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Synthetic Lubricants Market Report by Product (Engine Oil, Hydraulic Fluid, Metalworking Fluids, Compressor Oil, Gear Oil, Transmission Fluid, Turbine Oil, and Others), Base Oil (Polyalphaolefin (PAO), Esters, Polyalkylene Glycol (PAG), and Others), End Use Industry (Automotive, Power Generation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical, and Others), and Region 2024-2032
Market Report I 2024-09-10 I 142 Pages I IMARC Group
The global synthetic lubricants market size reached US$ 15.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.
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 report, along with forecasts at the global, regional and country level from 2024-2032. 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
o United States
o Canada
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
- Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
- Latin America
o Brazil
o Mexico
o 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
1. What was the size of the global synthetic lubricants market in 2023?
2. What is the expected growth rate of the global synthetic lubricants market during 2024-2032?
3. What are the key factors driving the global synthetic lubricants market?
4. What has been the impact of COVID-19 on the global synthetic lubricants market?
5. What is the breakup of the global synthetic lubricants market based on the product?
6. What is the breakup of the global synthetic lubricants market based on the base oil?
7. What is the breakup of the global synthetic lubricants market based on the end use industry?
8. What are the key regions in the global synthetic lubricants market?
9. Who are the key players/companies in the global synthetic lubricants market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Synthetic Lubricants Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product
6.1 Engine Oil
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Hydraulic Fluid
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Metalworking Fluids
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Compressor Oil
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Gear Oil
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Transmission Fluid
6.6.1 Market Trends
6.6.2 Market Forecast
6.7 Turbine Oil
6.7.1 Market Trends
6.7.2 Market Forecast
6.8 Others
6.8.1 Market Trends
6.8.2 Market Forecast
7 Market Breakup by Base Oil
7.1 Polyalphaolefin (PAO)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Esters
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Polyalkylene Glycol (PAG)
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by End Use Industry
8.1 Automotive
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Power Generation
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Heavy Equipment
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Food and Beverage
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Metallurgy and Metalworking
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Chemical
8.6.1 Market Trends
8.6.2 Market Forecast
8.7 Others
8.7.1 Market Trends
8.7.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 BP plc
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Chevron Corporation
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 China Petrochemical Corporation
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Exxon Mobil Corporation
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Idemitsu Kosan Company Ltd.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Indian Oil Corporation Limited
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Lanxess AG
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Lukoil
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Petroliam Nasional Berhad (PETRONAS)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Royal Dutch Shell plc
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 SWOT Analysis
14.3.11 TotalEnergies SE
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
Figure 1: Global: Synthetic Lubricants Market: Major Drivers and Challenges
Figure 2: Global: Synthetic Lubricants Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Synthetic Lubricants Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Synthetic Lubricants Market: Breakup by Product (in %), 2023
Figure 5: Global: Synthetic Lubricants Market: Breakup by Base Oil (in %), 2023
Figure 6: Global: Synthetic Lubricants Market: Breakup by End Use Industry (in %), 2023
Figure 7: Global: Synthetic Lubricants Market: Breakup by Region (in %), 2023
Figure 8: Global: Synthetic Lubricants (Engine Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: Synthetic Lubricants (Engine Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: Synthetic Lubricants (Hydraulic Fluid) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Synthetic Lubricants (Hydraulic Fluid) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Synthetic Lubricants (Metalworking Fluids) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Synthetic Lubricants (Metalworking Fluids) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Synthetic Lubricants (Compressor Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Synthetic Lubricants (Compressor Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Synthetic Lubricants (Gear Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Synthetic Lubricants (Gear Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Synthetic Lubricants (Transmission Fluid) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Synthetic Lubricants (Transmission Fluid) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Synthetic Lubricants (Turbine Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Synthetic Lubricants (Turbine Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Synthetic Lubricants (Other Products) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Synthetic Lubricants (Other Products) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Synthetic Lubricants (Polyalphaolefin-PAO) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Synthetic Lubricants (Polyalphaolefin-PAO) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Synthetic Lubricants (Esters) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Synthetic Lubricants (Esters) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: Synthetic Lubricants (Polyalkylene Glycol-PAG) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: Synthetic Lubricants (Polyalkylene Glycol-PAG) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: Synthetic Lubricants (Other Base Oils) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Synthetic Lubricants (Other Base Oils) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Synthetic Lubricants (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Synthetic Lubricants (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Synthetic Lubricants (Power Generation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Synthetic Lubricants (Power Generation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Synthetic Lubricants (Heavy Equipment) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Synthetic Lubricants (Heavy Equipment) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Synthetic Lubricants (Food and Beverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Synthetic Lubricants (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Synthetic Lubricants (Metallurgy and Metalworking) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Synthetic Lubricants (Metallurgy and Metalworking) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: Global: Synthetic Lubricants (Chemical) Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: Global: Synthetic Lubricants (Chemical) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Global: Synthetic Lubricants (Other End Use Industries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Global: Synthetic Lubricants (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: North America: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: North America: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: United States: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: United States: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: Canada: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: Canada: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Asia-Pacific: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Asia-Pacific: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: China: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: China: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: Japan: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: Japan: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: India: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: India: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: South Korea: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: South Korea: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Australia: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Australia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Indonesia: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Indonesia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Europe: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Europe: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Germany: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Germany: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: France: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: France: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: United Kingdom: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: United Kingdom: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: Italy: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: Italy: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Spain: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: Spain: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Russia: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: Russia: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 83: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Latin America: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 85: Latin America: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Brazil: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 87: Brazil: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 88: Mexico: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 89: Mexico: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 90: Others: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 91: Others: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 92: Middle East and Africa: Synthetic Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 93: Middle East and Africa: Synthetic Lubricants Market: Breakup by Country (in %), 2023
Figure 94: Middle East and Africa: Synthetic Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 95: Global: Synthetic Lubricants Industry: SWOT Analysis
Figure 96: Global: Synthetic Lubricants Industry: Value Chain Analysis
Figure 97: Global: Synthetic Lubricants Industry: Porter's Five Forces Analysis
Table 1: Global: Synthetic Lubricants Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Synthetic Lubricants Market Forecast: Breakup by Product (in Million US$), 2024-2032
Table 3: Global: Synthetic Lubricants Market Forecast: Breakup by Base Oil (in Million US$), 2024-2032
Table 4: Global: Synthetic Lubricants Market Forecast: Breakup by End Use Industry (in Million US$), 2024-2032
Table 5: Global: Synthetic Lubricants Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Synthetic Lubricants Market: Competitive Structure
Table 7: Global: Synthetic Lubricants Market: Key Players
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