Synthetic Lubricants Market worth 36.0 Billion USD by 2020

Browse 90 market tables and 57 figures spread through 145 pages and in-depth TOC on "Synthetic Lubricants Market - by Type (PAO, Esters, Group III, PAG), by Application (Engine Oil, Metalworking Fluids, and Industrial) and by Regions (Europe, North Americ

(EMAILWIRE.COM, October 05, 2017 ) The global synthetic lubricants market is projected to be worth USD 36.0 Billion by 2020, registering a CAGR of 2.5% between 2015 and 2020. This high growth is owed to consumer awareness in developed countries of North America and Western Europe. The majority of the garage owners, technicians, and automotive engineers in these regions are well aware of the high performance benefits offered by synthetic lubricants over conventional mineral oil lubricants. Moreover, strong OEM recommendation to use high performance lubricants coupled with the stringent emission control regulations in these countries is also driving the demand for synthetic lubricants.

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PAO to account for the major share of synthetic lubricants market till 2020

The synthetic lubricants’ market is segmented by types, namely, PAO, Esters, Group III (Hydro Cracking), and PAG. PAO holds the major market share in global synthetic lubricants market. The factors driving the PAO synthetic lubricants market are its physical and chemical properties such as low volatility, high viscosity index, lower pour point, and better oxidative/ thermal stability.

Growing automotive industries and industrialization to drive the engine oil application segment

The engine oil application segment is leading the synthetic lubricants market. This is owed to the rapid growth of the automotive industry in the Asia-Pacific region. The increasing demand of automobiles can be attributed to the increasing disposable income of people and industrial growth in this region. This growth in the automotive industry ultimately contributes to the growth of PAG-based lubricants in the Asia-Pacific region.

Asia-Pacific to be the fastest-growing market during forecast period

The synthetic lubricants market is broadly segmented into four regions, namely, Europe, North America, Asia-Pacific, and Rest of the World. Europe is the largest market for synthetic lubricants, followed by North America. Asia-Pacific is projected to be the fastest-growing market during the forecast period. Growing industrialization, backed by OEM technical demand in the region, has offered enormous opportunity for the use of synthetic lubricants in the Asia-Pacific region.

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Currently, the global synthetic lubricants market is dominated by various market players such as ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Fuchs Petrolub SE (Germany), Total S.A. (France), Chevron Corporation (U.S.), Lubrizol Corporation (U.S.), Idemitsu Kosan Co. Ltd (Japan), Pennzoil (U.S.), The Dow Chemical Company (U.S.), Petroliam Nasional Berhad (Malaysia), and others.