Synthetic Lubricants Market
Dublin, April 12, 2022 (GLOBE NEWSWIRE) — The “Synthetic Lubricants Market – Global Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The synthetic lubricants market is expected to grow at a CAGR of 3.48% during 2021-2027
The global synthetic lubricants market is expected to witness stagnant growth during the forecast period. The consumption of synthetic lubricants is majorly driven by automotive and transport sector.
APAC is the leading market for synthetic lubricants. The region accounted for 45% market share in 2021. The growth in the region is associated with the increasing demand for automotive and high-performance industrial machinery and equipment.
APAC region consists of emerging as well as developed economies such as Japan, China, India, South Korea, and Australia. These countries have considerable demand for automotive, agricultural, and construction vehicles. APAC region is also a hub for the growth of new industrial developments such as advanced manufacturing, smart cities, smart construction, and so on.
GLOBAL SYNTHETIC LUBRICANTS MARKET SEGMENTATION
Automotive and transportation are the largest segment by end-use. Automotive and transportation synthetic lubricants accounted for 32.20% market share in 2021.
The automotive and transportation segment is expected to register a CAGR of 3.76% during the forecast period. Advantages driving the demand for synthetic lubricants in this segment are wear and tear prevention, reduced friction, proper heat dissipation, oxidation and corrosion prevention, component stress relieving, and maintaining proper engine functionality.
Shell (US), ExxonMobil (US), British Petroleum (UK), Chevron (US), and Sinopec (China) are some of the key players in the synthetic lubricants market. The market is largely commoditized, with price serving as a significant differentiator. Manufacturers are constantly involved in developing new and sustainable products as per customer requirements and safeguard environment as well.
The FUCHS Group, had signed an agreement to acquire the lubricants business of Gleitmo Technik AB, and is expected to integrate it into its subsidiary FUCHS LUBRICANTS SWEDEN AB.
Sinopec entered into the South African market by acquiring a majority stake in Chevron’s lubricant facility.
Shell Indonesia announced investment to double the production capacity of its lubricants oil blending plant (LOBP) located in Jakarta, Indonesia. When completed the plant would produce up to 300 million litres of finished lubricants, annually.
Royal Dutch Shell
Other Prominent Vendors
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
8 Market Opportunities & Trends
8.1 Increasing Demand for Reduction in Emission
8.2 Demand for Higher Fuel Economy Vehicles
8.3 Increasing Demand for High-Performance Lubricants
9 Market Growth Enablers
9.1 Growing Use in Automotive Sector
9.2 Increasing Use in Wind Turbine Industry
9.3 Rising Use in Electric Vehicles
10 Market Growth Restraints
10.1 Emergence of Bio-Based Lubricants
10.2 High Cost of Synthetic Lubricants
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
11.4 Regulatory Outlook
11.5 Impact of Covid-19
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Engine Oil
12.4 Transmission Fluids & Hydraulic Fluids
12.5 Metalworking Fluids
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Power Generation
13.4 Automotive & Transportation
13.5 Heavy Equipment
13.6 Food & Beverage
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Polyalphaolefin (Pao)
14.4 Polyalkylene Glycol (Pag)
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/evimyb
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