Global Synthetic Ester Lubricants Market 2023-2030

Global Synthetic Ester Lubricants Market 2023-2030

Global Synthetic Ester Lubricants Market Size, Share & Trends Analysis Report by Type (Monoester, Diester, Polyol Ester, and Aromatic Carboxylic Ester), by Application (Compressor Oils, Hydraulic Oils, Metalworking Fluids, Diesel and Petrol Engine Oils, and Others), and by End-use Industry (Construction, Mining, Metal Production, Power Generation, Automotive Manufacturing, Marine, Oil and Gas, Textile, Food Processing, and Others) Forecast Period (2023-2030)

The global synthetic ester lubricants market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period. The growth of the market is attributed to factors such as the increasing demand for synthetic lubricants in various end-use industries. Further, the growing demand for high-performance ester lubricants owing to the properties they impart is anticipated to propel the market growth. For instance, esters have been used in jet engine lubricants for over 50 years due to their combination of low-temperature flowability and good high-temperature performance. When compared to mineral oils, synthetic esters and especially diesters offer the advantage of higher viscosity indexes, low pour points, high flash points, low-temperature fluidity, low volatility, high thermal stability, and oxidation resistance, as well as excellent overall lubricity characteristics.

Segmental Outlook 

The global synthetic ester lubricants market is segmented based on its type, application, and end-use industry. Based on its type, the market is segmented into monoester, diester, polyol ester, and aromatic carboxylic ester. Based on the application, the market is categorized into compressor oils, hydraulic oils, metalworking fluids, diesel and petrol engine oils, and others. Further, based on the end-use industry, the market is segmented into construction, mining, metal production, power generation, automotive manufacturing, marine, oil and gas, textile, food processing, and others. Among the type segment, polyol ester is anticipated to hold a prominent market share owing to the increased demand from automotive, manufacturing and other industrial applications.

The Automotive Manufacturing Sub-Segment is Anticipated to Cater to a Considerable Growth in the Synthetic Ester Lubricants Market

Among the end-use industry segment, the automotive manufacturing sub-segment is anticipated to register significant growth for the forecast period. The growth of the automotive manufacturing sub-segment is attributed to the factors such as the increasing demand for synthetic lubricants in the automotive industry. Advanced easter-based oils have improved wettability, lubrication, high colling power, rust inhibiting, and detergency properties. They have added attraction of being natural, non-toxic, biodegradable, relatively non-polluting, and cheaper than synthetics. The ester-based metal working formulation gives an enhanced performance, better surface finish, and improved durability, which is vital to automotive components.

Regional Outlooks

The global synthetic ester lubricants market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Asia-Pacific market is anticipated to cater to prominent growth over the forecast period. However, the North American region is projected to experience considerable growth in the synthetic ester lubricants market owing to increased production capacity and industrialization in the region.

Global Synthetic Ester Lubricants Market Growth, by Region 2022-2028

Source: OMR Analysis

The European Region is Anticipated to Account for the Significant Share in the Global Synthetic Ester Lubricants Market

Among all regions, the European region is anticipated to account for a significant share of the synthetic ester lubricants market during the forecast period. The regional market growth is primarily driven by factors such as the increasing demand for synthetic lubricants in various end-use industries, particularly the automotive industry, which is one of the major consumers of synthetic ester lubricants. The region is home to some of the largest automotive manufacturers, such as Volkswagen Group, BMW Group, Daimler AG, PSA Group, Renault Group, Fiat Chrysler Automobiles, Volvo Cars, Jaguar Land Rover, and others. Thus, the growing demand for high-performance lubricants from the automotive sector, coupled with the increasing focus on energy efficiency and sustainability, is anticipated to drive market growth in the Europe region. Also, the market players are coming up with new and enhanced bio-based ester lubricants thereby creating a healthy and competitive environment for business which is anticipated to contribute positively to the growth of the synthetic ester lubricants market. For instance, in March 2023, French synthetic ester-base stocks manufacturer NYCO launched a new Nycobase synthetic ester base fluid and extended the line of their NSF® HX-1 products. Nycobase 32011 FG is an ISO VG 220, high-performance, high-temperature synthetic ester dedicated to the formulation of lubricants exposed to very high temperatures, such as high-temperature chain oils or compressor oils. This new product shows outstanding performance features such as ultra-low volatility, flash points exceeding 300°C, a high level of resistance to thermo-oxidation cleanliness in operation, and good lubricity.

Market Players Outlook

The major companies serving the global synthetic ester lubricants market include BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, and Total SA, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2023, KLK Oleo acquired a controlling stake in Italian oleochemical producer Temix Oleo. Milan-based Temix Oleo offers ester base stocks for metalworking fluids, it also operates a plant in Calderara, Italy, with the capacity to produce 25,000 metric tons per year of esters. The acquisition move expands KLK Oleo’s capabilities for manufacturing esters for base oils and lubricants.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global synthetic ester lubricants market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.