Synthetic lubricants can be defined as specialty lubrication chemicals that provide a large number of benefits and advantages when used for automotive applications. Some of the key advantages of synthetic lubricants are low friction and excellent thermal stability. Rising awareness among consumers pertaining to the benefits and advantages of the synthetic lubricants as opposed to its mineral counterparts is one of the key factors expected to boost the demand for synthetic lubricants thus fueling the growth of the global synthetic lubricants market over the forecast period. One of the major applications of synthetic lubricants is their usage as a heat transfer fluid especially in heat exchangers and other related heavy machinery. Increasing industrial sector in the developing regions like Asia Pacific and LAMEA countries is projected to propel the demand for synthetic lubricants over the forecast period. Lubricants are those substances which are utilized to attain reduction in the overall friction between the two sliding or moving parts or surfaces. The key objective of a lubricant is to sustain the two sliding or moving surfaces aside to decrease the relative friction and thus reduce the continuous destruction of the parts of the machinery. The process of reducing the relative friction across the two sliding or moving surfaces by the introduction of lubricants is commonly known as lubrication. Lubricants are categorized into three major product segments including bio based lubricants, synthetic lubricants and mineral based lubricants.
The increasingly and expanding automotive industry coupled with growing popularity of synthetic lubricants especially in automobile applications is projected to boost the growth of the global synthetic lubricants market especially in developing countries such as Brazil, China and India among others. Furthermore, growing research and developments coupled with increasing investments by various key players in the global synthetic lubricants market for the development and the introduction of enhanced grades is projected to propel the demand for synthetic lubricants over the analysis period. Key drivers of the global synthetic lubricant market include developing economies and increasing populations as well as rising consumer awareness. However, high initial and operational costs essential in the manufacturing of synthetic lubricants as well as problems related to potential decomposition of synthetic lubricants in various chemical environments is expected to hamper the growth of the global synthetic lubricants market.
The global synthetic lubricants market can be segmented on the basis of type, application and region. On the basis of type, the global synthetic lubricants market can be segmented into esters, PAO, group 3 (hydro cracking) and PAG. On the basis of application, the global synthetic lubricants market can be segmented into metalworking fluids, engine oil and industrial. On the basis of region, the global synthetic lubricants market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The demand in Asia-Pacific is analyzed to be the major driving factor for the growth of the global synthetic lubricants market. China is anticipated to account for the largest share and lead the overall demand for amines owing to increasing industrial production over the last few years. The markets in other developing countries such as Brazil, Russia, Poland, Indonesia, New Zealand, Argentina and India among others are also anticipated to grow rapidly throughout the forecast period.
Major players operating in the global synthetic lubricants market are focusing on some key market strategies such as mergers and acquisitions to keep hold in the ever competitive market. Moreover, they are concentrating on collaborating with local players to increase their market reach as well as strengthen their goodwill in the global market. Some of the key players involved in the manufacture and supply of synthetic lubricants products include Aerospace Lubricants Inc, Exxon Mobil Corporation Ltd, Petronas Lubricants International, Castrol India Ltd, Pennzoil Lubricants, The Dow Chemical Company, Lubrizol Corporation, Motul Lubricants, Total Lubricants Ltd and Royal Dutch Shell Plc among others.
The global synthetic lubricants market can be segmented
• Group 3 (hydro cracking)
• Metalworking fluids
• Engine oil
• North America
• Latin America
• Middle East & Africa
• Asia Pacific