Lubricant is a materialis widely used for controlling or reducing the friction between the surfaces of the engine component or the machinery. The synthetic type of lubricants are the lubricants consists of the formulated from the synthetic base oil that substitutes the mineral oil from the crude oil such as esters, Poly Alpha Olephine (PAO), and many others. The synthetic type of lubricants also have significant additional properties over mineral lubricants and the better hardware compatibility related to the automotive components that fuelled by market growth. These lubricants are further less expensive than the bio-based and other mineral lubricants it is one of the key factors driving the overall market growth.
According to the study, “Synthetic Lubricants Market by Base Oil (PAO, PAG, and Esters), Product (Engine Oil, Hydraulic Fluid, Metalworking Fluids, Compressor Oil, Gear Oil, Transmission Fluid, Turbine Oil, and Others), and End User (Automotive, Industrial, and Others) Global Opportunity Analysis and Industry Forecast, 2019-2026” Some of the key players Petroliam Nasional Berhad, Lukoil, and Indian Oil Corporation Ltd. Penrite Oil, Liqui Moly GmbH, Rock Valley Oil and Chemical Co, and Peak Lubricants Pty Ltd., Croda International PLC, Dutch Shell PLC, ExxonMobil Corporation, British Petroleum PLC, Chevron Corporation, Total SA, Idemitsu Kosan Co. Ltd., Sinopec Limited, and others.
The synthetic lubricants market is segmented is based on base oil, product, end user, and region. Depending on the base oil, the global market is further categorized into differential esters, Polyalkylene Glycol (PAG), and polyalphaolefins (PAO). Based on product type, market is segmented into engine oil, hydraulic fluid, metalworking fluids, compressor oil, gear oil, transmission fluid, turbine oil, and others. Based on end user, global market is segmented into automotive, industrial, and other segments. Based on the geography market is segmented across North America, Europe, Asia-Pacific, and Latin America and Middle East Africa.
The decrease of viscosity in the synthetic lubricants further reduces the engine friction, this in turn, enhances the fuel efficiency. Thus, growing demand for the vehicles with the improved fuel economy is further expected to drive the overall market. The manufacturers are also expected to develop new products and the technologies that are able to support different equipment with extreme temperatures and pressure variations. However, preference for the cheaper substitute mineral oils owing to high cost of synthetic oils may further hamper the overall market growth.
Based on geography the Asia-Pacific region have acquired significant market share in terms of value. This is due to large scale automotive production that has resulted highest in demand of synthetic oil demand across the region. China, India, and Japan are the major contributors in the market owing to significant automotive sales. Moreover the market in Asia Pacific region is significantly capital intensive and further dependent on the publicity and the product innovations. The overall market is dominated by oil companies that are producing synthetic lubes with distributing them over an extensive network. The refinery based businesses in the Asia Pacific region is specifically based in India, China, and Singapore, have further capitalized on the low crude oil prices that have further supported the market growth.
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Ankur Gupta, Head Marketing & Communications