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Synthetic Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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.

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, 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:

  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
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$ 2499
Five User License: US$ 3499
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)

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
    9.2    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
    9.3    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
    9.4    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
    9.5    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

List of Figures

Figure 1: Global: Synthetic Lubricants Market: Major Drivers and Challenges
Figure 2: Global: Synthetic Lubricants Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Synthetic Lubricants Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Synthetic Lubricants Market: Breakup by Product (in %), 2021
Figure 5: Global: Synthetic Lubricants Market: Breakup by Base Oil (in %), 2021
Figure 6: Global: Synthetic Lubricants Market: Breakup by End Use Industry (in %), 2021
Figure 7: Global: Synthetic Lubricants Market: Breakup by Region (in %), 2021
Figure 8: Global: Synthetic Lubricants (Engine Oil) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Synthetic Lubricants (Engine Oil) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Synthetic Lubricants (Hydraulic Fluid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Synthetic Lubricants (Hydraulic Fluid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Synthetic Lubricants (Metalworking Fluids) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Synthetic Lubricants (Metalworking Fluids) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Synthetic Lubricants (Compressor Oil) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Synthetic Lubricants (Compressor Oil) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Synthetic Lubricants (Gear Oil) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Synthetic Lubricants (Gear Oil) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Synthetic Lubricants (Transmission Fluid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Synthetic Lubricants (Transmission Fluid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Synthetic Lubricants (Turbine Oil) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Synthetic Lubricants (Turbine Oil) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Synthetic Lubricants (Other Products) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Synthetic Lubricants (Other Products) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Synthetic Lubricants (Polyalphaolefin-PAO) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Synthetic Lubricants (Polyalphaolefin-PAO) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Synthetic Lubricants (Esters) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Synthetic Lubricants (Esters) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Synthetic Lubricants (Polyalkylene Glycol-PAG) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Synthetic Lubricants (Polyalkylene Glycol-PAG) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Synthetic Lubricants (Other Base Oils) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Synthetic Lubricants (Other Base Oils) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Synthetic Lubricants (Automotive) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Synthetic Lubricants (Automotive) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Synthetic Lubricants (Power Generation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Synthetic Lubricants (Power Generation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Synthetic Lubricants (Heavy Equipment) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Synthetic Lubricants (Heavy Equipment) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Synthetic Lubricants (Food and Beverage) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Synthetic Lubricants (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Global: Synthetic Lubricants (Metallurgy and Metalworking) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Global: Synthetic Lubricants (Metallurgy and Metalworking) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Global: Synthetic Lubricants (Chemical) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Global: Synthetic Lubricants (Chemical) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Global: Synthetic Lubricants (Other End Use Industries) Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Global: Synthetic Lubricants (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: North America: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: North America: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: United States: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: United States: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Canada: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Canada: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Asia-Pacific: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Asia-Pacific: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: China: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: China: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Japan: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Japan: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: India: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: India: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: South Korea: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: South Korea: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Australia: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Australia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Indonesia: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Indonesia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Europe: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Europe: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Germany: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Germany: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: France: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: France: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: United Kingdom: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: United Kingdom: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Italy: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Italy: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Spain: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Spain: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Russia: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Russia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Latin America: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Latin America: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Brazil: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Brazil: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 88: Mexico: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 89: Mexico: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 90: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 91: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 92: Middle East and Africa: Synthetic Lubricants Market: Sales Value (in Million US$), 2016 & 2021
Figure 93: Middle East and Africa: Synthetic Lubricants Market: Breakup by Country (in %), 2021
Figure 94: Middle East and Africa: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2022-2027
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, 2021 and 2027
Table 2: Global: Synthetic Lubricants Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Synthetic Lubricants Market Forecast: Breakup by Base Oil (in Million US$), 2022-2027
Table 4: Global: Synthetic Lubricants Market Forecast: Breakup by End Use Industry (in Million US$), 2022-2027
Table 5: Global: Synthetic Lubricants Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Synthetic Lubricants Market: Competitive Structure
Table 7: Global: Synthetic Lubricants Market: Key Players

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Key Questions Answered in This Report

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
lubricants market.

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
market share.

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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  •   For further assistance, please connect with our analysts.

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