The synthetic lubricants market size is estimated to be USD 32.2 billion in 2018 and is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%, between 2018 and 2023. The industrial growth in growing regions, such as APAC and the Middle East & Africa, coupled with increasing automation in various sectors, (including automotive and manufacturing), is expected to drive the demand for synthetic lubricants during the forecast period. However, technological advancements and oil rejuvenation act as restraining factors of growth in the synthetic lubricants market.
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, such as expansions, acquisitions, new product launches, and agreements to expand their presence and increase their shares in the Synthetic Lubricants Market. Agreements, expansions, and new product launches have been the most adopted strategies by major players from 2016 to 2018, which has helped them to expand their regional presence and strengthen their product offerings.
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Royal Dutch Shell PLC (The Netherlands) is one of the largest manufacturers of lubricants. The company offers a wide range of products that include automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, and special application lubricants. It is the leading player in the synthetic lubricants market. The company is focusing on agreements and expansions as the key strategies to strengthen its position in the market. For instance, in September 2018, the company renewed its agreement with BMW AG (Germany) to supply aftermarket synthetic engine oils in Europe and the Middle East & Africa till 2022. This agreement will strengthen the companys presence in Europe.
ExxonMobil Corporation is one of the largest market players and the second-largest publicly traded company, in terms of market capitalization. The company markets its products globally under the brands—Exxon, Mobil, and Esso. It focuses on new product launch as the key strategy. In December 2018, the company launched Mobil 1 Truck & SUV synthetic motor oil for gasoline-fueled, light-duty trucks, and SUVs. This product maximizes engine efficiency and provides excellent protection.
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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