rising demand for Synthetic Lubricants in the Food & Beverage (F&B) sector is another key factor driving revenue growth of the market
The global Synthetic Lubricants Market size was USD 4.21 Billion in 2022 and is expected to reach USD 6.53 Billion in 2032, and register a rapid revenue CAGR of 5% during the forecast period.
Rising demand for Synthetic Lubricants as a result of increasing trend of adopting ecologically friendly products is a key factor driving market revenue growth. These lubricants are a great option for industries who care about the environment because these are non-toxic and biodegradable. Synthetic Lubricants are becoming more popular because these lower the quantity of harmful chemicals emitted into the atmosphere, which is necessary to reduce carbon emissions.
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Major Companies:
- ExxonMobil Corporation
- Royal Dutch Shell Plc.
- BP Plc.
- Total S.A.
- Chevron Corporation
- Petroliam Nasional Berhad (Petronas)
- Castrol Limited
- Idemitsu Kosan Co., Ltd.
- Quaker Chemical Corporation
- Lubrizol Corporation
Strategic Development:
- In 2021, Total SA and China’s Shenergy Group inked a contract to build a low-carbon complex that will produce synthetic ester base oils in the Yangtze River Delta.
- The launch of Mobil SHC Elite, a brand-new synthetic ester-based lubricant for use in the aviation sector, was announced by ExxonMobil Corporation for 2020. This lubricant provides better performance and is resistant to harsh working conditions, which lowers aircraft maintenance costs and downtime.
- Shell Lubricants revealed that Shell Omala S5 Wind, a synthetic ester-based lubricant especially made for wind turbine gears, would debut in 2020. For wind turbine operators, this lubricant delivers improved wear protection, exceptional oxidation resistance, and prolonged oil life, saving them a significant amount of money.
Key questions addressed in the report:
- What is the expected market size of the global Synthetic Lubricants market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Synthetic Lubricants market?
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Synthetic Lubricants Market Segmentation:
By Product Type Outlook:
- Diesters
- Polyol Esters
- Phosphate Esters
- Dibasic Acid Esters
- Others
By Application Outlook:
- Automotive
- Aerospace
- Industrial
- Marine
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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