Synthetic Lubricants Market Updates by 2031
MARKET OVERVIEW
The synthetic lubricants market encompasses lubricants produced from synthetic base oils instead of mineral oils. These lubricants are formulated to enhance performance and protection for different equipment and machinery. They are commonly used when mineral oil-based lubricants are unsuitable, such as in high-temperature or high-pressure environments. Synthetic lubricants have greater oxidation and thermal breakdown resistance and tend to have longer lifetimes. The market for synthetic lubricants is driven by the growing demand for high-performance lubricants in various aerospace, automotive, and industrial industries. The market for synthetic lubricants is forecasted to expand in the upcoming period, driven by the rising demand for these lubricants in various industries and the growing understanding of the benefits synthetic lubricants offer over mineral oil-based lubricants.
MARKET DYNAMICS
Increasing industrialization in emerging economies and growing automotive industry are the major factors boosting the demand for synthetic lubricants. Moreover, the high focus of the key players on research & development coupled with advancements in synthetic lubricants technologies further propel the growth of the synthetic lubricants oil market. The synthetic lubricant has found in various applications such as engine oil, process oil, hydraulic oil, marine lubricants, metalworking fluids and others. Increasing in demand for automotive is likely to drive the global synthetic lubricant market growth. However, high investment in research & development and synthetic lubricant products are the key factors restraining the growth of the market. Likewise, there are ample of opportunities synthetic lubricant market as large numbers of industries are coming up in future.
MARKET SCOPE
The "Global Synthetic Lubricants Market Analysis to 2031" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the synthetic lubricants market with detailed market segmentation by type, application and geography. The global synthetic lubricants market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading synthetic lubricants market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global synthetic lubricants market is segmented on the basis of type and application. On the basis of type, the synthetic lubricants market is segmented into, polyalphaolefin (PAO), esters, polyalkylene Glycol (PAG), Group III (Hydrocracking) and others. Based on application, the global synthetic lubricants market is segmented into, engine oil, hydraulic fluids, compressor oil, gear oil, transmission fluids, turbine oil, others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global synthetic lubricants market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The synthetic lubricants market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the synthetic lubricants market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors affecting the synthetic lubricants market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global synthetic lubricants market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The synthetic lubricants market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the synthetic lubricants market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors affecting the synthetic lubricants market in these regions.
MARKET PLAYERS
The reports cover key developments in the synthetic lubricants market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from synthetic lubricants market are anticipated to lucrative growth opportunities in the future with the rising demand for synthetic lubricants in the global market. Below mentioned is the list of few companies engaged in the synthetic lubricants market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the synthetic lubricants market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last 3 years, the key development in the past five years.
- BP plc
- Chevron Corporation
- China Petroleum & Chemical Corporation
- Exxon Mobil Corporation
- Fuchs Group
- Idemitsu Kosan Co. Ltd.
- Lukoil
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell plc
- Total SA
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Synthetic Lubricants Market - By Type
1.3.2Synthetic Lubricants Market - By Application
1.3.3Synthetic Lubricants Market - By Region
1.3.3.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.SYNTHETIC LUBRICANTS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.SYNTHETIC LUBRICANTS MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6.SYNTHETIC LUBRICANTS MARKET - GLOBAL MARKET ANALYSIS
6.1.SYNTHETIC LUBRICANTS - GLOBAL MARKET OVERVIEW
6.2.SYNTHETIC LUBRICANTS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.SYNTHETIC LUBRICANTS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.POLYALPHAOLEFIN (PAO)
7.3.1.Overview
7.3.2.Polyalphaolefin (PAO) Market Forecast and Analysis
7.4.ESTERS
7.4.1.Overview
7.4.2.Esters Market Forecast and Analysis
7.5.POLYALKYLENE GLYCOL (PAG)
7.5.1.Overview
7.5.2.Polyalkylene Glycol (PAG) Market Forecast and Analysis
7.6.GROUP III (HYDROCRACKING)
7.6.1.Overview
7.6.2.Group III (Hydrocracking) Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.SYNTHETIC LUBRICANTS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.ENGINE OIL
8.3.1.Overview
8.3.2.Engine Oil Market Forecast and Analysis
8.4.HYDRAULIC FLUIDS
8.4.1.Overview
8.4.2.Hydraulic Fluids Market Forecast and Analysis
8.5.COMPRESSOR OIL
8.5.1.Overview
8.5.2.Compressor Oil Market Forecast and Analysis
8.6.GEAR OIL
8.6.1.Overview
8.6.2.Gear Oil Market Forecast and Analysis
8.7.TRANSMISSION FLUIDS
8.7.1.Overview
8.7.2.Transmission Fluids Market Forecast and Analysis
8.8.TURBINE OIL
8.8.1.Overview
8.8.2.Turbine Oil Market Forecast and Analysis
8.9.OTHERS
8.9.1.Overview
8.9.2.Others Market Forecast and Analysis
9.SYNTHETIC LUBRICANTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Synthetic Lubricants Market Overview
9.1.2North America Synthetic Lubricants Market Forecasts and Analysis
9.1.3North America Synthetic Lubricants Market Forecasts and Analysis - By Type
9.1.4North America Synthetic Lubricants Market Forecasts and Analysis - By Application
9.1.5North America Synthetic Lubricants Market Forecasts and Analysis - By Countries
9.1.5.1United States Synthetic Lubricants Market
9.1.5.1.1United States Synthetic Lubricants Market by Type
9.1.5.1.2United States Synthetic Lubricants Market by Application
9.1.5.2Canada Synthetic Lubricants Market
9.1.5.2.1Canada Synthetic Lubricants Market by Type
9.1.5.2.2Canada Synthetic Lubricants Market by Application
9.1.5.3Mexico Synthetic Lubricants Market
9.1.5.3.1Mexico Synthetic Lubricants Market by Type
9.1.5.3.2Mexico Synthetic Lubricants Market by Application
9.2.EUROPE
9.2.1Europe Synthetic Lubricants Market Overview
9.2.2Europe Synthetic Lubricants Market Forecasts and Analysis
9.2.3Europe Synthetic Lubricants Market Forecasts and Analysis - By Type
9.2.4Europe Synthetic Lubricants Market Forecasts and Analysis - By Application
9.2.5Europe Synthetic Lubricants Market Forecasts and Analysis - By Countries
9.2.5.1Germany Synthetic Lubricants Market
9.2.5.1.1Germany Synthetic Lubricants Market by Type
9.2.5.1.2Germany Synthetic Lubricants Market by Application
9.2.5.2France Synthetic Lubricants Market
9.2.5.2.1France Synthetic Lubricants Market by Type
9.2.5.2.2France Synthetic Lubricants Market by Application
9.2.5.3Italy Synthetic Lubricants Market
9.2.5.3.1Italy Synthetic Lubricants Market by Type
9.2.5.3.2Italy Synthetic Lubricants Market by Application
9.2.5.4United Kingdom Synthetic Lubricants Market
9.2.5.4.1United Kingdom Synthetic Lubricants Market by Type
9.2.5.4.2United Kingdom Synthetic Lubricants Market by Application
9.2.5.5Russia Synthetic Lubricants Market
9.2.5.5.1Russia Synthetic Lubricants Market by Type
9.2.5.5.2Russia Synthetic Lubricants Market by Application
9.2.5.6Rest of Europe Synthetic Lubricants Market
9.2.5.6.1Rest of Europe Synthetic Lubricants Market by Type
9.2.5.6.2Rest of Europe Synthetic Lubricants Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Synthetic Lubricants Market Overview
9.3.2Asia-Pacific Synthetic Lubricants Market Forecasts and Analysis
9.3.3Asia-Pacific Synthetic Lubricants Market Forecasts and Analysis - By Type
9.3.4Asia-Pacific Synthetic Lubricants Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Synthetic Lubricants Market Forecasts and Analysis - By Countries
9.3.5.1Australia Synthetic Lubricants Market
9.3.5.1.1Australia Synthetic Lubricants Market by Type
9.3.5.1.2Australia Synthetic Lubricants Market by Application
9.3.5.2China Synthetic Lubricants Market
9.3.5.2.1China Synthetic Lubricants Market by Type
9.3.5.2.2China Synthetic Lubricants Market by Application
9.3.5.3India Synthetic Lubricants Market
9.3.5.3.1India Synthetic Lubricants Market by Type
9.3.5.3.2India Synthetic Lubricants Market by Application
9.3.5.4Japan Synthetic Lubricants Market
9.3.5.4.1Japan Synthetic Lubricants Market by Type
9.3.5.4.2Japan Synthetic Lubricants Market by Application
9.3.5.5South Korea Synthetic Lubricants Market
9.3.5.5.1South Korea Synthetic Lubricants Market by Type
9.3.5.5.2South Korea Synthetic Lubricants Market by Application
9.3.5.6Rest of Asia-Pacific Synthetic Lubricants Market
9.3.5.6.1Rest of Asia-Pacific Synthetic Lubricants Market by Type
9.3.5.6.2Rest of Asia-Pacific Synthetic Lubricants Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Synthetic Lubricants Market Overview
9.4.2Middle East and Africa Synthetic Lubricants Market Forecasts and Analysis
9.4.3Middle East and Africa Synthetic Lubricants Market Forecasts and Analysis - By Type
9.4.4Middle East and Africa Synthetic Lubricants Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Synthetic Lubricants Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Synthetic Lubricants Market
9.4.5.1.1South Africa Synthetic Lubricants Market by Type
9.4.5.1.2South Africa Synthetic Lubricants Market by Application
9.4.5.2Saudi Arabia Synthetic Lubricants Market
9.4.5.2.1Saudi Arabia Synthetic Lubricants Market by Type
9.4.5.2.2Saudi Arabia Synthetic Lubricants Market by Application
9.4.5.3U.A.E Synthetic Lubricants Market
9.4.5.3.1U.A.E Synthetic Lubricants Market by Type
9.4.5.3.2U.A.E Synthetic Lubricants Market by Application
9.4.5.4Rest of Middle East and Africa Synthetic Lubricants Market
9.4.5.4.1Rest of Middle East and Africa Synthetic Lubricants Market by Type
9.4.5.4.2Rest of Middle East and Africa Synthetic Lubricants Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Synthetic Lubricants Market Overview
9.5.2South and Central America Synthetic Lubricants Market Forecasts and Analysis
9.5.3South and Central America Synthetic Lubricants Market Forecasts and Analysis - By Type
9.5.4South and Central America Synthetic Lubricants Market Forecasts and Analysis - By Application
9.5.5South and Central America Synthetic Lubricants Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Synthetic Lubricants Market
9.5.5.1.1Brazil Synthetic Lubricants Market by Type
9.5.5.1.2Brazil Synthetic Lubricants Market by Application
9.5.5.2Argentina Synthetic Lubricants Market
9.5.5.2.1Argentina Synthetic Lubricants Market by Type
9.5.5.2.2Argentina Synthetic Lubricants Market by Application
9.5.5.3Rest of South and Central America Synthetic Lubricants Market
9.5.5.3.1Rest of South and Central America Synthetic Lubricants Market by Type
9.5.5.3.2Rest of South and Central America Synthetic Lubricants Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.SYNTHETIC LUBRICANTS MARKET, KEY COMPANY PROFILES
11.1.BP PLC
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.CHEVRON CORPORATION
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.CHINA PETROLEUM AND CHEMICAL CORPORATION
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.EXXON MOBIL CORPORATION
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.FUCHS GROUP
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.IDEMITSU KOSAN CO. LTD.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.LUKOIL
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.PETROLIAM NASIONAL BERHAD (PETRONAS)
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.ROYAL DUTCH SHELL PLC
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.TOTAL SA
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
The List of Companies
- BP plc
- Chevron Corporation
- China Petroleum & Chemical Corporation
- Exxon Mobil Corporation
- Fuchs Group
- Idemitsu Kosan Co. Ltd.
- Lukoil
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell plc
- Total SA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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