As per the recently published report by MarketsandMarkets™, The “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″ market size of Synthetic Lubricants is estimated at USD 41.2 billion in 2023 and is projected to reach USD 48.0 billion by 2028, at a CAGR of 3.1%.
When it comes to performance, synthetic lubricants are better to traditional mineral-based oils. They offer greater resistance to oxidation, thermal stability, and viscosity, which improves efficiency and extends the life of equipment. Synthetic lubricants are becoming more and more popular in industries like manufacturing, aerospace, and automotive that demand high-performance lubricants. Synthetic lubricants are used in a wide range of specialized applications, including high-temperature environments, extreme pressure conditions, and harsh operating conditions. Their ability to perform reliably in such environments makes them indispensable in industries such as aerospace, marine, and heavy manufacturing.
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- 315 Market data Tables
- 56 Figures
- 297 Pages and in-depth TOC on “Synthetic Lubricants Market – Global Forecast to 2028”.
This report also provides a comprehensive analysis of the companies listed below:
The key players profiled in the synthetic lubricants market 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) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the synthetic lubricants market.
Recent Developments in Synthetic Lubricants Market Industry
- In January 2024, Shell plc completed the acquisition of MIDEL and MIVOLT, from Manchester-based M&I Materials Ltd. The acquisition of MIDEL enables Shell to complement its differentiated position in Transformer Oils used for power distribution, offshore wind parks, utility companies, and traction power systems.
- In January 2023, TotalEnergies SE signed an agreement with CEPSA to acquire its upstream assets in the UAE.
- In February 2022, Chevron Corporation made an announcement that it entered into an agreement with Bunge North America, Inc. to create renewable feedstocks.
- In April 2021, FUCHS WISURA GMBH was merged with its sister company FUCHS SCHMIERSTOFFE GMBH on April 01, 2021. FUCHS SCHMIERSTOFFE, one of the leading lubricant companies in the German market, that develops, produces, and distributes lubricants and has approximately 1,000 employees at 3 production sites to date – Mannheim, Kiel, and Wedel.
- In May 2020, Exxon Mobil introduced next-generation multi-fuel marine cylinder oil which is suitable for safe and reliable use with all low-sulfur fuel types, including LNG.
