PUNE, India, January 6, 2016 /PRNewswire/ --
The report "Synthetic Lubricants Market - by Type (PAO, Esters, Group III, PAG), by Application (Engine Oil, Metalworking Fluids, and Industrial) and by Regions (Europe, North America, Asia-Pacific and Rest of the World) - Global Trends & Forecasts to 2020", published by MarketsandMarkets, The Synthetic Lubricants Market is projected to reach USD 36.0 Billion by 2020, at a CAGR of 2.5% between 2015 and 2020. The market is driven by the growing automotive industries and industrialization in the Asia-Pacific region.
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The synthetic lubricants' market is estimated to be worth USD 31.0 Billion in 2014 and is projected to reach USD 36.0 Billion by 2020, at a CAGR of 2.5% between 2015 and 2020. The increasing demand of automobiles in emerging economies such as China, India, and Indonesia is fueling the growth of the synthetic lubricants market in the region. Another major factor contributing to the growth of synthetic lubricants is increased consumer awareness coupled with stringent government regulations.
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.
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.
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The research study is aimed at identifying emerging trends and opportunities in the global synthetic lubricants market along with a detailed classification of the market, in terms of revenue and volume. It provides a comprehensive competitive landscape and identifies the key players in the global market. The research study also includes a detailed segmentation of the global synthetic lubricants market on the basis of application, type, and geography.
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