The global synthetic lubricants market size is projected to reach USD 6.23 billion by 2025 registering a CAGR of 5.1%, according to a new report by Grand View Research, Inc. Increasing focus of companies in the Gulf Cooperation Council (GCC) on downstream products is anticipated to have a positive impact on the market growth.
Polyalphaolefins (PAOs) lead the product segment in 2018, in terms of revenue and volume. It is used as engine oil, transmission oil, metalworking fluid, compressor oil, gear oil, and heat transfer fluid for providing lubrication performance for a wide range of temperatures. Growing scope of application for the aforementioned products in the automotive and industrial sector is expected to drive the demand for PAOs over the forecast period.
The North America market is mainly driven by rapidly expanding aerospace and automobile industries in the region. Presence of prominent aerospace companies, such as Boeing, in the region has resulted in high demand for synthetic lubricants in engine oils. Moreover, increasing automotive production in U.S. and Mexico coupled with a rising number of automotive OEMs setting up bases in Mexico is expected to boost the demand for automotive maintenance.
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Rising demand from the automobile and industrial segments in Asia Pacific due to new machine installations and increased production of branded cars is also expected to augment the demand. In addition, technological advancements, such as the NSF food lubrication standard set by major equipment builders for the use of synthetic lubricants in the food industry, is expected to boost synthetic lubricants market growth. Europe led the global market in the past due to high product from Germany due to the presence of automotive production base in Germany. The regional market is projected to maintain its dominance during the forecast years due to rising demand for environmentally sustainable, premium products with high-performance.
Reduction of viscosity in synthetic lubricants reduces engine friction, which, in turn, enhances fuel efficiency. Thus, increasing demand for vehicles with improved fuel economy is predicted to drive the market further. Manufacturers are developing new products with technologies that make them further suitable in different equipment with extreme temperatures and pressures. However, preference for cheaper substitute mineral oils due to high cost of these synthetic oils may hamper market growth. Rising need for reducing maintenance costs in the manufacturing sector is expected to trim down the scope of synthetic lubricants. Incompatibility of Polyalkylene Glycol (PAG)-based oils with Polyalphaolefins (PAOs) and conventional mineral oils is also expected to create obstacles for market growth.
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The industry is highly dominated by presence of several multinationals that drive industry growth in terms of product quality, new product launches and more. Companies are significantly trying to attain maximum consumer base by innovating product lines that meet the current market trends. With efforts from synthetic lubricant manufacturers to extend vehicle performance life as well as minimize recurring costs associated to maintenance, the industry is expected to grow significantly over the foreseeable future. Some of the prominent players in the synthetic lubricants market include: British Petroleum, Chevron Corporation, Lanxess AG, Valvoline, Fuchs, Pennzoil, Kendall, Motul, Amsoil, Agip
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