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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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