Synthetic Lubricants Market Analysis

Synthetic Lubricants Market Analysis

Group IV was valued over 400 kilo tons in 2015 and is expected to witness growth rate over 4% from 2016 to 2023. Wide adoption of PAO in automotive engine with OEM recommendation in brands including Volkswagen and BMW will complement the synthetic lubricants market outlook.

Ester segment is set to exceed USD 1.7 billion by 2023. Increase in ester demand in reciprocating compressors will stimulate the business growth during forecast period.

Engine oil contributed to 40% of global synthetic lubricants market share in 2015 and is expected to witness growth rate at over 4% by 2023. It offers excellent firm protection, high operating temperature range and increased drain interval.

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Synthetic lubricants market share demand from heat transfer fluids is expected to exceed USD 1.5 billion by 2023. These are primarily used for water removals in O&G and chemical plants. Automatic transmission fluids are used to execute various functions including torque conversion, valve operation, gear oiling and brake band friction and as hydraulic fluid in power steering.
 

Asia Pacific led by India and China is expected to reach over 200 kilo tons by 2023 with 4.6% CAGR anticipation from 2016 to 2023. Increasing automobile sales is predicted to stimulate the synthetic lubricants market statistics in future. It has wide applications in automobile industry subject to its superior properties with high performance when compared with mineral products.
 

Europe is set to surpass $1,000 million by 2023 subject to existence of major automotive engineering workshops including Mercedes, BMW, Rolls Royce, VW, Audi, and Airbus. Latin America and Middle East offers a high growth potential for industry players.