Synthetic Ester Lubricants Market size is set to witness commendable growth over the analysis timeline of 2022-2028 with the burgeoning product demand driven by the ongoing expansion of the global automotive industry. Synthetic ester lubricants are known to reduce the frictional drag and improve the fuel efficiency of vehicles. Moreover, they are being increasingly preferred over petroleum-based transmission fluids owing to their low volatility, biodegradability, as well as excellent oxidative and thermal stability.
Synthetic esters serve as lubricants in both low- and high-temperature applications and respond effectively to performance-enhancing additives including corrosion inhibitors, antioxidants, anti-wear agents, and load-carrying additives.
The synthetic ester lubricants market growth is being further propelled by the elevating demand across the aviation sector. The aircraft production has been increasing across the globe despite the outbreak of the COVID-19 pandemic due to rising preference for air travel and high disposable incomes. This has urged the major aircraft manufacturers to expand their production capacities which will create a positive scenario for the market in the upcoming years.
Based on product type, the polyol segment is estimated to grow considerably over the analysis timeline. The growth can be largely attributed to the increasing product applications requiring high thermal stability, high viscosity index, and lubricity. Their typical usage include raw materials for lubricants, as jet engine lubricants, and lubricating oil. The wide-ranging applications of polyol ester lubricants will stimulate the segmental growth over the foreseeable future.
In terms of application, hydraulic oil segment is anticipated to record substantial gains by the end of 2028 owing to the rising proclivity towards environment-friendly solutions. Hydraulic oils based on synthetic ester serve as an efficient biodegradable fluid while offering optimal performance. They are known to offer a wider effective temperature range, better hydraulic efficiency, and enhanced lubricant compatibility. For instance, the synthetic Mobil SHC Hydraulic EAL oil by ExxonMobil provides an operating temperature range between 10 and 15 degrees Celsius.
Considering the regional landscape, Asia Pacific synthetic ester lubricants market is expected to register a substantial growth rate over the forecast period of 2022-2028 with the burgeoning product demand from the regional aviation sector. The increasing aircraft production following the rising civil air transport in the region will largely contribute to the market growth. According to the Civil Aviation Administration of China (CAAC), the country’s civil aviation industry served 245 million passengers and transported 3.74 million tons of cargo during the first six months of 2021, representing year-on-year growth of 66.4% and 24.6%, respectively.
The major business players active in synthetic ester lubricants market include Exxon Mobil, Shell, Total, Chevron, British Petroleum, Fuchs Group, Amsoil Inc., Valvoline, etc. These companies are implementing various business expansion strategies such as collaborations, mergers, new product launches, etc. to gain a competitive edge in the market. To illustrate, in 2021, ExxonMobil and Avelo Airlines announced that the former will be the sole supplier of aviation lubricants for the growing fleet of Avelo.
The global outbreak of the COVID-19 crisis has made a serious impact on the market due to the disruption of production activities and supply chains across the overall chemical industry following the lockdown restrictions. However, with the gradual lifting of restrictions and restoration of business operations, the overall synthetic ester lubricants industry is expected to grow steadily.
Market, By Type, 2018-2028
Market, By Application, 2018-2028
The above information has been provided for the following regions and countries: