Sellbyville, DE -- (SBWire) -- 11/29/2018 --Synthetic lubricants Market is expected to surpass USD 5 billion by 2023, according to new research report. Synthetic lubricants are those which are manufactured from pure chemicals and not refined from crude oil. It improves thermal stability, oxidation resistance, reduce residue formation and evaporation losses. These lubricants are also used to reduce friction hence increasing fuel efficiency and equipment life.
Synthetic lubricants have been observing increased demand owing to product development and new technology adoption. These are synthed from ethylene oxides sourced from tight oil, shale gas and CBM. Some major integrated companies which ensure supply of ethylene oxides for producing PAO, PAG and ester based synthetic lubricants are Shell, Chevron, ExxonMobil, Total and BP.
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Increasing automotive sales coupled with rising disposable income for middle-class people should drive industry growth. Automotive industry dominates lubricant industry, countries like India, China, U.S. and Brazil should foster industry growth. China automotive sales is anticipated to grow sizing over 30 million units of automotive by 2023.
Stringent fuel economy and emission regulations around the world coupled with improving automotive OEM specification drives the global synthetic lubricants market.
Group IV or PAO synthetic lubricants are estimated to generate over USD 2.9 billion by 2023. Extensive adoption of PAO based synthetic lubricants in automotive engines and OEM recommendation set by major automotive manufacturers like BMW and Volkswagen should propel global industry growth.
Ester based synthetic lubes are mostly used in industrial application and set to grow at highest CAGR of over 5%. This lube is attributed to its high thermal stability and hence extensively used in jet engines and compressors in industries. North America is expected to promote jet engine sales, which in turn should propel regional ester based Synthetic Lubricants Market demand during forecast 2016-2023.
Engine oil contributed over 40% of the global synthetic lubricant revenue share and expected to grow at a rate of over 5%. This growth in Synthetic Lubricants Market demand for synthetic lubes as engine oil can be attributed to its better chemical and shear stability, lubrication during extreme cold weather conditions, improving fuel economy, high viscosity index and resistance to oxidation & thermal breakdown.
Asia Pacific Synthetic Lubricants Market share led by India and China should be over USD 1.3 billion by 2023. Increasing automobile sales coupled with rising end use industry segment require high performance lubes for swift functionality and should propagate regional industry growth.
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North America Synthetic Lubricants Market is expected to grow at CAGR of 5% during forecast timeframe. This growth can be attributed to presence of major aerospace and automotive companies like Bombardier, Ford and Boeing. Its application as heat transfer mediums and transmission systems should propel regional product demand.
Global Synthetic Lubricants Market is highly fragmented with presence of large number small scale manufacturers. Companies are investing heavily in innovation and product development to capitalize in market share. Some key players include Royal Dutch Shell PLC, Castrol, Exxon Mobil and BP.
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Synthetic Lubricants Market to Hit US$5bn by 2023 : ExxonMobil, Shell, BP, Total, Chevron, Phillips 66, Valvoline Inc., Castrol and 3 Other Companies Profile
Asia Pacific Synthetic Lubricants Market share led by India and China should be over USD 1.3 billion by 2023.