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The global synthetic lubricants market reached a value of US$13.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$17.9 Billion by 2027, exhibiting at a CAGR of 4.64% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global synthetic lubricants market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, base oil and end use industry.
Breakup by Product:
Breakup by Base Oil:
Breakup by End Use Industry:
Breakup by Region:
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.
|Base Year of the Analysis||2021|
|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$ 2499
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Corporate License: US$ 4499
|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)|
The global synthetic lubricants market was valued at US$ 13.7 Billion in 2021.
We expect the global synthetic lubricants market to exhibit a CAGR of 4.64% during 2022-2027.
The growing application of synthetic lubricants in the automotive sector for minimizing the wear and
maintenance requirements of the automotive components, is primarily driving the global synthetic
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in temporary closure of numerous end-use
industries for synthetic lubricants.
Based on the product, the global synthetic lubricants market can be categorized into engine oil,
hydraulic fluid, metalworking fluids, compressor oil, gear oil, transmission fluid, turbine oil, and
others. Among these, engine oil holds the majority of the total market share.
Based on the base oil, the global synthetic lubricants market has been segmented into
Polyalphaolefin (PAO), esters, Polyalkylene Glycol (PAG), and others. Currently, Polyalphaolefin
(PAO) exhibits clear dominance in the market.
Based on the end use industry, the global synthetic lubricants market can be bifurcated into
automotive, power generation, heavy equipment, food and beverage, metallurgy and metalworking,
chemical, and others. Among these, the automotive industry accounts for the majority of the total
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global synthetic lubricants market include 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.
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