Global synthetic lubricants market size is projected to reach USD 6.23 billion by 2025

November 11, 2020 - The global synthetic lubricants market size is projected to reach USD 6.23 billion by 2025 registering a CAGR of 5.1%. Increasing focus of companies in the Gulf Cooperation Council (GCC) on downstream products is anticipated to have a positive impact on the market growth.

 Polyalphaolefins (PAOs) lead the product segment in 2018, in terms of revenue and volume. It is used as engine oil, transmission oil, metalworking fluid, compressor oil, gear oil, and heat transfer fluid for providing lubrication performance for a wide range of temperatures. Growing scope of application for the aforementioned products in the automotive and industrial sector is expected to drive the demand for PAOs over the forecast period.

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The North America market is mainly driven by rapidly expanding aerospace and automobile industries in the region. Presence of prominent aerospace companies, such as Boeing, in the region has resulted in high demand for synthetic lubricants in engine oils. Moreover, increasing automotive production in U.S. and Mexico coupled with a rising number of automotive OEMs setting up bases in Mexico is expected to boost the demand for automotive maintenance.

Further key findings from the study suggest:

• Engine oils led the global synthetic lubricants market in 2018 accounting for a share of more than 40%. These oils are used to increase drain intervals and provide excellent film protection

• POA is expected to be the largest product segment on account of increased use of PAOs in automotive engines coupled with OEM recommendations by automotive firms like Volkswagen and BMW

• U.S. was the largest market in North America in 2018 and is projected to expand further due to rising product demand from passenger cars, commercial heavy-duty trucks, and metalworking fluids

• Some of the key industry participants include ExxonMobil Corp.; Royal Dutch Shell Plc; Chevron Corp.; and Total S.A.

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