Global Synthetic Lubricants Market Size To Exceed USD 27.9 Billion By 2035 | CAGR Of 3.65%
Category: Chemicals & MaterialsGlobal Synthetic Lubricants Market Size To Exceed USD 27.9 Billion By 2035
According to a research report published by Spherical Insights & Consulting, The Global Synthetic Lubricants Market Size is expected to Grow from USD 18.8 Billion in 2024 to USD 27.9 Billion by 2035, at a CAGR of 3.65% during the forecast period 2025-2035.
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Browse key industry insights spread across 240 pages with 100 Market data tables and figures & charts from the report on the “Global Synthetic Lubricants Market Size, Share, and COVID-19 Impact Analysis, By Product (Esters, Polyalphaolefin (PAO), and Polyalkylene glycol (PAG)), By Application (Engine Oil, Heat Transfer Fluids (HTFs), Transmission Fluids, Metalworking Fluids, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035.” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/synthetic-lubricants-market
The synthetic lubricants market refers to the industry emphasizing lubricants created via chemical processes rather than being derived directly from crude oil. Synthetic lubricants are chemically synthesized and crafted from specific chemical compounds rather than being refined from natural sources. They have widespread application in construction, mining, food processing, oil & gas, textile, chemical, and automotive industries. Consistent change in vehicle design, along with the adoption of modern new-age engines, is offering growth opportunities for the synthetic lubricants market. The growing vehicle ownership due to the growing emphasis on personal transportation, with the growing urbanization, is expected to drive the market demand. In addition, the emergence of electric vehicles (EVs), driving the need for sophisticated lubricants for operation, results in propelling the market demand in the automotive sector. On the contrary, the availability of bio-based lubricants as a synthetic lubricant substitute as well as raw material price fluctuation, are challenging the market.
The polyalphaolefin (PAO) segment dominated the market with the largest revenue share in 2024 and is projected to grow at a substantial CAGR during the forecast period.
Based on the product, the synthetic lubricants market is divided into esters, polyalphaolefin (PAO), and polyalkylene glycol (PAG). Among these, the polyalphaolefin (PAO) segment dominated the market with the largest revenue share in 2024 and is projected to grow at a substantial CAGR during the forecast period. The growing usage of polyalphaolefin (PAO) in the automotive and industrial sectors is driving the market demand in the polyalphaolefin (PAO) segment.
The engine oil segment accounted for the largest revenue share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the synthetic lubricants market is divided into engine oil, heat transfer fluids (HTFs), transmission fluids, metalworking fluids, and others. Among these, the engine oil segment accounted for the largest revenue share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. Synthetic lubricants in the engine oil aid in minimizing the friction between metals, reducing damage. Thus, the rising automotive industry, including cargo and personal vehicles, is driving the market demand.
Asia Pacific is expected to hold the majority share of the global synthetic lubricants market during the forecast period.
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Asia Pacific is expected to hold the majority share of the global synthetic lubricants market during the forecast period. An increasing number of smart city projects in countries like India and China, driving demand for access control from these countries, ultimately results in propelling the regional market. Stringent emission restrictions along with rising vehicle ownership are responsible for driving synthetic lubricants market.
North America is anticipated to grow at the fastest pace in the global synthetic lubricants market during the forecast period. The growing need for synthetic lubricants from the engine oil application, as well as the growing automotive sector in the region, is driving the market. Further, data security concerns drive the access control demand, ultimately leads to propel the market.
Europe is expected to hold a significant share of the synthetic lubricants market during the projected period. The growing demand for high-performance lubricants and the emphasis on carbon dioxide emissions from vehicles are driving the market. The rising trend toward personalized and smart houses in urban regions is contributing to the market growth for synthetic lubricants.
Major vendors in the global synthetic lubricants market are BP Lubricants Pvt. Ltd., Chevron Corporation, LANXESS, Valvoline, FUCHS, Pennzoil, Phillips 66 Company, Motul, AMSOIL INC., Agip, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In June 2023, Shell, a leader in finished lubricants, has launched Shell Helix HX6 5W-30 and Shell Helix SUV 5W-30, a new range of synthetic BS-VI-compliant engine oils in India that are designed to deliver enhanced engine protection, fuel efficiency, and longer engine life for the PCMO (passenger care motor oil) segment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Synthetic Lubricants market based on the below-mentioned segments:
Global Synthetic Lubricants Market, By Product
- Esters
- Polyalphaolefin (PAO)
- Polyalkylene glycol (PAG)
Global Synthetic Lubricants Market, By Application
- Engine Oil
- Heat Transfer Fluids (HTFs)
- Transmission Fluids
- Metalworking Fluids
- Others
Global Synthetic Lubricants Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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