Synthetic Lubricants Market Worth $37.3 Billion by 2023 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 19, 2019 /PRNewswire/ -- According to the new research report "Synthetic Lubricants Market by Type (PAO, PAG, Esters, Group III), Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil), Region - Global Forecast to 2023", published by MarketsandMarkets™, the Synthetic Lubricants Market is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%, from USD 32.2 billion in 2018. Synthetic lubricants are widely used in the manufacturing and transportation sectors, such as automotive, aviation, marine, transportation equipment manufacturing, metal production, commercial machinery manufacturing, food & beverage, and rubber & plastic industries. Hence, the rapid growth in these industries is expected to contribute to the growth of the Synthetic Lubricants Market. Furthermore, the use of synthetic lubricants is very essential in the engine oil segment. The automotive industry is the largest consumer for engine oil and the rapid growth of the industry is expected to drive the demand for synthetic lubricants.

PDF Download:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141429702

Browse in-depth TOC on "Synthetic Lubricants Market"

100 – Tables
45 – Figures
154 – Pages

View detailed Table of Content here:

https://www.marketsandmarkets.com/Market-Reports/synthetic-lubricant-market-141429702.html

Engine oil was the largest application segment of the Synthetic Lubricants Market in 2018.

The engine oil segment is projected to account for the largest share of the Synthetic Lubricants Market during the forecast period, in terms of value. The demand for engine oil is mainly driven by the growing automotive industry, which includes personal vehicles and high cargo transportation. In addition, premium automobiles are engineered in a way that encourage the use of synthetic lubricants for better performance of engines. Moreover, stringent government regulations regarding the use of eco-friendly lubricants to reduce harmful emissions, is driving the market.

High-performance properties of the PAO-based synthetic oil to drive the market of synthetic lubricants during the forecast period.

The dominance of the PAO-based synthetic oil segment is projected to continue during the forecast period, owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The increased consumer awareness regarding OEM recommendations and favorable properties of PAO, for instance, high viscosity indexes, are expected to drive the PAO Synthetic Lubricants Market during the forecast period.

Speak to our Expert Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=141429702

APAC is projected to be the largest market of synthetic lubricants in 2018.

APAC is projected to be the largest Synthetic Lubricants Market during the forecast period due to the high growth of the manufacturing and transportation industries in emerging countries, such as China, India, and South Korea. The domestic and foreign investments in these industries have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the Synthetic Lubricants Market in the region.

Key players profiled in the report include Royal Dutch Shell Plc (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan).

Request Sample Pages:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=141429702

Browse Adjacent Markets: Bulk Chemicals and Inorganics Market Research Reports & Consulting

Related Reports:

Lubricants Market by Type (Mineral Oil, Synthetic Lubricants, Bio-Based, and Greases), by Application (Transportation and Industrial Machinery & Equipment), and by Region (APAC, EU, NA, MEA, AND SA) - Global Forecast to 2021

Industrial Lubricants Market by Type (Metalworking Fluid, Grease Hydraulic, Gear, Compressor, Turbine Oil), End-Use Industry (Construction & Mining, Metal, Cement, Power Generation, Manufacturing, Food), Base Oil, and Region - Global Forecasts to 2021

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/synthetic-lubricant-market.asp 
Visit Our Website: https://www.marketsandmarkets.com

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg