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3. Shell plc (UK) and Exxon Mobil Corporation (US) are Leading Players in the Synthetic Lubricants Market

In terms of value, the synthetic lubricants market is estimated to grow from USD 41.2 billion in 2023 to USD 48.0 billion by 2028, at a CAGR of 3.1%. Rising demand of synthetic lubricants from industries such as automotive, aerospace, marine, construction, power generation and others for variety of applications is leading the market. During the forecast period, this is anticipated to expand the synthetic lubricants market even more.

The synthetic lubricants market is growing, with major players playing a vital role in developing new and advanced products. Shell plc, BP p.l.c., Exxon Mobil Corporation, TotalEnergies SE, FUCHS, Chevron Corporation, Idemitsu Kosan Co., Ltd., China Petroleum & Chemical Corporation, LUKOIL, and Petroliam Nasional Berhad (PETRONAS) are key players in the synthetic lubricants market. These players have adopted various growth strategies to strengthen their position in the market. These include new product launches, mergers and acquisitions, contracts, partnerships, and product development activities to further expand their presence in the synthetic lubricants market.

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SHELL PLC

Shell plc, commonly known as Shell, is a global group of energy and petrochemical companies. Shell plc is a leading global energy company with a diversified portfolio of businesses spanning the entire energy value chain, from exploration and production to refining, marketing, and new energy solutions. Shell operates in over 70 countries and territories worldwide, with a significant presence in regions such as Europe, North America, Asia-Pacific, Africa, and the Middle East. The company has a network of refineries, production facilities, distribution terminals, and retail outlets across the globe. Shell is one of the most recognized and trusted brands in the energy industry, and its presence in retail fuel stations, lubricant products, and petrochemicals.

Shell is known for its commitment to innovation and technology in the energy sector. The company invests heavily in research and development to develop new technologies and solutions to address energy challenges, improve operational efficiency, and reduce environmental impact. In January 2024, Shell plc completed the acquisition of MIDEL and MIVOLT, from Manchester-based M&I Materials Ltd. The acquisition of MIDEL enables Shell to complement its differentiated position in Transformer Oils used for power distribution, offshore wind parks, utility companies, and traction power systems.

EXXON MOBIL CORPORATION

Exxon Mobil Corporation is one of the largest publicly traded multinational oil and gas companies in the world. Exxon Mobil Corporation is a major player in the global energy industry, with a diversified portfolio of businesses spanning upstream exploration and production, downstream refining and marketing, and chemical manufacturing. Exxon Mobil has operations in more than 70 countries worldwide, with significant exploration and production activities in regions such as North America, South America, Europe, Africa, Asia Pacific, and the Middle East. The company operates a network of refineries, production facilities, distribution terminals, and retail outlets across the globe. In May 2020, Exxon Mobil introduced next-generation multi-fuel marine cylinder oil which is suitable for safe and reliable use with all low-sulfur fuel types, including LNG.

Related Reports:

Synthetic Lubricants Market by Type (Polyalphaolefins (PAOs), Esters, Poly Alkyne Glycols (PAGs), Group III), Product Type (Engine Oils, Hydraulic Fluids, Metalworking Fluids, Compressor Oils, Turbine Oils), & Region - Global Forecast to 2028

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