The global synthetic lubricants market reached a value of US$ 13.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 17.9 Billion by 2027, exhibiting a CAGR of 4.64% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A synthetic lubricant is a chemical substance used for reducing or controlling the friction between two industrial surfaces. It is formulated using artificial base oils and chemically modified materials, such as polyalthaolefin (PAO), esters and polyalkylene glycols (PAGs), and exhibits similar properties to that of petroleum-based products. Some of the commonly available synthetic lubricants include engine, hydraulic, metalworking, compressor, gear, refrigeration, turbine and transmission oils. The lubricant absorbs the heat emitting from the mechanical components and lowers the temperature of the moving parts, thereby enhancing the overall operational life of the equipment. Synthetic lubricants exhibit various advantageous properties, such as minimal energy consumption, high thermal and oxidative stability, volatility and flash points. As a result, they find extensive application across various industries, including construction, mining, oil and gas, textile, food processing, chemical and automotive.

Synthetic Lubricants Market Trends:
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Synthetic lubricants are added to throttle position sensors (TPS) and exhaust gas recirculating (EGR) sensors, which are commonly used for monitoring electronic fuel injection and exhaust emissions. The lubricants aid in minimizing the wear and maintenance requirements of the automotive components. They are also widely used in aircraft to withstand freezing, high-altitude temperatures and excessive heat from the jet engines. Additionally, various product innovations, such as the development of biodegradable synthetic lubricants with enhanced water solubility and viscosity indexes, are acting as other growth-inducing factors. They are widely used for operating agricultural, mining, fishery, onshore and offshore drilling and subsea robotic systems with enhanced efficiency. Other factors, including rapid industrialization, along with extensive infrastructural development, especially in the developing economies, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global synthetic lubricants market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, base oil and end use industry.

Breakup by Product:

Engine Oil
Hydraulic Fluid
Metalworking Fluids
Compressor Oil
Gear Oil
Transmission Fluid
Turbine Oil
Others

Breakup by Base Oil:

Polyalphaolefin (PAO)
Esters
Polyalkylene Glycol (PAG)
Others

Breakup by End Use Industry:

Automotive
Power Generation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BP plc, Chevron Corporation, China Petrochemical Corporation, Exxon Mobil Corporation, Idemitsu Kosan Company Ltd., Indian Oil Corporation Limited, Lanxess AG, Lukoil, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell plc and TotalEnergies SE. Key Questions Answered in This Report:
How has the global synthetic lubricants market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global synthetic lubricants market?
What are the key regional markets?
What is the breakup of the market based on the product?
What is the breakup of the market based on the base oil?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global synthetic lubricants market and who are the key players?
What is the degree of competition in the industry?