The global synthetic lubricants market size is expected to reach USD 23.4 billion by 2030, as per the new report by Grand View Research, Inc., expanding at a CAGR of 3.7% from 2023 to 2030. The market is majorly driven by the growing automotive industry around the globe. High viscosity index of synthetic lubricants as compared to their mineral counterparts reduces friction and prevents wear and tear, which takes place in automotive engine components such as pistons, shafts, and connecting rods. In addition, PAO-based synthetic lubricants have the ability to perform across a wide temperature range.
Synthetic Lubricants Market Report Highlights
- The market growth can be attributed to increasing application of synthetic lubricants in the automotive sector in the form of gearbox lubes, engine oils, and transmission oils in passenger and commercial vehicles due to their superior performance over their mineral counterparts
- Asia Pacific dominated the global market in 2022 with a revenue share of over 40.0%. This is owing to growing automobile industry and refinery business in the region. Countries such as India, China, and Singapore have capitalized on low crude oil prices. This has resulted in the increased production of petrochemicals in Asia Pacific, thus improving the product demand in the region
- Polyalphaolefins (PAOs) dominated the market with a revenue share of over 50.0% in 2022. This growth is attributed to the increased use of PAO in automotive engines coupled with OEM recommendations in brand cars such as Volkswagen and BMW
- Several functional benefits associated with PAO-based synthetic lubricants such as anti-wear and varnish control properties have fueled their usage in various industrial applications. Furthermore, high viscosity index of PAO has accelerated its usage in machinery with extreme temperature environments
- The engine oil application segment dominated the global market with a revenue share of over 35.0% in 2022. This is attributed to the growing automotive vehicle sales, especially in the emerging economies of China and India. This is expected to augment demand for engines, in turn, driving the demand for synthetic lubricants in engine oil application
- In January 2020, FUCHS Group, a German lubricants company, announced the completion of the acquisition of Nye Lubricants Inc., a U.S.-based specialty synthetic lubricant manufacturer. This acquisition helped FUCHS Group to expand and strengthen its position in the specialty lubricants product portfolio
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Synthetic lubricants are a type of lubricating oil that is artificially created through chemical processes. They are designed to provide superior performance and offer several advantages over conventional mineral-based lubricants. Unlike mineral oils, which are derived from crude oil through refining processes, synthetic lubricants are formulated by synthesizing chemically engineered base oils and adding specific additives to enhance their performance characteristics. The base oils used in synthetic lubricants are typically made from polyalphaolefins (PAO), esters, polyalkylene glycols (PAG), or other synthesized hydrocarbons.
Synthetic lubricants have a more consistent and predictable viscosity-temperature relationship compared to mineral oils. They maintain their viscosity across a wide temperature range, ensuring proper lubrication and protection in extremely cold or hot conditions. They have excellent resistance to thermal degradation and can withstand higher operating temperatures without breaking down. This property is particularly advantageous in high-performance and heavy-duty applications. It provides better lubrication and reduces friction and wear between moving parts. They have low coefficients of friction, which can result in improved energy efficiency and reduced operating temperatures. They have higher resistance to oxidation, which helps prevent the formation of sludge, varnish, and deposits. This leads to cleaner engines and extended oil change intervals.
Synthetic lubricants flow more easily at low temperatures, ensuring faster startup and better lubrication during cold weather conditions. Due to their enhanced properties and resistance to degradation, synthetic lubricants generally have longer service intervals compared to mineral oils. This can result in reduced maintenance costs and downtime. Synthetic lubricants are commonly used in various industries, including automotive, aviation, marine, industrial machinery, and racing applications. They are often recommended for high-performance engines, heavy machinery, and extreme operating conditions where superior lubrication and protection are crucial. It’s important to note that synthetic lubricants may have different formulations and performance characteristics based on their specific applications and intended uses.
Synthetic lubricants are chemically engineered using synthesized base oils, which can be made from polyalphaolefins (PAO), esters, polyalkylene glycols (PAG), or other synthesized hydrocarbons. On the other hand, mineral-based lubricants are derived from crude oil through refining processes, while semi-synthetic lubricants are a blend of both synthetic and mineral oils. It offer superior performance compared to other lubricants. They have more consistent viscosity-temperature relationships, ensuring proper lubrication across a wide temperature range. Synthetic lubricants also exhibit enhanced thermal stability, oxidation resistance, and improved lubricating properties, resulting in reduced friction, wear, and improved energy efficiency. They are particularly beneficial in extreme operating conditions. They can withstand higher temperatures without breaking down, making them suitable for high-performance engines and heavy-duty applications. They also provide better lubrication during cold starts due to their low-temperature flow properties.
Moreover, Synthetic lubricants generally have longer service intervals compared to mineral-based lubricants. Their superior oxidation resistance and thermal stability contribute to cleaner engines, extended oil change intervals, and reduced maintenance costs. They are typically more expensive than mineral-based lubricants. The complex manufacturing processes and specialized base oils used in synthetic lubricants contribute to their higher cost. However, their extended service life and improved performance can offset the initial investment. Synthetic lubricants are commonly used in demanding applications, such as high-performance engines, racing vehicles, industrial machinery, and extreme operating conditions. Mineral-based lubricants are widely used in general automotive applications and some industrial applications. Semi-synthetic lubricants find applications in various industries, offering a balance between performance and cost.
Latest Trends and Developments
There has been an increasing demand for high-performance lubricants in various industries, including automotive, industrial, and aerospace. Synthetic lubricants are often preferred for their ability to meet the stringent requirements of modern engines and machinery, such as improved fuel efficiency, extended service life, and better protection under extreme conditions. Manufacturers have been focusing on developing advanced synthetic lubricants with enhanced properties. These advancements include improved thermal stability, better oxidation resistance, increased wear protection, and reduced friction coefficients. These innovations aim to offer superior performance and protection, contributing to the overall efficiency and reliability of machinery. With growing environmental concerns, there is an increasing emphasis on sustainable lubricant solutions. Some developments in the synthetic lubricants market include the formulation of biodegradable and eco-friendly lubricants. These lubricants are designed to minimize environmental impact, particularly in environmentally sensitive areas or industries.
Bio-based synthetic lubricants are gaining attention as an alternative to petroleum-based lubricants. These lubricants are derived from renewable resources, such as vegetable oils or animal fats. Bio-based synthetic lubricants offer similar performance characteristics to their petroleum-based counterparts while reducing dependence on fossil fuels and lowering the carbon footprint. Synthetic lubricant manufacturers are focusing on developing specialized solutions for specific industries or applications. This includes lubricants tailored for high-performance racing vehicles, electric vehicles, wind turbines, food-grade applications, and more. These industry-specific lubricants are formulated to address unique requirements and challenges, providing optimal performance and protection. The synthetic lubricants industry has seen collaborations and partnerships between lubricant manufacturers and equipment manufacturers. This collaboration aims to optimize lubricant performance by aligning it with specific equipment requirements. Such partnerships often involve joint research and development efforts to create lubricants that are tailored to the needs of particular machinery or industries.
The growing natural gas production in GCC is also driving the demand for synthetic lubricants in the market. This is due to the fact that refineries use liquid-phase HTFs for heating reboilers and columns for distillation of oil and oil-based products. Additionally, the companies which reprocess and recycle used lubricating oils utilize HTFs at high temperatures along with high vacuum distillation operations. Booster stations located in between refining and distribution channels use HTFs for maintaining the viscosity of petroleum products that travel long distances. All these factors are propelling the demand.
The high cost of synthetic lubricants compared to their mineral counterparts is expected to have a negative impact on the market over the forecasted period. Rising concerns over reducing maintenance costs in the manufacturing sector are expected to trim down the scope of synthetic lubricants, where central lubrication or a huge quantity of oil is required. Therefore, high cost is expected to remain a key restraining factor for the growth of the market.
The emergence of bio-lubricants is also acting as a restraining factor in the growth of the market. Bio-lubricants have huge demand due to their superior properties, including biodegradability, low maintenance, storage and disposal, reduced emissions, better safety, and constant viscosity with higher flash points and viscosity index as compared to synthetic lubricants. The favorable regulatory scenario and higher consumer awareness in North America and Europe are further boosting the bio-based lubricants, and thus restraining the growth of the market.
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Synthetic Lubricants Market Insights By Region
Asia Pacific accounted for the largest revenue share, growth is attributed to the increasing presence of automobile and petrochemical industries in the region. The market is dominated by some major oil companies producing synthetic lubricants with extensive distribution networks. Refinery business in the Asia Pacific, specifically in countries such as China, India, and Singapore, has capitalized on the low crude oil prices, which has resulted in increased production of petrochemicals in the region. Europe is another region witnessing quick growth, attributed to factors such as the recovery of the manufacturing sector in the region, increased focus on the reduction of CO2 emission from vehicles, product quality improvement, and supply of base oil. The increased investment in synthetic lubricant blending plants in Netherlands and Russia is also driving the demand for the product in the region. The supply of synthetic lubricants in North America is also expected to be spurred on account of increasing demand from the engine oil application segment. The engine oil supply is rising on account of growth in the automotive sector in the region.
Competitive Analysis By Major Companies
Most companies are focusing on improving their presence in emerging as well as potential markets such as Asia Pacific by entering into strategic collaborations and establishing new plants. Some prominent players in the global synthetic lubricants market include:
- BP Lubricants Pvt. Ltd.
- Chevron Corporation
- LANXESS
- Valvoline
- FUCHS
- Pennzoil
- Phillips 66 Company
Segmented the global synthetic lubricants market on the basis of product, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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