Synthetic Ester Lubricants Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3948
Synthetic Ester Lubricants Market size is likely to witness significant growth in the coming years owing to rising product demand in aerospace, defense and automotive industries.
Orders for commercial aircraft have increased significantly owing to the increasing number of passengers. It has resulted in various expansion initiatives by leading aircraft manufacturers. According to Boeing, world’s largest aircraft manufacturing company, average passengers in commercial airlines has increased by more than 6% between 2012 and 2017. It has been claimed that the order backlog for commercial aircrafts is at its peak and in order to meet the service needs of both cargo and passengers, more than 35,000 aircrafts will be produced in the next two decades out of which more than 35% will be delivered in Asia Pacific region. The reason behind such higher demand from Asia Pacific region is increasing spending capacity, reassessment for improving the existing infrastructure to meet current & future demands, etc. This trend has let many aircraft manufacturers to have stronger focus on aerospace industry in the Asia Pacific region. Additionally, increasing investments for defense aircrafts will also drive the global aerospace & defense industry. As the use of synthetic ester lubricants is increasing rapidly for turbine engine lubrication, the growth in global aerospace & defense industry will drive the synthetic ester lubricants market demand in the near future.
Global automobile production has witnessed a growth of over 13% between 2012 and 2018. Escalating automobile production, private & public investments in the industry, favorable initiatives from government, rising disposable income are some of the driving factors observed in the Asia Pacific region which will boost the global automotive market in the coming years. Synthetic ester lubricants are replacing petroleum-based transmission fluids and engine oil owing to their biodegradability, low volatility, excellent oxidative and thermal stability, etc. Additionally, it reduces frictional drag which enhances the fuel efficiency of the vehicle. Thus, growing automotive industry will boost the development of global synthetic ester lubricants market in coming years.
Global synthetic ester lubricants market is segmented on the basis of product type, application and region. Based on product type, the market is segmented into dibasic, aromatic and polyol. Dibasic product type will have significant market share as they provide high biodegradability, high thermal stability, high performance at low temperature levels, etc. Aromatic product type have higher viscosity than dibasic and are cost-effective. Polyol product type will have high growth rate as they have superior performance characteristics, thermal stability and operational temperature range among all product types in the market.
Compressor oil application will have substantial share in global synthetic ester lubricants market in coming years. It can be attributed to high hydrolytic and thermal stability of the product. Synthetic ester lubricants used as compressor oil have ability to control the moisture content and they act as oil seals and coolants as well.
Hydraulic oils application segment will have high growth owing to the extensive use of synthetic ester lubricants as hydraulic oils in oil & gas and energy sector. The product when used as a hydraulic oil provides an extensive operational temperature range owing to various available ester grades, which propels the synthetic ester lubricants market demand. Furthermore, as environment friendly products are gaining more preference to reduce the ecological hazards, the biodegradability associated with the product further encourages its application as hydraulic oils in various end-use industries.
North America region will have significant market share in global synthetic ester lubricants market owing to the presence of mature aerospace & defense and automotive industry. USA, the world’s largest aircraft manufacturer and second largest automotive producer in the world will drive the regional synthetic ester lubricants demand. Asia Pacific region will have high growth rate due to escalating industrial development and major investments coupled with rising automotive production.
Some of the major market players in synthetic ester lubricants market include Shell, Exxon Mobil, Total, British Petroleum, Chevron, Fuchs Group, Valvoline, Amsoil Inc., etc.
Synthetic Ester Lubricants Market, By Type, 2014-2025
Synthetic Ester Lubricants Market, By Application, 2014-2025
- Compressor oil
- Hydraulic oil
- Metalworking fluids
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Exxon Mobil
- British Petroleum
- Fuchs Group
- Amsoil Inc
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