U.S (New York)– The “Synthetic Lubricants Market ” 2023 research report appears to cover various aspects of the market, including the strategies of top players, market segments, competitive landscape, manufacturing, and pricing structures. In this report, we will provide an in-depth analysis of the current state of the global Synthetic Lubricants Market , its key drivers and challenges, and its future prospects. This study contains research on market dynamics, such as SWOT, PESTLE, and Porter’s Five Forces analysis, as well as details about drivers, constraints, trends, and opportunities. These studies may assist in providing a thorough overview of the worldwide industry. Additionally, the key segments of the industry are evaluated according to their performance.
The global synthetic lubricants market was valued at $12.0 billion in 2018, and is projected to reach $18.8 billion by 2026, growing at a CAGR of 5.8% from 2019 to 2026. Lubricants are fluids that are used to reduce the wear & tear of vehicle parts and the overall friction. Lubricants that are produced through chemically modified petroleum components or crude oil are known as synthetic lubricants. Their primary function is to avoid metal-to-metal contact among engines, other vehicle parts, and industrial manufacturing machinery. Demulsibility and corrosion protection properties are the major advantages associated with synthetic lubricants that help extend the overall vehicle life, improve efficiency of the vehicle, and aid in achieving higher productivity.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Globally, among all types of lubricant present in the market, synthetic lubricants have been registering significant growth over the past few years. Some of the factors contributing to the growth of the global market include increase in automotive vehicle production and demand, rise in need for vehicle servicing and reconditioning activities, overall economic growth, and growth in the industrial manufacturing output. Furthermore, increase in demand for advanced technologies and better-quality products in the vehicle boosts the demand for synthetic lubricants across the globe. Activities such as repair, maintenance, and renovation of old vehicles are growing, wherein synthetic lubricants is the highly adopted due to low emissions of volatile compounds and relatively thicker layer as compared to traditional mineral oil; thereby, contributing in the global market growth. On the other hand, volatility in the prices of raw material is expected to restrain the global market growth.
The global synthetic lubricants market is segmented on the basis of base oil, product, end user, and region. Depending on base oil, the global market is fragmented into differential esters, Polyalkylene Glycol (PAG), and polyalphaolefins (PAO). Based on products, it is divided into engine oil, hydraulic fluid, metalworking fluids, compressor oil, gear oil, transmission fluid, turbine oil, and others. By end user, it is categorized into automotive, industrial, and others. Region wise, the global market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global synthetic lubricants market from 2018 to 2026 to determine the prevailing opportunities.
? A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
? Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
? Profiles of leading players operating in the market are provided to understand the global competitive scenario.
? The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
KEY MARKET PLAYERS
– Royal Dutch Shell PLC
– ExxonMobil Corporation
– British Petroleum (Bp) PLC
– Chevron Corporation
– Total SA
– Idemitsu Kosan Co. Ltd.
– Sinopec Limited
– Lukoil, Petroliam Nasional Berhad (Petronas)
– Indian Oil Corporation Ltd.
The other players in the value chain include Croda International PLC., Penrite Oil, Liqui Moly GmbH, Rock Valley Oil and Chemical Co, and Peak Lubricants Pty Ltd., and others.
KEY MARKET SEGMENTS
– By Base Oil
? PAO
? Esters
? PAG
– By Product
? Engine Oil
? Hydraulic Fluid
? Metalworking Fluids
? Compressor Oil
? Gear Oil
? Transmission Fluid
? Turbine Oil
? Others
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– By End User
? Automotive
? Industrial
? Others
– By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? Italy
? Spain
? Russia
? UK
? Rest of Europe
o Asia-Pacific
? China
? Japan
? India
? South Korea
? Australia
? Rest of Asia-Pacific
o South America
? Brazil
? Argentina
? Colombia
? Rest of South America
o LAMEA
? Brazil
? Saudi Arabia
? UAE
? South Africa
? LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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