Synthetic Lubricants Market by Type (Polyalphaolefins (PAOs), Esters, Poly Alkyne Glycols (PAGs), Group III), Product Type (Engine Oils, Hydraulic Fluids, Metalworking Fluids, Compressor Oils, Turbine Oils), & Region - Global Forecast to 2028

Synthetic Lubricants Market by Type (Polyalphaolefins (PAOs), Esters, Poly Alkyne Glycols (PAGs), Group III), Product Type (Engine Oils, Hydraulic Fluids, Metalworking Fluids, Compressor Oils, Turbine Oils), & Region - Global Forecast to 2028

The synthetic lubricants market is poised for steady growth, with a projected value of USD 48.0 billion by 2028, exhibiting a robust CAGR of 3.1% from its 2023 value of USD 41.2 billion. Automotive engines, transmissions, and drivetrains frequently employ synthetic lubricants. In comparison to traditional mineral-based lubricants, they provide superior viscosity stability, thermal stability, and oxidation resistance, which enhances engine performance, fuel efficiency, and durability. Synthetic motor oils are especially well-liked in racing and high-performance automobiles.

“Esters segment is projected to be the fastest growing type of synthetic lubricants, in terms of value, during the forecast period.”

Ester oils have a high resistance to thermal breakdown, making them suitable for use in applications where high temperatures are encountered. They maintain their lubricating properties even at elevated temperatures, reducing the risk of oil degradation and ensuring consistent performance. Because of their exceptional oxidation resistance, ester oils help keep varnish and sludge deposits in the lubricating system from forming. This prolongs the life of the lubricant and the components it lubricates, improving equipment reliability.

“Compressor Oils segment to be the fastest growing product type for synthetic lubricants market, in terms of value, during the forecast period”

Synthetic lubricants are widely used in various types of compressors across different industries due to their superior performance and properties. Rotating screw compressors, which are frequently found in industrial settings for uses including air compression in manufacturing plants, pneumatic tools, and process air systems, frequently use synthetic lubricants. Excellent lubrication, thermal stability, and oxidation resistance are provided by synthetic compressor lubricants, which contribute to the compressor's extended service life and continued effective operation.

“Asia Pacific was the largest synthetic lubricants market in 2022, in terms of value.”

The Asia Pacific region is undergoing rapid industrialization and urbanization, driving demand for machinery, vehicles, and equipment that require high-performance lubricants. As industries expand and modernize, there is a growing need for synthetic lubricants to ensure efficient operation and extended equipment life. With rising car sales and manufacturing, the Asia Pacific automotive sector is flourishing. Automotive engines, transmissions, and drivetrains frequently employ synthetic lubricants because they offer the best resistance to heat, friction, and wear. Synthetic lubricants are becoming more widely used as consumers seek greater engine performance and fuel efficiency.

In the meticulous process of determining and verifying market sizes for multiple segments and subsegments, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%

By Designation: - Director Level - 37%, C-Level - 23%, and Others - 40%

By Region: North America - 32%, Europe - 21%, Asia Pacific - 28%, South America - 7%, and Middle East & Africa - 12%,

The key market players illustrated in the report include Shell plc (UK), BP p.l.c (UK)., Exxon Mobil Corporation (US), TotalEnergies SE (France), FUCHS (Germany), Chevron Corporation (US), Idemitsu Kosan Co., Ltd. (Japan), China Petroleum & Chemical Corporation (China), LUKOIL (Russia), and Petroliam Nasional Berhad (PETRONAS) (Malaysia).

Research Coverage

This report segments the market for synthetic lubricants on the basis of type, product type, and region, and provides estimations for the overall value (USD Million) of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for bio-based leather.

Reasons to buy this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the synthetic lubricants market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers (High growth of construction industry in Asia Pacific and Middle East & Africa, Growth in offshore exploration and production activities, Growing demand for high-quality lubricants), restraints (Rise in demand for alternative fuels, Stringent environmental regulations), opportunities (Leveraging e-commerce industry to increase customer reach, Advancements in synthetic lubricants technologies), and challenges (Emergence of alternative technologies, Rising raw material prices)

Market Penetration: Comprehensive information on synthetic lubricants offered by top players in the global synthetic lubricants market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the synthetic lubricants

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for synthetic lubricants across regions

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global synthetic lubricants market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the synthetic lubricants market

Impact of recession on synthetic lubricants