Synthetic lubricants, the future of motor oils. the

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Chicago, March 23, 2022 (GLOBE NEWSWIRE) — The global synthetic lubricants market is expected to grow at a CAGR of over 3% during the period 2021-2027. Rising demand for fuel-efficient vehicles and high-performance machinery is driving the growth of the market. We change from a conventional lubricant to a synthetic lubricant because of longer life and greater thermal stability.

Synthetic lubricants are the highest performing engine oils on the market. Synthetic lubricants have a higher percentage of highly refined base oils than conventional mineral oils, which provides better engine protection, better performance and also reduces sludge development.

Scope of the Synthetic Lubricants Market Report

REPORT ATTRIBUTES DETAILS
MARKET SIZE (REVENUES) $16 billion (2027)
MARKET SIZE (VOLUME) 7 million tons (2027)
CAGR More than 3% (2022-2027)
YEAR OF REFERENCE 2021
FORECAST YEAR 2022-2027
LARGEST MARKET APAC
GEOGRAPHICAL ANALYSIS North America, Europe, APAC, Latin America, Middle East and Africa
COUNTRIES COVERED United States, Canada, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa, China, India, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Italy and Spain

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Recent Developments

  • The FUCHS group had signed an agreement to acquire the lubricants activity of Gleitmo Technik AB, and should integrate it into its subsidiary FUCHS LUBRICANTS SWEDEN AB.
  • Sinopec entered the South African market by acquiring a majority stake in Chevron’s lubricants plant.
  • Shell Indonesia has announced an investment to double the production capacity of its Lube Oil Blending Plant (LOBP) located in Jakarta, Indonesia. Once completed, the plant would produce up to 300 million liters of finished lubricants per year.

APAC dominator synthetic lubricants market

APAC accounted for 45% market share in 2021. The region’s growth is associated with the growing demand for high-performance automotive and industrial machinery and equipment. The APAC region includes emerging and developed economies such as Japan, China, India, South Korea and Australia. These countries have a huge demand for automotive, agricultural and construction vehicles. The APAC region will create lucrative growth opportunities for suppliers due to the growth of new industrial developments such as advanced manufacturing, smart city development, and smart construction.

Key offers:

  • Market Size and Forecast by Revenue | 2021−2027
  • Market Dynamics – Key Trends, Growth Drivers, Restraints and Investment Opportunities
  • Market Segmentation – A detailed analysis by application, end-user, type and geography
  • Competitive Landscape – 5 key vendors and 18 other significant vendors are profiled in the report

Insights offered in the report:

  1. Motor oil is the largest segment and accounted for a market share of 29.38% in 2021. Higher viscosity indices have improved thermal and oxidative stability and reduced volatility are the characteristics driving the demand for synthetic base oils in engine oil lubrication.
  2. Synthetic automotive and transportation lubricants accounted for 32.20% market share in 2021. The automotive and transportation segment is expected to register a CAGR of 3.76% during the forecast period. Factors driving the demand for synthetic lubricants are prevention of wear, reduction of friction, good heat dissipation, prevention of oxidation and corrosion, reduction of component stress and maintenance of proper engine operation.
  3. Poly alpha olefin is the most popular synthetic base oil. It eliminates many of the disadvantages of mineral oil-based lubricants. PAO-based lubricants do not require viscosity modifiers, have higher flash points and lower volatility, lower pour points and high temperature operability.
  4. Shell (US), ExxonMobil (US), British Petroleum (UK), Chevron (US) and Sinopec (China) are some of the major players in the synthetic lubricants market. The market is largely commoditized, with price serving as an important differentiator. Manufacturers are constantly involved in the development of new and sustainable products according to customer requirements and environmental protection.

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Synthetic lubricants market Overview of the competition

The competition among players in the synthetic lubricants market is intense. The rapidly changing technological environment could adversely affect suppliers as customers expect continuous innovations and upgrades in lubrication formulation. The current scenario forces vendors to modify and refine their unique value proposition to achieve a strong market presence. Additionally, suppliers can increase their profitability by practicing efficient production techniques that minimize product costs and mitigate associated risks.

Partnerships and acquisitions can also increase product offerings and access new geographic markets. Manufacturers can also improve quality by using gas-to-liquid (GTL) conversion plants, which generate high-purity proprietary GTL base oils.

Main suppliers

  • Royal Dutch Shell
  • ExxonMobil
  • British Petroleum
  • Chevron
  • Sinopec

Other Important Suppliers

  • Total energies
  • Fuchs
  • Idemitsu Kosan
  • Lukoil
  • Petronas
  • Indian oil
  • Dow
  • Morris Lubricants
  • sasol
  • Valvoline
  • penite oil
  • Bharat Oil
  • LiquiMoly
  • Peak Lubricants
  • Amalie oil
  • Eni
  • Addinol
  • Engen Petroleum
  • Croda International
  • Petro-Canada Lubricants

Explore our chemicals and materials profile to learn more about the industry.

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