Synthetic Lubricants Market size over $5 billion by 2023
Published Date: February 1, 2017 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the synthetic lubricants market size is anticipated to cross $5 billion with consumption of over 900 kilo tons by 2023. Increasing demand from automobile and industrial sector will drive the global market during forecast period.
Growing automobile demand on account of rising middle-class income level and increasing installation of new machines are some of factors responsible for driving the industry landscape.
Growing natural gas demand from various sectors including food & beverage, personal care and construction will boost the natural gas production, which will positively impact the synthetic lubricants market.
PAO contributed to over 60% of volume share in 2015. Increasing adoption of PAO in automobile engine coupled with OEM recommendation in major brands such as Volkswagen and BMW may positively influence the industry landscape. PAG segment was over $290 million in 2015. Increasing manufacturer concern towards reducing maintenance cost is expected to stimulate the synthetic lubricants market growth in coming years.
The global industry revenue generated from heat transfer fluid is predicted to witness a growth rate at over 4% through 2023 on account of its enhancing heat transfer efficiency. It finds application in various industrial processes including chemical, oil & gas and pharmaceutical. High cost over mineral oil may hamper the synthetic lubricants market value. Government regulations to support development of environment friendly product will propel the demand for bio-lubricants, which may also restrain the market.
Browse key industry insights spread across 85 pages with 59 market data tables & 14 figures & charts from the report, “Synthetic Lubricants Market By Product (Group IV [PAO], Group V [Esters], PAG), By Application (Engine Oils, Transmission Fluids, HTF, Metalworking Fluids), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
North America led by the U.S. is set to reach over $1 billion by 2023. Existence of numerous aviation industry including Boeing may spur the synthetic lubricants business growth in coming years. Europe led by UK and Germany was over 200 kilo tons in 2015. Existence of enormous automotive and aerospace manufacturing companies including Rolls, Audi, Volkswagen, Airbus, Royce, Mercedes and BMW may increase the automobile sale, which may positively impact the market over the forecast period.
Esters segment is predicted to witness growth at over 4% CAGR from 2016 to 2023. Rising demand from reciprocating compressor will propel the industry landscape.
The global synthetic lubricants industry revenue generated from engine oils was valued at over 1 billion in 2015. It offers sustainable film protection and high operating temperature property. It also helps to improve drain intervals.
Synthetic lubricants market share demand from metal working fluid accounted for over 5% in 2015. Positive outlook towards manufacturing industry is expected to augment the metalworking fluid demand over forecast period.
Key industry players include ExxonMobil, Fuchs, Amsoil, British Petroleum, Valvoline, Shell and Castrol. ExxonMobil, British Petroleum, Shell and Castrol were accounted for 50% of overall industry size.