합성 윤활유 시장 : 유형, 제품 유형, 최종 사용자 산업, 지역별(2024-2031년)

Synthetic Lubricants Market Valuation - 2024-2031

Increasing vehicle production and sales is propelling the adoption of synthetic lubricants. The rise of advanced manufacturing processes necessitates reliable lubricants that can withstand extreme conditions, favouring synthetic options is driving the market size surpass USD 18.9 Billion valued in 2024 to reach a valuation of aroundUSD 25.22 Billion by 2031.

In addition to this, increased awareness and education about the benefits of synthetic lubricants among consumers and industry professionals is spurring up the adoption of synthetic lubricants. Synthetic lubricants often have longer service intervals compared to conventional oils, offering cost savings for consumers and businesses is enabling the market to grow at aCAGR of 3.67% from 2024 to 2031.

Synthetic Lubricants Market: Definition/ Overview

Synthetic lubricants are man-made oils formulated from chemically engineered base oils and additives designed to provide superior lubrication and performance compared to conventional petroleum-based oils. They are tailored for specific applications, offering benefits like improved thermal stability, reduced friction, and enhanced wear protection. This makes them suitable for a wide range of industries.

Synthetic lubricants are widely used in automotive, industrial, and aerospace applications. In the automotive sector, they are essential for high-performance engine oils, reducing engine wear and improving fuel efficiency. In industrial settings, synthetic lubricants are employed in machinery and equipment to withstand extreme temperatures and pressures, enhancing reliability and extending service intervals.

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How will Automotive Industry's Push for Improved Fuel Efficiency Increase Adoption of Synthetic Lubricants?

The automotive industry's push for improved fuel efficiency and reduced emissions has been a significant driver of the synthetic lubricants market. Synthetic lubricants offer superior performance characteristics, including better viscosity index, thermal stability, and reduced friction, which contribute to enhanced engine efficiency and longevity. According to the U.S. Energy Information Administration, the average fuel economy of new light-duty vehicles increased by 29% between 2004 and 2019, partly due to advancements in lubricant technology. In a recent development, ExxonMobil announced in June 2023, the launch of its new Mobil 1 Advanced Fuel Economy synthetic motor oil, designed to improve fuel efficiency by up to 2% compared to conventional oils.

The growing industrial sector, particularly in emerging economies, has fueled demand for synthetic lubricants in various applications such as manufacturing, power generation, and heavy machinery. Synthetic lubricants offer extended drain intervals, reduced equipment downtime, and improved operational efficiency in demanding industrial environments. The Indian Ministry of Statistics and Programme Implementation reported that the Index of Industrial Production grew by 5.2% in 2022-23, indicating increased industrial activity and potential demand for high-performance lubricants. Responding to this trend, Shell plc unveiled in August 2023 its plans to expand its synthetic lubricants production capacity in China, with a USD 1 Billion investment to meet the rising demand in Asia's industrial sectors.

Environmental regulations and sustainability concerns have emerged as key drivers for the synthetic lubricants market. Synthetic lubricants typically have a longer lifespan and require less frequent changes, resulting in reduced waste generation and environmental impact. The European Environment Agency reported that in 2020, the EU collected about 2.2 million tonnes of waste oils, emphasizing the need for more sustainable lubrication solutions. In line with this trend, Chevron Corporation announced in July 2023 the successful development of its new ISOSYN Advanced Technology synthetic base oils, produced using renewable feedstocks and offering improved biodegradability compared to conventional synthetic lubricants.

Will Lack of Awareness and Understanding among End-Users of Synthetic Lubricants Restrain the Market Growth?

One significant restraint in the synthetic lubricants market is the high cost of production compared to conventional lubricants. Synthetic lubricants typically require more advanced manufacturing processes and raw materials, leading to increased pricing. This can deter price-sensitive consumers and businesses from making the switch, particularly in industries where budget constraints are paramount. As a result, the market may face challenges in expanding its customer base.

Another challenge is the lack of awareness and understanding among end-users regarding the benefits of synthetic lubricants. Many consumers and businesses still rely on traditional lubricants due to familiarity and perceived sufficiency for their needs. This lack of knowledge can hinder the adoption of synthetic options, as users may not recognize the long-term advantages such as better performance, extended lifespan, and improved efficiency. Overcoming this educational gap is crucial for market growth.

Additionally, the presence of stringent regulations and standards in various industries can pose a restraint on the synthetic lubricants market. Compliance with environmental and safety regulations can complicate the formulation and marketing of synthetic products. Manufacturers must invest significant resources to ensure their products meet these requirements, which can increase operational costs and slow down innovation. Navigating these regulatory landscapes can be particularly challenging for smaller companies, limiting their competitiveness in the market.

Category-Wise Acumens

Which Factors are Contributing to Leadership of Polyalphaolefin (PAO) Segment in Synthetic Lubricants Market?

Polyalphaolefin (PAO) is emerging as the dominant player in the synthetic lubricants market, owing to its superior performance characteristics and versatility across various applications. PAOs offer excellent thermal stability, low volatility, and high viscosity index, making them ideal for use in automotive engines, industrial machinery, and aerospace equipment. According to the U.S. Department of Energy, synthetic lubricants, primarily PAO-based, can improve fuel economy by 2-3% in passenger vehicles compared to conventional mineral oils. In a recent development, ExxonMobil announced in May 2023 the expansion of its PAO production capacity at its Baytown, Texas facility, investing USD 2 Billion to meet the growing global demand for high-performance synthetic lubricants.

The aerospace and defense sectors have been key drivers in the adoption of PAO-based synthetic lubricants, due to their ability to withstand extreme temperatures and pressures. PAOs maintain their lubricating properties in both high and low-temperature environments, crucial for aircraft engines and military equipment. The U.S. Air Force reported that the use of synthetic lubricants, predominantly PAO-based, has extended the service life of aircraft engines by up to 40% compared to conventional oils.

Will Engine Oil Segment Lead in Synthetic Lubricants Market?

The synthetic lubricants market is predominantly driven by engine oil, thereby emerging as the leading application segment due to the automotive industry's continuous pursuit of improved fuel efficiency and engine performance. Synthetic engine oils offer superior protection against wear, better viscosity stability across temperature ranges, and extended drain intervals compared to conventional mineral oils. According to the U.S. Energy Information Administration, light-duty vehicle fuel economy improved by 29% between model years 2004 and 2019, partly attributed to the widespread adoption of synthetic engine oils.

The commercial vehicle sector has significantly contributed to the dominance of synthetic engine oils in the market. Heavy-duty trucks and buses operating under severe conditions benefit greatly from the enhanced protection and extended oil change intervals offered by synthetic lubricants. The European Automobile Manufacturers Association reported that in 2021, over 70% of new heavy-duty vehicles in Europe used full synthetic or semi-synthetic engine oils to meet stringent emission standards and improve fuel economy.

Country/Region-wise Acumens

Will Rising Automotive Industry in North America Drive Synthetic Lubricants Market Growth?

North America dominating synthetic lubricants market, driven by increasing demand across various sectors. According to the U.S. Department of Energy, the synthetic lubricant market is projected to reach approximately USD 1.8 Billion by 2025, reflecting a compound annual growth rate of around 4.5% from 2020. Key players like ExxonMobil have recently expanded their production capacities to meet the rising demand for high-performance lubricants, emphasizing their commitment to innovation.

The automotive industry is a primary contributor to the surge in synthetic lubricant usage, with manufacturers increasingly recommending synthetic oils for their efficiency and longevity. As per the American Petroleum Institute, over 60% of new vehicles sold in the U.S. are now designed for synthetic lubricants, a trend that showcases the industry's shift towards advanced engine technologies. Companies such as Shell have announced partnerships with automotive manufacturers to develop tailored lubricants, enhancing performance and sustainability in their vehicles.

Will Rising Industrialization Enhance Adoption of Synthetic Lubricants in Asia Pacific?

The Asia Pacific region is experiencing remarkable growth in the synthetic lubricants market, fueled by industrialization and increasing automotive sales. According to a report by the International Energy Agency, the region is projected to account for nearly 30% of the global synthetic lubricants market by 2025. Major companies like Castrol are expanding their operations in countries like India and China, catering to the rising demand for high-performance lubricants in the automotive sector.

In the industrial sector, the push for enhanced energy efficiency is driving the adoption of synthetic lubricants. The Asian Development Bank noted that the industrial lubricants market in Asia Pacific is expected to grow at a CAGR of 6.1% from 2021 to 2026. In line with this trend, companies such as TotalEnergies are introducing innovative synthetic products designed to improve machinery performance while reducing energy consumption, thus appealing to environmentally conscious manufacturers.

Competitive Landscape

The synthetic lubricants market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the synthetic lubricants market include:

• ExxonMobil
• Shell
• Chevron
• BP
• TotalEnergies
• Fuchs Petrolub
• Castrol (BP)
• Phillips 66
• Kluber Lubrication
• Valvoline
• Amsoil
• Motul
• Idemitsu Kosan
• Lubrizol Corporation
• Gulf Oil
• Sinopec
• Repsol
• Petro-Canada
• Cargill Bioindustrial
• Chevron Phillips Chemical Company

Latest Developments

• In September 2023, ExxonMobil launched a new line of synthetic lubricants designed specifically for electric vehicles, focusing on enhancing efficiency and reducing wear.
• In August 2023, Shell announced a partnership with a leading automotive manufacturer to develop advanced synthetic oils that optimize engine performance.

TABLE OF CONTENTS

1 INTRODUCTION OF THE GLOBAL SYNTHETIC LUBRICANTS MARKET

• 1.1 Market Definition
• 1.2 Market Segmentation
• 1.3 Research Timelines
• 1.4 Assumptions
• 1.5 Limitations

2 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 2.1 Data Mining
• 2.2 Data Triangulation
• 2.3 Bottom-Up Approach
• 2.4 Top-Down Approach
• 2.5 Research Flow
• 2.6 Key Insights from Industry Experts
• 2.7 Data Sources

3 EXECUTIVE SUMMARY

• 3.1 Market Overview
• 3.2 Ecology Mapping
• 3.3 Absolute Market Opportunity
• 3.4 Market Attractiveness
• 3.5 Global Synthetic Lubricants Market Geographical Analysis (CAGR %)
• 3.6 Global Synthetic Lubricants Market, By Application (USD Million)
• 3.7 Global Synthetic Lubricants Market, By Product (USD Million)
• 3.8 Future Market Opportunities
• 3.9 Global Market Split
• 3.10 Product Life Line

4 GLOBAL SYNTHETIC LUBRICANTS MARKET OUTLOOK

• 4.1 Global Synthetic Lubricants Market Evolution
• 4.2 Drivers
  • 4.2.1 Driver 1
  • 4.2.2 Driver 2
• 4.3 Restraints
  • 4.3.1 Restraint 1
  • 4.3.2 Restraint 2
• 4.4 Opportunities
  • 4.4.1 Opportunity 1
  • 4.4.2 Opportunity 2
• 4.5 Porters Five Force Model
• 4.6 Value Chain Analysis
• 4.7 Pricing Analysis
• 4.8 Macroeconomic Analysis

5 GLOBAL SYNTHETIC LUBRICANTS MARKET, BY PRODUCT

• 5.1 Overview
• 5.2 Polyalphaolefin (PAO)
• 5.3 Esters
• 5.4 Polyalkylene Glycol (PAG)
• 5.5 Others

6 GLOBAL SYNTHETIC LUBRICANTS MARKET, BY PRODUCT TYPE

• 6.1 Overview
• 6.2 Engine Oil
• 6.3 Hydraulic Fluids
• 6.4 Metalworking Fluids
• 6.5 Compressor Oil
• 6.6 Gear Oil
• 6.7 Refrigeration Oil
• 6.9 Transmission Fluids
• 6.10 Turbine Oil

7 GLOBAL SYNTHETIC LUBRICANTS MARKET, BY END-USE INDUSTRY

• 7.1 Overview
• 7.2 Construction
• 7.3 Mining
• 7.4 Metal Production
• 7.5 Cement Production
• 7.6 Power Generation
• 7.7 Automotive Manufacturing
• 7.8 Chemical
• 7.9 Marine
• 7.10 Oil & Gas
• 7.11 Textile
• 7.12 Food Processing
• 7.13 Others

8 GLOBAL SYNTHETIC LUBRICANTS MARKET, BY GEOGRAPHY

• 8.1 Overview
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 U.K.
  • 8.3.3 France
  • 8.3.4 Italy
  • 8.3.5 Spain
  • 8.3.6 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 China
  • 8.4.2 Japan
  • 8.4.3 India
  • 8.4.4 Rest of Asia Pacific
• 8.5 Latin America
  • 8.5.1 Brazil
  • 8.5.2 Argentina
  • 8.5.3 Rest of Latin America
• 8.6 Middle-East and Africa
  • 8.6.1 UAE
  • 8.6.2 Saudi Arabia
  • 8.6.3 South Africa
  • 8.6.4 Rest of Middle-East and Africa

9 GLOBAL SYNTHETIC LUBRICANTS MARKET COMPETITIVE LANDSCAPE

• 9.1 Overview
• 9.2 Company Market Ranking
• 9.3 Key Developments
• 9.4 Company Regional Footprint
• 9.5 Company Industry Footprint
• 9.6 ACE Matrix

10 COMPANY PROFILES

• 10.1 BP Lubricants Pvt. Ltd.
  • 10.1.1 Company Overview
  • 10.1.2 Company Insights
  • 10.1.3 Product Benchmarking
  • 10.1.4 Key Development
  • 10.1.5 Winning Imperatives
  • 10.1.6 Current Focus & Strategies
  • 10.1.7 Threat from Competition
  • 10.1.8 SWOT Analysis
• 10.2 Chevron Corporation
  • 10.2.1 Company Overview
  • 10.2.2 Company Insights
  • 10.2.3 Product Benchmarking
  • 10.2.4 Key Development
• 10.3 LANXESS
  • 10.3.1 Company Overview
  • 10.3.2 Company Insights
  • 10.3.3 Product Benchmarking
  • 10.3.4 Key Development
• 10.4 Valvoline
  • 10.4.1 Company Overview
  • 10.4.2 Company Insights
  • 10.4.3 Product Benchmarking
  • 10.4.4 Key Development
• 10.5 FUCHS
  • 10.5.1 Company Overview
  • 10.5.2 Company Insights
  • 10.5.3 Product Benchmarking
  • 10.5.4 Key Development
• 10.6 Pennzoil
  • 10.6.1 Company Overview
  • 10.6.2 Company Insights
  • 10.6.3 Product Benchmarking
  • 10.6.4 Key Development
• 10.7 Phillips 66 Company
  • 10.7.1 Company Overview
  • 10.7.2 Company Insights
  • 10.7.3 Product Benchmarking
  • 10.7.4 Key Development
• 10.8 Motul
  • 10.8.1 Company Overview
  • 10.8.2 Company Insights
  • 10.8.3 Product Benchmarking
  • 10.8.4 Key Development
• 10.9 AMSOIL INC.
  • 10.9.1 Company Overview
  • 10.9.2 Company Insights
  • 10.9.3 Product Benchmarking
  • 10.9.4 Key Development
• 10.10 Agip
  • 10.10.1 Company Overview
  • 10.10.2 Company Insights
  • 10.10.3 Product Benchmarking
  • 10.10.4 Key Development

11 VERIFIED MARKET INTELLIGENCE

• 11.1 About Verified Market Intelligence
• 11.2 Dynamic Data Visualization