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PUBLISHER: IMARC | PRODUCT CODE: 1390732
PUBLISHER: IMARC | PRODUCT CODE: 1390732
Synthetic Lubricants Market Report by Product, Base Oil (Polyalphaolefin, Esters, Polyalkylene Glycol, and Others), End Use Industry, and Region 2023-2028
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Abstract
The global synthetic lubricants market size reached US$ 14.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.36% during 2022-2028.
A synthetic lubricant is a chemical substance used for reducing or controlling the friction between two industrial surfaces. It is formulated using artificial base oils and chemically modified materials, such as polyalthaolefin (PAO), esters and polyalkylene glycols (PAGs), and exhibits similar properties to that of petroleum-based products. Some of the commonly available synthetic lubricants include engine, hydraulic, metalworking, compressor, gear, refrigeration, turbine and transmission oils. The lubricant absorbs the heat emitting from the mechanical components and lowers the temperature of the moving parts, thereby enhancing the overall operational life of the equipment. Synthetic lubricants exhibit various advantageous properties, such as minimal energy consumption, high thermal and oxidative stability, volatility and flash points. As a result, they find extensive application across various industries, including construction, mining, oil and gas, textile, food processing, chemical and automotive.
Synthetic Lubricants Market Trends:
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Synthetic lubricants are added to throttle position sensors (TPS) and exhaust gas recirculating (EGR) sensors, which are commonly used for monitoring electronic fuel injection and exhaust emissions. The lubricants aid in minimizing the wear and maintenance requirements of the automotive components. They are also widely used in aircraft to withstand freezing, high-altitude temperatures and excessive heat from the jet engines. Additionally, various product innovations, such as the development of biodegradable synthetic lubricants with enhanced water solubility and viscosity indexes, are acting as other growth-inducing factors. They are widely used for operating agricultural, mining, fishery, onshore and offshore drilling and subsea robotic systems with enhanced efficiency. Other factors, including rapid industrialization, along with extensive infrastructural development, especially in the developing economies, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global synthetic lubricants market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, base oil and end use industry.
Breakup by Product:
Engine Oil
Hydraulic Fluid
Metalworking Fluids
Compressor Oil
Gear Oil
Transmission Fluid
Turbine Oil
Others
Breakup by Base Oil:
Polyalphaolefin (PAO)
Esters
Polyalkylene Glycol (PAG)
Others
Breakup by End Use Industry:
Automotive
Power Generation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BP plc, Chevron Corporation, China Petrochemical Corporation, Exxon Mobil Corporation, Idemitsu Kosan Company Ltd., Indian Oil Corporation Limited, Lanxess AG, Lukoil, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell plc and TotalEnergies SE.
Key Questions Answered in This Report
- 1. What was the size of the global synthetic lubricants market in 2022?
- 2. What is the expected growth rate of the global synthetic lubricants market during 2023-2028?
- 3. What are the key factors driving the global synthetic lubricants market?
- 4. What has been the impact of COVID-19 on the global synthetic lubricants market?
- 5. What is the breakup of the global synthetic lubricants market based on the product?
- 6. What is the breakup of the global synthetic lubricants market based on the base oil?
- 7. What is the breakup of the global synthetic lubricants market based on the end use industry?
- 8. What are the key regions in the global synthetic lubricants market?
- 9. Who are the key players/companies in the global synthetic lubricants market?
Product Code: SR112023A4549
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Synthetic Lubricants Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Product
- 6.1 Engine Oil
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Hydraulic Fluid
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Metalworking Fluids
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Compressor Oil
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Gear Oil
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Transmission Fluid
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
- 6.7 Turbine Oil
- 6.7.1 Market Trends
- 6.7.2 Market Forecast
- 6.8 Others
- 6.8.1 Market Trends
- 6.8.2 Market Forecast
7 Market Breakup by Base Oil
- 7.1 Polyalphaolefin (PAO)
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Esters
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Polyalkylene Glycol (PAG)
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
8 Market Breakup by End Use Industry
- 8.1 Automotive
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Power Generation
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Heavy Equipment
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Food and Beverage
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Metallurgy and Metalworking
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Chemical
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
- 8.7 Others
- 8.7.1 Market Trends
- 8.7.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 BP plc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Chevron Corporation
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 China Petrochemical Corporation
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Exxon Mobil Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Idemitsu Kosan Company Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Indian Oil Corporation Limited
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Lanxess AG
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Lukoil
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Petroliam Nasional Berhad (PETRONAS)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Royal Dutch Shell plc
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 SWOT Analysis
- 14.3.11 TotalEnergies SE
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.1 BP plc
Product Code: SR112023A4549
List of Figures
- Figure 1: Global: Synthetic Lubricants Market: Major Drivers and Challenges
- Figure 2: Global: Synthetic Lubricants Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Synthetic Lubricants Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Synthetic Lubricants Market: Breakup by Product (in %), 2022
- Figure 5: Global: Synthetic Lubricants Market: Breakup by Base Oil (in %), 2022
- Figure 6: Global: Synthetic Lubricants Market: Breakup by End Use Industry (in %), 2022
- Figure 7: Global: Synthetic Lubricants Market: Breakup by Region (in %), 2022
- Figure 8: Global: Synthetic Lubricants (Engine Oil) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Synthetic Lubricants (Engine Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Synthetic Lubricants (Hydraulic Fluid) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Synthetic Lubricants (Hydraulic Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Synthetic Lubricants (Metalworking Fluids) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Synthetic Lubricants (Metalworking Fluids) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Synthetic Lubricants (Compressor Oil) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Synthetic Lubricants (Compressor Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Synthetic Lubricants (Gear Oil) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Synthetic Lubricants (Gear Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Synthetic Lubricants (Transmission Fluid) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Synthetic Lubricants (Transmission Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Synthetic Lubricants (Turbine Oil) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Synthetic Lubricants (Turbine Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Synthetic Lubricants (Other Products) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Synthetic Lubricants (Other Products) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Synthetic Lubricants (Polyalphaolefin-PAO) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Synthetic Lubricants (Polyalphaolefin-PAO) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Synthetic Lubricants (Esters) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Synthetic Lubricants (Esters) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Synthetic Lubricants (Polyalkylene Glycol-PAG) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Synthetic Lubricants (Polyalkylene Glycol-PAG) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Synthetic Lubricants (Other Base Oils) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Synthetic Lubricants (Other Base Oils) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Synthetic Lubricants (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Synthetic Lubricants (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Global: Synthetic Lubricants (Power Generation) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Global: Synthetic Lubricants (Power Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Global: Synthetic Lubricants (Heavy Equipment) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Global: Synthetic Lubricants (Heavy Equipment) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Global: Synthetic Lubricants (Food and Beverage) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Global: Synthetic Lubricants (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: Global: Synthetic Lubricants (Metallurgy and Metalworking) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: Global: Synthetic Lubricants (Metallurgy and Metalworking) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: Global: Synthetic Lubricants (Chemical) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: Global: Synthetic Lubricants (Chemical) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Global: Synthetic Lubricants (Other End Use Industries) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Global: Synthetic Lubricants (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: North America: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: North America: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: United States: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: United States: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: Canada: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: Canada: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: Asia-Pacific: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: Asia-Pacific: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: China: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: China: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: Japan: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: Japan: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: India: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: India: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: South Korea: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: South Korea: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Australia: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Australia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Indonesia: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Indonesia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Europe: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Europe: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Germany: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Germany: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: France: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: France: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: United Kingdom: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: United Kingdom: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Italy: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Italy: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Spain: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Spain: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 80: Russia: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 81: Russia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 82: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 83: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 84: Latin America: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 85: Latin America: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 86: Brazil: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 87: Brazil: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 88: Mexico: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 89: Mexico: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 90: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 91: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 92: Middle East and Africa: Synthetic Lubricants Market: Sales Value (in Million US$), 2017 & 2022
- Figure 93: Middle East and Africa: Synthetic Lubricants Market: Breakup by Country (in %), 2022
- Figure 94: Middle East and Africa: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 95: Global: Synthetic Lubricants Industry: SWOT Analysis
- Figure 96: Global: Synthetic Lubricants Industry: Value Chain Analysis
- Figure 97: Global: Synthetic Lubricants Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Synthetic Lubricants Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Synthetic Lubricants Market Forecast: Breakup by Product (in Million US$), 2023-2028
- Table 3: Global: Synthetic Lubricants Market Forecast: Breakup by Base Oil (in Million US$), 2023-2028
- Table 4: Global: Synthetic Lubricants Market Forecast: Breakup by End Use Industry (in Million US$), 2023-2028
- Table 5: Global: Synthetic Lubricants Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Synthetic Lubricants Market: Competitive Structure
- Table 7: Global: Synthetic Lubricants Market: Key Players
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