as varnish protection for heavy duty applications and reciprocating compressors. Other products, such as PAG and Esters, are also expected to fuel high market demand for synthetic lubricants.
Engine oils accounted as the largest application of global synthetic lubricants market in 2015 and are expected to retain its position in the near future. High demand for engine oils from emerging economies such as India and China in Asia Pacific is anticipated to fuel growth of synthetic lubricants in the market. Other applications of synthetic lubricants such as transmission fuels, heat transfer fluids, metalworking fluids and others are also projected to fuel growth of global synthetic lubricants market in the near future.
Europe accounted for major share of global synthetic lubricants market in 2015 and is anticipated to increase in the near future. Growing number of automobile industries in the region is the major factor boosting growth of global synthetic lubricants market. Increasing demand for sports cars is another factor fueling demand for high performance lubricants in the region. Asia Pacific accounted as the largest and fastest growing region for synthetic lubricants market. Emerging countries such as India and China are the major countries contributing to the growth of automobile sector worldwide. Therefore, Asia Pacific is anticipated to boost high demand for global synthetic lubricants market. Other regions such as North America, Latin America and Middle East & Africa are also anticipated to fuel high demand for synthetic lubricants during the forecast period from 2016 to 2023.
High performance fluids
Excellent low temperature fluidity
High compatibility with mineral oils
Opportunities from increasing innovations in the automotive industry