Synthetic Lubricants Market

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Synthetic Lubricants Market by Type (PAO, PAG, Esters, Group III), Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil), Region - Global Forecast to 2023

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Report Code: CH 3985 Mar, 2019, by marketsandmarkets.com

[139 Pages Report] The synthetic lubricants market size is estimated to be USD 32.2 billion in 2018 and is projected reach USD 37.3 billion by 2023, at a CAGR of 3.0%, between 2018 and 2023. The growing automotive industry and industrialization across the globe are driving the global synthetic lubricants market. Enforcement of environmental regulations on the automotive sector to reduce carbon emission is expected to boost the sale of synthetic lubricants and create various opportunities for synthetic lubricant manufacturers. The consumption of synthetic lubricants is increasing due to their properties, such as water solubility, high viscosity indexes, and bio-degradability. High cost is a major restraint observed in the synthetic lubricants market.

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Client�s Problem Statement

The client wanted to assess the synthetic lubricants market to expand its manufacturing, sales, and distribution capabilities worldwide

MnM Approach

The key objective of the study was to assess the global and regional markets for different types such as engine oils, hydraulic fluids, metalworking fluids, compressor oils, gear oils, refrigeration oils, transmission fluids, and turbine oils. 1. The study helped the client understand the consumption of synthetic lubricant products in each country. 2. The information provided by MnM helped the company tap emerging economies and sectors and the projected overall opportunity of USD 37 billion by 2023.

Revenue Impact (RI)

Our analysis is expected to impact the client's revenue with an additional USD 80 million during the next five years from the synthetic lubricants business.

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PAO is projected to be the largest type of the synthetic lubricants market during the forecast period.

Polyalphaolefin (PAO) is projected to dominate the synthetic lubricants market during the forecast period. PAO, often called synthetic hydrocarbons, is the most common type of synthetic base oil. They are high-performance synthetic lubricants manufactured through the catalytic oligomerization of alphaolefin. PAO is the most commonly used synthetic lubricants across a wide range of applications, and in high volume. They exhibit certain inherent physical and chemical properties such as lower volatility, higher viscosity index, lower pour point, and better oxidative/thermal stability. They are mainly used as high-performance functional base fluids in engine oils, hydraulic oils, transmission oils, and compressor oils. The wide operational temperature range and oxidative stability are driving the market for the PAO segment in a wide range of applications.

The engine oil segment to be the largest application during the forecast period.

Based on application, the synthetic lubricants market has been segmented into engine oil, hydraulic fluids, metalworking fluids, compressor oil, gear oil, refrigeration oil, transmission fluids, and turbine oil. The demand for engine oil is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. This dominance is also attributed to the rapid growth of the automotive industry, especially in the APAC region. Engine oil is mainly used in automobiles to reduce metal-to-metal contact and minimize overall friction and reduce damage.

Europe to account for the largest share of the global synthetic lubricants market during the forecast period.

Europe is projected to be the largest synthetic lubricants market during the forecast period. Increasing investment in blending plants for synthetic lubricants in Russia and the Netherlands, among other countries, is driving the market in Europe. In addition, stringent regulations on CO2 emissions from vehicles have increased the demand for fuel-efficient lubricants, thereby, driving the synthetic lubricants market in the transportation sector. Several national ecolabels/schemes and one international standard have been developed in the recent years, setting requirements for the ecological and technical characteristics of lubricants. The adoption of these standards has increased the demand for synthetic lubricants in various industrial and automotive applications.

Market Dynamics

Growing automotive industry and vehicle parc

Over the years, the automotive industry has witnessed significant growth in vehicle production and sales. As per the OICA, global vehicle production in 2017 was approximately 97 million units. Currently, the automotive industry is witnessing a period of substantial growth in APAC and North America, among other regions, and the annual sales of vehicles have increased, significantly. Technological advancements have fueled the growth of the automotive industry in APAC and North America. Brazil (one of the world�s five biggest automotive markets) is a major base of operations for Fiat Chrysler Automobiles N.V., Volkswagen, General Motors, and Ford. In 2017, the overall automotive sales climbed by 9.2%. Increasing population in countries such as Brazil and Russia will also result in further growth of the automotive industry in the near future. The increasing vehicle production is considered to be a positive factor responsible for the growth of the synthetic lubricants market.

In addition, the increasing sales of passenger and commercial vehicles, especially in emerging economies, such as APAC, Africa, and South America, is driving the global automotive industry. Factors such as the improved road infrastructure, increasing average age of vehicles, reduced scrappage rate, and increasing vehicle sales are contributing to the increasing vehicle parc (vehicles-in-use). The increasing number of vehicles on the road has a major impact on the demand for synthetic lubricants. According to the Bureau of Transportation Statistics, the average age of a passenger car and a light truck has increased from 9.1 years and 8.4 years, respectively, in 2000, to 11.6 years in 2017. Besides the increasing vehicle parc, the rising demand for fuel efficiency has led to the increased use of high-quality oil and lubricants, which in turn, has positively impacted the synthetic lubricants market.

Increasing industrialization in emerging economies

The massive industrial growth in APAC has been fueling the growth of the synthetic lubricants market since the past few years, and this is expected to continue so during the next five years. Domestic and foreign investments in key sectors such as energy, manufacturing, construction, and mining have been consistently growing over the past decade. China, the home to almost 20% of the global population, has registered the second-highest growth in the synthetic lubricants market. The GDP growth of China increased by 6.9% in 2017, which entail increased industrial growth and sales of synthetic lubricants in the country. Over the past decade, India has been witnessing a moderate GDP growth. The country has attracted several investments in key industrial sectors such as construction, cement, steel, and energy. The economic outlook of India has been very optimistic. The manufacturing sector in India is growing with the government encouraging this sector by liberalizing policies and providing additional incentives such as land at cheap rates and faster clearances from all the concerned departments. This is expected to drive the sales of synthetic lubricants in the country during the forecast period.

Rise in demand for alternative fuel

Climate change is a major concern associated with the use of petroleum-based products. The use of alternative fuel in vehicles results in lower CO2 emissions. On comparison with a gasoline vehicle, the emissions from a compressed natural gas (CNG) vehicle are lower by about 60-90%, whereas a liquefied petroleum gas (LPG) vehicle reduces about 30-90% of carbon monoxide (Alternative Fuels Data Center). Owing to the concerns regarding petroleum consumption, climate change, and mobile source emissions, the Energy Policy Act (EPACT) in the US was converted into law in 1992. The governments in the US and the European countries such as Germany, France, Norway, Sweden, Austria, and Switzerland, are trying to reduce the dependence on petroleum-based products. Such factors may significantly hamper the consumption of synthetic lubricants in engine oil.

Stringent environmental regulations

Governments all over the world are emphasizing on the need for more stringent environmental regulations. The US EPA has regularly modified and enforced several norms for reducing vehicular emissions and improving the quality and efficiency of the fuels used. The EU (European Union) has imposed stringent rules that are to be followed by manufacturers of passenger vehicles and light-duty vehicles, under the EU light-duty vehicle CO2 regulation, by 2020. As per the EU regulation, the target is to reduce CO2 emissions by 3.1% annually between 2017 and 2020. There is a mandatory CO2 emission standard for new passenger cars and light commercial vehicles, whereas a regulation on heavy-duty vehicle CO2 standards is expected to be proposed in the near future. The increasingly stringent regulations vehicular emissions are likely to increase the consumption of synthetic lubricants. The use of more efficient and effective synthetic lubricants can significantly reduce carbon emission from vehicles. OEMs recommend the use of high-performance lubricants to increase fuel efficiency and reduce emission.

Advancements in synthetic lubricants technologies

Major players in the market have access to new technologies, capital, and human expertise. With increasing investment in R&D, they are likely to come up with environmentally-friendly, efficient, and effective synthetic lubricants at very competitive prices. This would enhance their product portfolio, brand image, and reliability. This is likely to increase the penetration of synthetic lubricants in the overall lubricants.

High cost of synthetic lubricants

The high price of synthetic lubricants is impacting the market growth. The price of synthetic lubricants can go up to 2-5 times higher than that of mineral oil lubricants. The price of silicone-based synthetic lubricant can go as high as 20 times the price of mineral oil lubricants. Price plays a key role in the choosing of the type of lubricants in major developing markets such as China, India, Africa, and Brazil. Reducing the cost of synthetic lubricants, especially in price-sensitive markets, is a major challenge for the market players.

Scope of the Study

By type
- Polyalphaolefin (PAo)
- Esters
- Polyalkylene glycol (PAG)
- Group III (Hydrocracking)
By Product Type
- Engine oil
- Hydraulic fluids
- Metalworking fluids
- Compressor oil
- Gear oil
- Refrigeration oil
- Transmission fluids
- Turbine oil
By End-Use Industry
- Construction
- Mining
- Metal Production
- Cement Production
- Power Generation
- Automotive Manufacturing
- Chemical
- Marine (Deck Manufacturing)
- Oil & Gas
- Textile
- Food Processing
- Others
By Region
- Europe
- North america
- APAC
- Middle East & Africa
- South America

Key Market Players

The key players in this market are Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum PLC ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan). These players have adopted various growth strategies to expand their presence and increase their shares in the synthetic lubricants market.

Major strategies identified in the global market include the following:

Expansions
New product launches
Agreement

Key Questions addressed by the report

Who are the major market players in the synthetic lubricants market?
What are the regional growth trends and the largest revenue-generating regions for the synthetic lubricants market?
Which are the significant regions for different industries that are projected to witness remarkable growth for the synthetic lubricants market?
What are the major types of synthetic lubricants that are projected to gain maximum market revenue and share during the forecast period?
Which is the major type of source where synthetic lubricants are used that will be accounting for the majority of the revenue over the forecast period?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Objectives of The Study
    1.2 Market Definition
    1.3 Scope of The Study
           1.3.1 Market Segmentation
           1.3.2 Regions Covered
           1.3.3 Years Considered for The Study
    1.4 Currency
    1.5 Unit Considered
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Assumptions
    2.5 Limitations

3 Executive Summary

4 Premium Insights
    4.1 Attractive Opportunities in The Synthetic Lubricants Market
    4.2 APAC Synthetic Lubricants Market, By Application and Country
    4.3 Synthetic Lubricants Market, By Region
    4.4 Synthetic Lubricants Market, By Type
    4.5 Synthetic Lubricants Market Attractiveness

5 Market Overview
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Automotive Industry and Vehicle Parc
                    5.2.1.2 Increasing Industrialization in Emerging Economies
           5.2.2 Restraints
                    5.2.2.1 Rise in Demand for Alternative Fuels
           5.2.3 Opportunities
                    5.2.3.1 Stringent Environmental Regulations
                    5.2.3.2 Advancements in Synthetic Lubricants Technologies
           5.2.4 Challenges
                    5.2.4.1 High Cost of Synthetic Lubricants
    5.3 Porter�s Five Forces Analysis
           5.3.1 Threat of Substitutes
           5.3.2 Threat of New Entrants
           5.3.3 Bargaining Power of Suppliers
           5.3.4 Bargaining Power of Buyers
           5.3.5 Intensity of Competitive Rivalry
    5.4 Regulatory Framework
           5.4.1 European Union
           5.4.2 European Lubricating Grease Institute (Elgi)
           5.4.3 Eu Legislation on Waste Oils
           5.4.4 Directive 2008/98/Ec on Waste (Waste Framework Directive)
    5.5 Macroeconomic Indicators
           5.5.1 GDP Trends and Forecast of Major Economies
           5.5.2 Trends and Forecast of Oil & Gas Industry and Its Impact on Synthetic Lubricants Market
           5.5.3 Trends and Forecast of Automotive Industry and Its Impact on Synthetic Lubricants

6 Synthetic Lubricants Market, By Type
    6.1 Introduction
    6.2 Polyalphaolefin (PAO)
           6.2.1 APAC is Projected to Drive The Market for PAO-Based Synthetic Lubricants
           6.2.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           6.2.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    6.3 Esters
           6.3.1 High Demand for Engine Oil Boosts The Growth of Ester-Based Synthetic Lubricants Market
           6.3.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           6.3.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    6.4 Polyalkylene Glycol (PAG)
           6.4.1 Increasing Demand in Metalworking Fluids to DriveThe Market for PAG Synthetic Lubricants
           6.4.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           6.4.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    6.5 Group Iii (Hydrocracking)
           6.5.1 Lower Prices has Resulted in Rising Demand for Group Iii Synthetic Lubricants
           6.5.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           6.5.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)

7 Synthetic Lubricants Market, By Product Type
    7.1 Introduction
    7.2 Engine Oil
           7.2.1 Passenger Vehicle
           7.2.2 Commercial Vehicle
           7.2.3 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.2.4 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.3 Hydraulic Fluids
           7.3.1 Growing Manufacturing Sector in Emerging Economies is Expected to Drive The Demand for Synthetic Hydraulic Fluids
           7.3.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.3.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.4 Metalworking Fluids
           7.4.1 Rise in Number of Machinery & Equipment is Expected to Drive The Market
           7.4.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.4.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.5 Compressor Oil
           7.5.1 Growth in Industrial Machinery & Equipment is Expected to Drive The Market
           7.5.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.5.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.6 Gear Oil
           7.6.1 Automotive Industry Provides Significant Growth Opportunity to The Market
           7.6.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.6.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.7 Refrigeration Oil
           7.7.1 Increasing Demand for Consumer Appliances Driving The Market
           7.7.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.7.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.8 Transmission Fluids
           7.8.1 Increasingly Stringent Environmental RegulationsTo Drive The Market
           7.8.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.8.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.9 Turbine Oil
           7.9.1 Growing Demand for Energy is One of The Major Drivers of The Market
           7.9.2 Market Estimates and Forecasts, 2016 - 2023 (Kilo Tons) (USD Million)
           7.9.3 Market Estimates and Forecasts, By Region, 2016 - 2023 (Kilo Tons) (USD Million)
    7.1 Connected/Adjacent Markets
           7.10.1 Metalworking Fluid
           7.10.2 Heat Transfer Fluid
           7.10.3 High Temperature Grease

8 Synthetic Lubricants Market, By End-Use Industry
    8.1 Introduction
    8.2 Construction
    8.3 Mining
    8.4 Metal Production
    8.5 Cement Production
    8.6 Power Generation
    8.6 Automotive Manufacturing
    8.6 Chemical
    8.6 Marine (Deck Manufacturing)
    8.6 Oil & Gas
    8.6 Textile
    8.6 Others
           8.6.1 Paper
           8.6.2 Paints & Coatings
           8.6.3 Rubber
           8.6.4 Wood
           8.6.5 Glass
           8.6.6 Mechanical Components
    8.7 Food Processing
           8.7.1 Food
                    8.7.1.1 Bakery
                    8.7.1.2 Sugar
                    8.7.1.3 Dairy
                    8.7.1.4 Meat, Poultry, and Seafood
                    8.7.1.5 Others
           8.7.2 Beverage
           8.7.3 Pharmaceuticals & Cosmetics
           8.7.4 Others

9 Synthetic Lubricants Market, By Region
    9.1 Introduction
    9.2 Europe
           9.2.1 Germany
                    9.2.1.1 Increase in Automotive Production Offers Opportunity for Growth of Synthetic Lubricants Market
           9.2.2 UK
                    9.2.2.1 Increasing Investment in Infrastructure Significantly Influence The Market
           9.2.3 France
                    9.2.3.1 Increasing Environmental Regulations Will Drive The Market in France
           9.2.4 Italy
                    9.2.4.1 Growth in The Manufacturing Industry Will Drive The Market
    9.3 North America
           9.3.1 US
                    9.3.1.1 The US is The Largest Synthetic Lubricants Market, Globally
           9.3.2 Canada
                    9.3.2.1 Canada is The Second-Largest Synthetic Lubricants Market in North America
           9.3.3 Mexico
                    9.3.3.1 Increasing Manufacturing Activities are Driving The Synthetic Lubricants Market
    9.4 APAC
           9.4.1 China
                    9.4.1.1 China is The Largest Synthetic Lubricants Market in APAC
           9.4.2 Japan
                    9.4.2.1 High Automobile Production Will Boost The Demand for Synthetic Lubricants
           9.4.3 India
                    9.4.3.1 India is The Fastest-Growing Synthetic Lubricants Market, Globally
           9.4.4 South Korea
                    9.4.4.1 Increasing Demand From Transportation Application is Driving The Synthetic Lubricants Market
    9.5 Middle East & Africa
           9.5.1 UAE
                    9.5.1.1 Oil & Gas and Automotive Industries are Expected to Significantly Impact The Synthetic Lubricants Market Growth
           9.5.2 Egypt
                    9.5.2.1 Egypt is The Fastest-Growing Synthetic Lubricants Market in The Middle East & Africa
           9.5.3 South Africa
                    9.5.3.1 Increasing Demand From Automobile Industry to Drive The Market
    9.6 South America
           9.6.1 Brazil
                    9.6.1.1 Significant Investments in Manufacturing Industry Aid The Synthetic Lubricants Market Growth

10 Competitive Landscape
     10.1 Introduction
     10.2 Competitive Leadership Mapping (Overall Market)
             10.2.1 Visionary Leaders
             10.2.2 Dynamic Differentiators
             10.2.3 Innovators
     10.3 Strength of Product Portfolio
     10.4 Business Strategy Excellence
     10.5 Competitive Leadership Mapping (Smse)
             10.5.1 Progressive Companies
             10.5.2 Responsive Companies
             10.5.3 Dynamic Companies
             10.5.4 Starting Blocks
     10.6 Strength of Product Portfolio
     10.7 Business Strategy Excellence
     10.8 Market Share Analysis
             10.8.1 Royal Dutch Shell PLC
             10.8.2 Exxonmobil Corporation
             10.8.3 BP PLC
     10.9 Competitive Situation and Trends
             10.9.1 Expansion
             10.9.2 New Product Launch
             10.9.3 Acquisition
             10.9.4 Agreement

11 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     11.1 Royal Dutch Shell PLC
     11.2 Exxonmobil Corporation
     11.3 British Petroleum (BP) PLC
     11.4 Chevron Corporation
     11.5 Total SA
     11.6 Fuchs Group
     11.7 Idemitsu Kosan Co. Ltd.
     11.8 Sinopec Limited
     11.9 Lukoil
     11.10 Petroliam Nasional Berhad (Petronas)
     11.11 Indian Oil Corporation Ltd.
     11.12 Other Key Market Players
             11.12.1 Dowdupont Inc.
             11.12.2 Croda International PLC.
             11.12.3 Sasol Limited
             11.12.4 Phillips 66
             11.12.5 Bel-Ray Company Llc.
             11.12.6 Morris Lubricants
             11.12.7 Penrite Oil
             11.12.8 Valvoline Inc.
             11.12.9 Liqui Moly GmbH
             11.12.10 Bharat Petroleum
             11.12.11 Rock Valley Oil and Chemical Co.
             11.12.12 Peak Lubricants Pty Ltd.
             11.12.13 Amalie Oil Co.
             11.12.14 Eni Spa
             11.12.15 Addinol
             11.12.16 Lubrication Technologies Inc.
             11.12.17 Engen Petroleum
             11.12.18 Petro-Canada Lubricants Inc.
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets Subscription Portal
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details

List of Tables (145 Tables)

Table 1 Annual GDP and Industrial Production Growth Rate of Key Countries in APAC and Middle East & Africa
Table 2 Trends and Forecast of GDP, 2018�2023 (USD Billion)
Table 3 Synthetic Lubricants Market Size, By Type, 2016�2023 (USD Million)
Table 4 Synthetic Lubricants Market Size, By Type, 2016�2023 (Kiloton)
Table 5 PAO Synthetic Lubricants Market Size, By Region, 2016�2023 (USD Million)
Table 6 PAO Synthetic Lubricants Market Size, By Region, 2016�2023 (Kiloton)
Table 7 Esters Synthetic Lubricants Market Size, By Region, 2016�2023 (USD Million)
Table 8 Esters Synthetic Lubricants Market Size, By Region, 2016�2023 (Kiloton)
Table 9 PAG Synthetic Lubricants Market Size, By Region, 2016�2023 (USD Million)
Table 10 PAG Synthetic Lubricants Market Size, By Region, 2016�2023 (Kiloton)
Table 11 Group Iii Synthetic Lubricants Market Size, By Region, 2016�2023 (USD Million)
Table 12 Group Iii Synthetic Lubricants Market Size, By Region,2016�2023 (Kiloton)
Table 13 Synthetic Lubricants Market Size, By Product Type, 2016�2023 (USD Million)
Table 14 Synthetic Lubricants Market Size, By Product Type, 2016�2023 (Kiloton)
Table 15 Synthetic Lubricants Market Size in Engine Oil, By Region, 2016�2023 (USD Million)
Table 16 Synthetic Lubricants Market Size in Engine Oil, By Region, 2016�2023 (Kiloton)
Table 17 Synthetic Lubricants Market Size in Hydraulic Fluids, By Region, 2016�2023 (USD Million)
Table 18 Synthetic Lubricants Market Size in Hydraulic Fluids, By Region, 2016�2023 (Kiloton)
Table 19 Synthetic Lubricants Market Size in Metalworking Fluids, By Region, 2016�2023 (USD Million)
Table 20 Synthetic Lubricants Market Size in Metalworking Fluids, By Region, 2016�2023 (Kiloton)
Table 21 Synthetic Lubricants Market Size in Compressor Oil, By Region, 2016�2023 (USD Million)
Table 22 Synthetic Lubricants Market Size in Compressor Oil, By Region, 2016�2023 (Kiloton)
Table 23 Synthetic Lubricants Market Size in Gear Oil, By Region, 2016�2023 (USD Million)
Table 24 Synthetic Lubricants Market Size in Gear Oil, By Region, 2016�2023 (Kiloton)
Table 25 Synthetic Lubricants Market Size in Refrigeration Oil, By Region, 2016�2023 (USD Million)
Table 26 Synthetic Lubricants Market Size in Refrigeration Oil, By Region, 2016�2023 (Kiloton)
Table 27 Synthetic Lubricants Market Size in Transmission Fluids, By Region, 2016�2023 (USD Million)
Table 28 Synthetic Lubricants Market Size in Transmission Fluids, By Region, 2016�2023 (Kiloton)
Table 29 Synthetic Lubricants Market Size in Turbine Oil, By Region, 2016�2023 (USD Million)
Table 30 Synthetic Lubricants Market Size in Turbine Oil, By Region, 2016�2023 (Kiloton)
Table 31 Metalworking Fluid Market Size, By Type, 2016�2023 (USD Million)
Table 32 Metalworking Fluid Market Size, By Type, 2016�2023 (Kiloton)
Table 33 Removal Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 34 Removal Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 35 Protecting Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 36 Protecting Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 37 Forming Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 38 Forming Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 39 Treating Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 40 Treating Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 41 Heat Transfer Fluid Market Size, By Type, 2016�2023 (USD Million)
Table 42 Heat Transfer Fluid Market Size, By Type, 2016�2023 (Kiloton)
Table 43 Mineral Based Heat Transfer Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 44 Mineral Based Heat Transfer Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 45 Synthetic Heat Transfer Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 46 Synthetic Heat Transfer Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 47 Glycol Based Heat Transfer Fluid Market Size, By Region, 2016�2023 (USD Million)
Table 48 Glycol Based Heat Transfer Fluid Market Size, By Region, 2016�2023 (Kiloton)
Table 49 High Temperature Grease Market Size, By Type, 2016�2023 (USD Million)
Table 50 High Temperature Grease Market Size, By Type, 2016�2023 (Kiloton)
Table 51 Soap Thickener Market Size, By Region, 2016�2023 (USD Million)
Table 52 Soap Thickener Market Size, By Region, 2016�2023 (Kiloton)
Table 53 Non-Soap Thickener Market Size, By Region, 2016�2023 (USD Million)
Table 54 Non-Soap Thickener Market Size, By Region, 2016�2023 (Kiloton)
Table 55 Synthetic Lubricants Market Size, By End-Use Industry, 2016�2023(USD Million)
Table 56 Synthetic Lubricants Market Size By End-Use Industry, 2016�2023 (Kiloton)
Table 57 Synthetic Lubricants Market Size in Construction, By Region, 2016�2023 (USD Million)
Table 58 Synthetic Lubricants Market Size in Construction, By Region, 2016�2023 (Kiloton)
Table 59 Synthetic Lubricants Market Size in Mining, By Region, 2016�2023 (USD Million)
Table 60 Synthetic Lubricants Market Size in Mining, By Region, 2016�2023 (Kiloton)
Table 61 Synthetic Lubricants Market Size in Metal Production, By Region, 2016�2023 (USD Million)
Table 62 Synthetic Lubricants Market Size in Metal Production, By Region, 2016�2023 (Kiloton)
Table 63 Synthetic Lubricants Market Size in Cement Production, By Region, 2016�2023 (USD Million)
Table 64 Synthetic Lubricants Market Size in Cement Production, By Region, 2016�2023 (Kiloton)
Table 65 Synthetic Lubricants Market Size in Power Generation, By Region, 2016�2023 (USD Million)
Table 66 Synthetic Lubricants Market Size in Power Generation, By Region, 2016�2023 (Kiloton)
Table 67 Synthetic Lubricants Market Size in Automotive Manufacturing, By Region, 2016�2023 (USD Million)
Table 68 Synthetic Lubricants Market Size in Automotive Manufacturing, By Region, 2016�2023 (Kiloton)
Table 69 Synthetic Lubricants Market Size in Chemical, By Region, 2016�2023 (USD Million)
Table 70 Synthetic Lubricants Market Size in Chemical, By Region, 2016�2023 (Kiloton)
Table 71 Synthetic Lubricants Market Size in Marine Manufacturing, By Region, 2016�2023 (USD Million)
Table 72 Synthetic Lubricants Market Size in Marine Manufacturing, By Region, 2016�2023 (Kiloton)
Table 73 Synthetic Lubricants Market Size in Oil & Gas, By Region, 2016�2023 (USD Million)
Table 74 Synthetic Lubricants Market Size in Oil & Gas, By Region, 2016�2023 (Kiloton)
Table 75 Synthetic Lubricants Market Size in Textile, By Region, 2016�2023 (USD Million)
Table 76 Synthetic Lubricants Market Size in Textile, By Region, 2016�2023 (Kiloton)
Table 77 Synthetic Lubricants Market Size in Food Processing, By Region, 2016�2023 (USD Million)
Table 78 Synthetic Lubricants Market Size in Food Processing, By Region, 2016�2023 (Kiloton)
Table 79 Synthetic Lubricants Market Size in Other End-Use Industry, By Region, 2016�2023 (USD Million)
Table 80 Synthetic Lubricants Market Size in Other End-Use Industry, By Region, 2016�2023 (Kiloton)
Table 81 Synthetic Lubricants Market Size, By Region, 2016�2023 (USD Million)
Table 82 Synthetic Lubricants Market Size, By Region, 2016�2023 (Kiloton)
Table 83 Europe: Synthetic Lubricants Market Size, By Country, 2016�2023 (USD Million)
Table 84 Europe: Synthetic Lubricants Market Size, By Country, 2016�2023 (Kiloton)
Table 85 Europe: Synthetic Lubricants Market Size, By Type, 2016�2023 (USD Million)
Table 86 Europe: Synthetic Lubricants Market Size, By Type, 2016�2023 (Kiloton)
Table 87 Europe: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 88 Europe: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 89 Germany: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 90 Germany: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 91 UK: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 92 UK: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 93 France: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 94 France: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 95 Italy: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 96 Italy: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 97 North America: Synthetic Lubricants Market Size, By Country, 2016�2023 (USD Million)
Table 98 North America: Synthetic Lubricants Market Size, By Country, 2016�2023 (Kiloton)
Table 99 North America: Synthetic Lubricants Market Size, By Type, 2016�2023 (USD Million)
Table 100 North America: Synthetic Lubricants Market Size, By Type, 2016�2023 (Kiloton)
Table 101 North America: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 102 North America: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 103 US: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 104 US: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 105 Canada: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 106 Canada: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 107 Mexico: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 108 Mexico: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 109 APAC: Synthetic Lubricants Market Size, By Country, 2016�2023 (USD Million)
Table 110 APAC: Synthetic Lubricants Market Size, By Country, 2016�2023 (Kiloton)
Table 110 APAC: Synthetic Lubricants Market Size, By Type, 2016�2023 (USD Million)
Table 111 APAC: Synthetic Lubricants Market Size, By Type, 2016�2023 (Kiloton)
Table 112 APAC: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 113 APAC: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 114 China: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 115 China: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 116 Japan: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 117 Japan: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 118 India: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 119 India: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 120 South Korea: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 121 South Korea: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 122 Middle East & Africa: Synthetic Lubricants Market Size, By Country, 2016�2023 (USD Million)
Table 123 Middle East & Africa: Synthetic Lubricants Market Size, By Country, 2016�2023 (Kiloton)
Table 124 Middle East & Africa: Synthetic Lubricants Market Size, By Type, 2016�2023 (USD Million)
Table 125 Middle East & Africa: Synthetic Lubricants Market Size, By Type, 2016�2023 (Kiloton)
Table 126 Middle East & Africa: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 127 Middle East & Africa: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 128 UAE: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 129 UAE: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 130 Egypt: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 131 Egypt: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 132 South Africa: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 133 South Africa: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 134 South America: Synthetic Lubricants Market Size, By Country, 2016�2023 (USD Million)
Table 135 South America: Synthetic Lubricants Market Size, By Country, 2016�2023 (Kiloton)
Table 136 South America: Synthetic Lubricants Market Size, By Type, 2016�2023 (USD Million)
Table 137 South America: Synthetic Lubricants Market Size, By Type, 2016�2023 (Kiloton)
Table 138 South America: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 139 South America: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 140 Brazil: Synthetic Lubricants Market Size, By Application, 2016�2023 (USD Million)
Table 141 Brazil: Synthetic Lubricants Market Size, By Application, 2016�2023 (Kiloton)
Table 142 Expansion, 2016�2018
Table 143 New Product Launch, 2016�2018
Table 144 Acquisition, 2016�2018
Table 145 Agreement, 2016�2018

List of Figures (45 Figures)

Figure 1 Synthetic Lubricants Market: Research Design
Figure 2 Synthetic Lubricants Market: Bottom-Up Approach
Figure 3 Synthetic Lubricants Market: Top-Down Approach
Figure 4 Synthetic Lubricants Market: Data Triangulation
Figure 5 PAO Segment Held The Largest Share in Synthetic Lubricants Market in 2017
Figure 6 Compressor Oil to Be The Fastest-Growing Segment in Overall Synthetic Lubricants Market
Figure 7 India to Be The Fastest-Growing Synthetic Lubricants Market
Figure 8 Europe Accounted for Largest Share of The Synthetic Lubricants Market in 2017
Figure 9 Stringent Environmental Regulations to Drive The Market
Figure 10 China Led The APAC Synthetic Lubricants Market in 2017
Figure 11 Europe Accounted for The Largest Market Share in 2017
Figure 12 PAO Segment Accounted for Largest Share in Overall Synthetic Lubricants Market
Figure 13 India to Be The Fastest-Growing Market Between 2018 and 2023
Figure 14 Overview of Factors Governing The Synthetic Lubricants Market
Figure 15 Synthetic Lubricants Market: Porter�s Five Forces Analysis
Figure 16 Global Oil Production, 2012�2017
Figure 17 Global Oil Consumption, 2012�2017
Figure 18 Global Motor Vehicle Sales in 2017
Figure 19 Automotive (Passenger Car) Sales Outlook in 2017
Figure 20 Esters Segment to Register Highest CAGR in Overall Synthetic Lubricants Market
Figure 21 Synthetic Lubricants Market to Register Highest CAGRIn Compressor Oil Application
Figure 22 APAC to Be The Fastest-Growing Synthetic Lubricants Market
Figure 23 Europe: Synthetic Lubricants Market Snapshot
Figure 24 North America: Synthetic Lubricants Market Snapshot
Figure 25 APAC: Synthetic Lubricants Market Snapshot
Figure 26 Synthetic Lubricants Market (Global), Competitive Leadership Mapping, 2017
Figure 27 Synthetic Lubricants Market (Smse), Competitive Leadership Mapping, 2017
Figure 28 Agreement Was The Key Growth Strategy Adopted By Market Players Between 2016 and 2018
Figure 29 Synthetic Lubricants Market Share, By Company (2017)
Figure 30 Royal Dutch Shell PLC: Company Snapshot
Figure 31 Royal Dutch Shell PLC: SWOT Analysis
Figure 32 Exxonmobil Corporation: Company Snapshot
Figure 33 Exxonmobil Corporation: SWOT Analysis
Figure 34 BP PLC: Company Snapshot
Figure 35 BP PLC: SWOT Analysis
Figure 36 Chevron Corporation: Company Snapshot
Figure 37 Chevron Corporation: SWOT Analysis
Figure 38 Total SA: Company Snapshot
Figure 39 Total SA: SWOT Analysis
Figure 40 Fuchs Group: Company Snapshot
Figure 41 Idemitsu Kosan Co. Ltd.: Company Snapshot
Figure 42 Sinopec Limited: Company Snapshot
Figure 43 Lukoil: Company Snapshot
Figure 44 Petronas: Company Snapshot
Figure 45 Indian Oil Corporation Ltd.: Company Snapshot

The study involves four major activities in estimating the market size of synthetic lubricants. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of each segment.

Secondary Research

Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites, such as Factiva, ICIS, and Bloomberg. Findings of this study were verified through primary research by conducting extensive interviews with key officials, such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:

Primary Research

The synthetic lubricants market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the transportation and manufacturing industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the synthetic lubricants market. These methods were also used extensively to estimate the sizes of the various segments in the market. The research methodology used to estimate the market size included the following steps:

The key players in the industry were identified through extensive secondary research.

The industry�s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size, the total market was split into several segments. In order to complete the overall market engineering process and arrive at the exact statistics for all the segments, the data triangulation procedure was employed, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides.

Report Objectives

To define, describe, and forecast the market size of synthetic lubricants, in terms of value and volume
To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
To estimate and forecast the market size by type and application
To forecast the size of the market with respect to five main regions (along with key countries of each region), namely, North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa
To strategically analyze micromarkets with respect to individual growth trends, growth prospects, and their contribution to the overall market
To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market leaders
To track and analyze recent developments, such as new product launch, agreement, investment, expansion, and acquisition in the market
To strategically profile the key market players and comprehensively analyze their core competencies

Available Customizations

MarketsandMarkets offers customizations according to the specific needs of the companies along with the given market data. The following customization options are available for the report:

Regional Analysis

Further breakdown of a region with respect to a particular country or an additional end-use industry