Overview of the global synthetic lubricants market

Research analysis on the global synthetic lubricants market identifies that the versatile properties of PAG will be one of the major factors that will have a positive impact on the growth of the market. Technavio's market research analysts predict that this global market will post a revenue of close to USD 39 billion by 2021. PAG-based lubricants are increasingly used in heavy-duty gas turbines. Unexpected shutdowns and process interruptions are the leading causes of higher operational costs  and it also reduces power generation capacity. PAG-based synthetic lubricants assist in avoiding unplanned shutdowns and lowers the high costs associated with reduced electrical power generation capacity. Moreover, they also decrease the expenditure on varnish maintenance, improve the overall performance of the operating system, and increase operational efficiency and turbine reliability. These advantages will drive the need for PAG-based synthetic lubricants, in turn, driving the growth of the market.

In terms of geographic regions, EMEA will be the major revenue contributor to the synthetic lubricants market throughout the forecast period. Stringent government regulations in some parts of European countries and the growth of the automotive, machinery, and textile industries, will fuel the growth of the synthetic lubricants market in the region.

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Competitive landscape and key vendors  

The synthetic lubricants market consists of many key global players with few regional and local vendors. These players have a strong geographical presence with many production facilities. The major players compete on factors such as innovations, price, and quality of the product. Key vendors in the synthetic oil market are also increasingly focusing on product development to offer product differentiation.

The leading vendors in the market are -

• BP
• Chevron
• Exxon Mobil
• Royal Dutch Shell
• Total

The other prominent vendors in the market are FUCHS, Idemitsu Kosan, Gulf Oil India, Lubrication Engineers, and The Dow Chemical Company.

Segmentation by type and analysis of the synthetic lubricants market

• Polyalphaolefin (PAO)
• Esters
• Polyalkylene glycol (PAG)

During 2016, the PAO segment accounted for the major shares of the synthetic lubricants market. The use of PAO as synthetic base stock compounds due to their high-performance and the ability to produce PAO with various levels of viscosity, will contribute to the growth of this industry segment in the coming years.

Segmentation by end-user and analysis of the synthetic lubricants market

• Engine oils
• Heat transfer fluids
• Transmission fluids
• Metal working fluids

According to this market research report, the engine oils segment will hold the maximum share of the synthetic lubricants market until 2021. There is a high demand for synthetic lubricants by the gasoline engine oils and diesel engine oils and synthetic motor oil segments. The growth of the automotive industry and the rising consumption of high-performance lubricants in vehicles, will drive the growth of the synthetic oil market in this segment.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global synthetic lubricants market?
• What are the key market trends impacting the growth of the global synthetic lubricants market?
• What are the challenges to market growth?
• Who are the key vendors in the global synthetic lubricants market?
• What are the market opportunities and threats faced by the vendors in the global synthetic lubricants market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global synthetic lubricants market?

Technavio also offers customization on reports based on specific client requirement.