Synthetic Lubricants Market to Worth USD 23.4 Billion by 2030 | Skyquest Technology
Synthetic lubricants market is segmented based on type, product type and end user. The market is segmented into PAO, esters, and PAG based on application. Based on product type, the synthetic lubricants market is segmented into engine oil, transmission and hydraulic fluids, metalworking fluids, general industrial oils, greases, process oils, etc. Based on application, the synthetic lubricants market is segmented into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other- Industry Forecast 2023-2030
Westford,USA, Aug. 09, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the surge in synthetic lubricants market growth can be directly attributed to the exceptional attributes exhibited by synthetic lubricants. These lubricants possess remarkable qualities, notably their capacity to effectively regulate temperatures by absorbing the heat generated through the motion of vehicle components and subsequently transferring it to a cooler or sump area.
Browse in-depth TOC on the “Synthetic Lubricants Market”
- Pages – 260
- Tables – 98
- Figures – 76
The synthetic lubricants market is experiencing robust growth, propelled mainly by the escalating demand for fuel-efficient and high-performance vehicles. In contrast to conventional mineral-based lubricants, synthetic variants offer many advantages that resonate strongly with contemporary automotive and industrial needs.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 17.5Billion |
| 2030 Value Projection | USD 23.4Billion |
| CAGR | 3.7% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Synthetic Lubricants Market
- Royal Dutch Shell
- ExxonMobil Corporation
- Chevron Corporation
- BP Plc
- Total S.A.
- Fuchs Petrolub SE
- Idemitsu Kosan Co. Ltd.
- AMSOIL Inc.
- Petroliam Nasional Berhad (Petronas)
- The Lubrizol Corporation
- Valvoline Inc.
- Pennzoil Quaker State Company
- Royal Purple LLC
- Croda International Plc
- Evonik Industries AG
- Klüber Lubrication München SE & Co. KG
- Castrol Limited
- Sinopec Limited
- Gulf Oil Lubricants India Ltd.
- Motul S.A.
Polyalphaolefin (PAO) Segment is Expected to Grow in the Market Due to Enhanced Milk Yield
Polyalphaolefin (PAO) segment asserted its dominance over the global synthetic lubricants market. This ascendancy can be attributed to several compelling factors. Mainly, PAO’s prominence is reinforced by its possession of a high viscosity index, a crucial attribute contributing to its efficacy as a lubricating agent.
The markets in Europe emerge as another swiftly expanding region within the synthetic lubricantsmarket.This growth is intricately intertwined with many factors that collectively propel its advancement. Notably, the resurgence of the region’s manufacturing sector plays a pivotal role, injecting vigor into market dynamics.
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Engine Oil Segment is Expected to Dominate the Market Due tothe Rising Production of Automobiles
Engine oil segment asserted supremacy over the global synthetic lubricants market, commanding a substantial revenue share exceeding 35.0%. This prominence is rooted in the burgeoning automotive sector, encompassing cargo and personal vehicles. Engine oil’s pivotal role in this domain stems from its indispensable function of mitigating friction between metal components within automobiles.
Regional markets in the Asia Pacific are poised to exert significant dominance over the global synthetic lubricants market. This projection is attributed to the region’s dynamic expansion in the automotive and petrochemical sectors. The surging demand for synthetic lubricants is intrinsically linked to the robust growth of these industries within the Asia Pacific region.
A comprehensive analysis of the major players in the synthetic lubricants market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Synthetic Lubricants Market
- In 2023, Indonesia’s Superbike World Championship event unveiled two innovative products tailored explicitly for Kawasaki motorcycle owners, courtesy of renowned French oil and lubricant manufacturer Motul. The Indonesian market introduced these new offerings as the Motul Kawasaki Genuine Oil Power 10W-40 and Motul Kawasaki Genuine Oil Ultimate 10W-50. Addressing the needs of Kawasaki motorcycles boasting engines larger than 250cc, Motul’s KGO Ultimate 10W-50 has been meticulously crafted to adhere to the API SN JASO MA2 specifications.
- ExxonMobil recently unveiled a groundbreaking product in automated maintenance management systems. Mobil Serv SM Lubrication Management, a cost-effective solution, empowers operators to streamline, automate, and expedite maintenance-related tasks efficiently.
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Key Questions Answered in Synthetic Lubricants Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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