Synthetic Lubricants Market Size, Share & Trends Analysis Report By Product (Esters, PAO, PAG), By Application (Engine Oil, HTFs, Transmission Fluids, Metalworking Fluids), By Region, And Segment Forecasts, 2023 - 2030
Synthetic Lubricants Market Growth & Trends
The global synthetic lubricants market size is expected to reach USD 23.4 billion by 2030, as per the new report by Grand View Research, Inc., expanding at a CAGR of 3.7% from 2023 to 2030. The market is majorly driven by the growing automotive industry around the globe. High viscosity index of synthetic lubricants as compared to their mineral counterparts reduces friction and prevents wear and tear, which takes place in automotive engine components such as pistons, shafts, and connecting rods. In addition, PAO-based synthetic lubricants have the ability to perform across a wide temperature range.
The growing natural gas production in GCC is also driving the demand for synthetic lubricants in the market. This is due to the fact that refineries use liquid phase HTFs for heating reboilers and columns for distillation of oil and oil-based products. Additionally, the companies which reprocess and recycle used lubricating oils utilize HTFs at high temperatures along with high vacuum distillation operations. Booster stations located in between refining and distribution channels use HTFs for maintaining viscosity of petroleum products that travel long distances. All these factors are propelling the demand.
The high cost of synthetic lubricants compared to their mineral counterparts is expected to have a negative impact on the market over the forecasted period. Rising concerns over reducing maintenance costs in the manufacturing sector are expected to trim down the scope of synthetic lubricants, where central lubrication or a huge quantity of oil is required. Therefore, high cost is expected to remain a key restraining factor for the growth of the market.
The emergence of bio-lubricants is also acting as a restraining factor in the growth of the market. Bio-lubricants have huge demand due to their superior properties, including biodegradability, low maintenance, storage and disposal, reduced emissions, better safety, and constant viscosity with higher flash points and viscosity index as compared to synthetic lubricants. The favorable regulatory scenario and higher consumer awareness in North America and Europe are further boosting the bio-based lubricants, and thus restraining the growth of the market.
Synthetic Lubricants Market Report Highlights
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