Global synthetic lubricants market size is projected to be valued USD 6.76 billion by 2025, driven by tightening fuel economy and emission regulations on automotive engine oils across all regions. Thus, automotive manufacturers in coordination with lubricant marketers are designing tailored products such as new engines, powertrains and other equipment which can operate at the highest efficiency and improve the vehicle lifecycle.
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The global synthetic lubricants market size is provided based on a detailed analysis of the penetration of lubricants across the automotive sector in different geographies. The global synthetic lubricants market analysis is aimed at identifying emerging trends and lucrative opportunities prevailing in the global market along with detailed analysis of the market segmentation. Dynamics of automotive and manufacturing industries across geographies has also been taken into consideration while estimating the global synthetic lubricants market growth. The global synthetic lubricants market also provides a comprehensive competitive landscape with a wide analysis of the key strategies adopted by industry leaders to maintain their market share.
Synthetic lubricants are free of impurities and exhibit higher viscosity and oxidation stability than mineral base oils, thus, improving vehicle performance. The sound produced by an engine and moving parts of a vehicle are the key challenges faced by automotive designers and engineers today. Synthetic lubricants are therefore utilized to reduce and minimize the sounds, vibration, and harshness of vehicle parts and in turn, lower the surface wear and tear of automotive components.
The global synthetic lubricants market analysis defines the presence of the majority of the largest revenue generating company involved in the value chain, and this is expected to provide immense commercial opportunities worldwide. Synthetic lubricants primarily find application in the automotive industry and are bound to benefit from a rebound of the motor vehicle production. Also, expanding the availability of high-quality feedstock on account of increasing investments in the new basestock capacity in North America has grabbed the attention of OEMs towards the use of high-performance synthetic products.
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Engine oil is projected to be the fastest growing segment within the global synthetic lubricants market, growing with a volume CAGR of 4.2% during the forecast period. Rising sales of automobiles especially in emerging economies are expected to boost the global synthetic lubricants market growth in the coming years.
Asian economies have consumed lubricants in amounts that have surpassed the North American and European economies, a trend that is expected to continue at least over the next seven years. Installation of new machines and increasing sales of branded cars are some of the latest synthetic lubricants market trends prevailing in Asia Pacific countries. Asia Pacific synthetic lubricant market is growing with the fastest revenue CAGR of 5.2% from 2018 to 2025. Formation of the ASEAN Economic Community appears to act as a catalyst for Asia Pacific lubricants market since its economic outlook opens up exciting opportunities for the market growth. Proposed removal of tariffs on vehicles is expected to have an immediate and direct impact on the sales of the vehicle from international brands. Set up of manufacturing facilities in developing economies such as Malaysia, Indonesia and Thailand will boost the synthetic lubricants market demand in both the OEM and aftermarket segment.
Key segments of the global synthetic lubricants market
Type Overview, 2015-2025 (Kilo Tons, USD Million)
Application Overview, 2015-2025 (Kilo Tons, USD Million)
- Engine Oils
- Heat Transfer Fluids (HTF)
- Transmission Fluids
- Metalworking Fluids
Regional Overview, 2015-2025 (Kilo Tons, USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Rest of MEA
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