Synthetic Lubricant Market Overview:
Synthetic Lubricant Market is expected to witness a significant growth of USD 39.34 Bn by 2023 with CAGR of 3.2% between by 2023.
Synthetic Lubricant are predominantly utilized in numerous end use industries such as construction, power & energy, mining, oil & gas, food processing, automobile, and others. Synthetic Lubricant market is expected to witness healthy growth due to increasing construction activities and oil & gas activity across the globe. Among end user segment, automobile is predicted to register healthy growth in the near future due to increasing automotive sales along with increasing consumption of synthetic lubricants. Moreover, increasing construction activities in developed and developing countries is estimated to drive the market growth.
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Industry/ Innovation/ Related News:
September 2017- GP Petroleums, a subsidiary of Petrochem Group launched Repsol’s synthetic motorcycle oils in India. With this product launch the company is planning to expand its footprint in the Asia Pacific region.
June 2017- KLONDIKE Lubricants Corporation launched Synthetic Nano Grease in Canada. This product launch will strengthen company’s position among the lubricant manufacturers.
June 2017- ExxonMobil, one of the leading manufacturers of lubricants announced that the company completed its expansion project in Jurong to raise the manufacturing of grease and synthetic lubricants. With this expansion, the company strengthen its manufacturing capabilities and will be able to meet the increasing demand for grease and synthetic lubricants products in Asia Pacific region.
March 2017- Petronas Lubricants announced that the company has launched motorcycle lubricant named as Petronas Sprinta with Ultraflex. With this product launch the company will be able to meet the increasing demand for synthetic lubricant.
May 2016- PetroChoice, one of the leading providers of lubrication solution acquired Universal Lubricants’ new oil business. With this acquisition the company added 15 distribution locations, this helps the company to expand their geographic reach and solidifies its position as the largest bulk lubricant distributor in the United States.
May 2016- JX Nippon Oil & Energy announced two distribution partnership to expand its reach in the different location of U.S. The company main focus is to meet the increasing demand for synthetic lubricant.
Synthetic Lubricant Market Key Players:
Exxon Mobil Corporation, The DOW Chemical Company, Fuchs Petrolub SE, Total Lubricants, Demitsu Kosan Co. Ltd, BP PLC, Chevron Corporation, Lubrizol Corporation, Pennzoil, Petroliam Nasional Berhad among others are some of the prominent players at the forefront of competition in the Global Synthetic Lubricant Market and are profiled in MRFR Analysis.
Synthetic Lubricant Market Segment Analysis:
Synthetic Lubricant Market is majorly segmented on the basis of types, application, end users and region. Based on types of synthetic lubricant the market is segmented into silicones, esters, polyalphaolefin (PAO), polyalkylene glycol (PAG), and others (alkylated aromatics, Polybutene’s). Based on application of synthetic lubricant the market is segmented into engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others (compressor oils, gear oils, synthetic greases oils).
Based on end user the market segmented into automobile, construction, power & energy, mining, oil & gas, food processing, and others (turbines, vacuum pumps, soap & paint industries). Furthermore, based on region, market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
Synthetic Lubricant Market Regional Analysis:
Synthetic Lubricant Market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific synthetic lubricant market is largest market owing to robust industry growth of application industry in China, Japan and India. Asia Pacific synthetic lubricant market size is likely to witness highest gains over the forecast period. Positive stance on end-use industries such as automobile, construction, power & energy, mining, oil & gas, food processing, and others in countries like China, India, Indonesia, and Malaysia is predict to drive demand over the forecast period.
North America global synthetic lubricants led due to the US and Canada countries end user industries Ester based synthetic lubricants are expected to witness significant gains in terms of volume over the forecast period. Growing application of ester synthetic lubricants in aerospace engines on account of providing high thermal stability is expected to have a positive impact on the industry. Positive aerospace industry outlook in U.S. is expected to increase in demand of aerospace engine which in turn will increase the demand for global synthetic lubricants markets.
Synthetic Lubricant Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Synthetic Lubricant Market
Synthetic Lubricant Market Table of Content to be Continue……,
Synthetic Lubricant Market List of Table:
Table 1 World Population: By Major Regions (2015 To 2030) (Billion)
Table 2 Global Synthetic Lubricant Market: By Region, 2014-2023 (USD Billion)
Table 3 North America Synthetic Lubricant Market: By Country, 2014-2023 (USD Billion)
Table 4 Europe Synthetic Lubricant Market: By Country, 2014-2023 (USD Billion)
Table 5 Asia-Pacific Synthetic Lubricant Market: By Country, 2014-2023 (USD Billion)
Synthetic Lubricant Market List of Table to be Continue……,
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