Global Synthetic Lubricants Market to Reach at US$ 21.2 Billion by 2032, Bolstered by the Development of Biodegradable Variants

April 28, 2022 | Chemical & Materials

The latest report by IMARC Group, titled “Synthetic Lubricants Market Report by Product (Engine Oil, Hydraulic Fluid, Metalworking Fluids, Compressor Oil, Gear Oil, Transmission Fluid, Turbine Oil, and Others), Base Oil (Polyalphaolefin (PAO), Esters, Polyalkylene Glycol (PAG), and Others), End Use Industry (Automotive, Power Generation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical, and Others), and Region 2024-2032,” finds that the global synthetic lubricants market size reached US$ 15.0 Billion in 2023. Synthetic lubricants are chemically engineered substances derived from synthetic base oil, replacing mineral or crude oil like esters and polyalphaolefine (PAO). They are used to control or reduce friction between two engine components or machinery surfaces. These lubricants also absorb the heat generated by moving parts of the vehicle, thereby maintaining the temperature and enhancing the overall operational life of the equipment. They do not contain harmful elements like nitrogen and sulfur, resulting in the sludge formation and damaging the engine or machine. Synthetic lubricants exhibit various properties such as water solubility, and high viscosity indices and biodegradability.

Global Synthetic Lubricants Market Trends:

The market is primarily driven by the increasing application of synthetic lubricants across diverse industries. For instance, they are used in various passenger and commercial vehicles in the form of diesel oil, gearbox lubes and transmission oil. In addition to this, several governing bodies are enforcing environmental regulations on the automotive sector to reduce carbon emissions, facilitating the sales of synthetic lubricants. Besides this, synthetic lubricants are utilized in aircraft to withstand freezing, high-altitude temperatures and excessive heat from the jet engines. Furthermore, these lubricants help monitor electronic fuel injection and exhaust emissions as they minimize the wear and maintenance requirement of the various components. Moreover, the rising research and development (R&D) activities for developing biodegradable synthetic lubricants with enhanced water solubility and viscosity are also fueling the market growth. They are utilized for operating agricultural, mining, fishery, onshore and offshore drilling and subsea robotic systems. On account of these factors, the market value is expected to reach US$ 21.2 Billion by 2032, exhibiting a CAGR of 3.8% during the forecast period (2024-2032).

Market Summary:

Based on the product, the market has been segmented into engine oil, hydraulic fluid, metalworking fluids, compressor oil, gear oil, transmission fluid, turbine oil, and others.
On the basis of the base oil, the market has been classified into polyalphaolefin (PAO), esters, polyalkylene glycol (PAG), and others.
The market has been categorized based on the end use industry into automotive, power generation, heavy equipment, food and beverage, metallurgy and metalworking, chemical, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being BP plc, Chevron Corporation, China Petrochemical Corporation, Exxon Mobil Corporation, Idemitsu Kosan Company Limited, Indian Oil Corporation Limited, Lanxess AG, PJSC Lukoil Oil Company, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell plc, and TotalEnergies SE.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product, Base Oil, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us
IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Synthetic Lubricants Market to Reach at US$ 21.2 Billion by 2032, Bolstered by the Development of Biodegradable Variants

Purchase options

Single User License ~~$3899~~ $2999
Five User License ~~$4899~~ $3999
Corporate User License ~~$5899~~ $4999

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.