Synthetic Lubricants Market size over $5bn by 2023
Published Date: February 1, 2017 Author: Global Market Insights, Inc.
Synthetic lubricants market size is anticipated to cross USD 5 billion with consumption of over 900 kilo tons by 2023; according to a new research report by Global Market Insights, Inc.
Increasing demand from automobile and industrial sector will drive the global synthetic lubricants market size during forecast period. Growing automobiles demand on account of rising middle class income level and increasing installation of new machines are some of factors responsible to augment 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 over 60% of global synthetic lubricants market 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 synthetic lubricants market share for 2015 was over USD 290 million. Increasing manufacturers concern towards reducing maintenance cost is expected to stimulate the industry growth in coming years.
The global industry revenue generated from heat transfer fluid is predicted to witness growth at over 4% by 2023 on account of its enhancing heat transfer efficiency. It finds application in various industrial processing including chemical, oil & gas and pharmaceutical. High cost over mineral oil may hamper the synthetic lubricant market growth. Government regulations to support development of environment friendly product will propel the demand for bio-lubricants, are also among the major restraints.
Browse key industry insights spread across 85 pages with 59 market data tables & 14 figures & charts from the report, “Synthetic Lubricants Market Size 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. lubricants market is set to reach over USD 1 billion by 2023. Existence of numerous aviation industry including Boeing may spur the business growth in coming years. Europe synthetic lubricants market share 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 encourage the business growth over the forecast period
Esters market size 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 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.
Synthetic Lubricants market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in Kilo Tons and USD Million from 2012 to 2023, for the following segments:
Global Synthetic Lubricants Market by Product
- Group IV (PAO)
- Group V (Esters)
- Group V (PAG)
Global Synthetic Lubricants Market by Application
- Engine Oils
- Heat Transfer Fluids (HTF)
- Transmission Fluids
- Metalworking Fluids
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America