Synthetic Lubricants Market Trends and Global Outlook, 2016-2024
Global Synthetic Lubricants Market: Overview
Basically, lubricants are substances that are used to reduce the friction amid two sliding or two moving surfaces. The primary objective of the lubricant is to keep aside the two sliding or moving surfaces so as to decrease the destruction of the materials that will happen owing to the friction. Synthetic lubricants compose of thickeners, synthetic base oil, and additives. They provide more advantages when compared to the conventional lubricants that are mineral based. The synthetic lubricants are used in metal stamping and are eco-friendly in nature.
Global Synthetic Lubricants Market: Segmentation
The synthetic lubricants market is segmented globally into its type, application, and regions. On the basis of type, the synthetic lubricants market is categorized into PAO, Group III (Hydro Cracking), esters, and PAG. Based on the application, the global market is segregated into engine oil, industrial, and metalworking fluids. Region-wise, the global synthetic lubricants market is diversified into North America, Europe, Asia-Pacific, and Rest of the World.
Global Synthetic Lubricants Market: Growth Factors
The global synthetic lubricants market will grow tremendously, in the coming years, owing to the increase in the demand for synthetic lubricants from the industrial and automotive sectors. The benefits of synthetic lubricants include excellent thermal stability, good load carrying capacity, wear & tear protection, and low friction which are not present in the conventional lubricants, thus driving the demand of the market. New researchers and technologies such as ester-based oils that are fire resistant are used on a large scale in various industries. A number of large-scale OEMs have implemented NSF standard so that PAO food products are utilized in the beverage, food, and nutrition sectors. This, in turn, will open new opportunities for the synthetic lubricant industry. The key factor that hampers the market growth is the high cost of the synthetic fibers as compared to the other mineral counterparts. The other factor that will restrain the market growth is the incompatibility of the PAOs and PAG based oils.
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Global Synthetic Lubricants Market: Regional Analysis
The region that contributed the major market share in the synthetic lubricants market is the North America. The factor that attributes to this growth is the presence of chief aerospace and automotive companies such as Chrysler, Boeing, Bombardier, and Ford. The other factor that attributes the market growth is the rising importance of the lubrication cost as compared to the expenditure of the maintenance in the manufacturing sector. The Asia-Pacific region is the fastest-growing region in terms of volume. The growing industry of automobile in the emerging economies such as India, Malaysia, China, and Indonesia is contributing to the market growth.
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Global Synthetic Lubricants Market: Competitive Players
The key market players in the synthetic lubricants market include Royal Dutch Shell Plc, Castrol, Fuchs Petrolub SE, Lubrizol Corporation, Idemitsu Kosan Co. Ltd., The Dow Chemical Company, ExxonMobil Corporation, BP, Chevron Corporation Total S.A, Pennzoil, and Petroleum Nasional Berhad.
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