Who are the key players in Synthetic Lubricants Market?

Chevron Corporation, BP p.l.c., Shell plc, Exxon Mobil Corporation and TotalEnergies are the major companies operating in the Synthetic Lubricants Market. Read More

Which is the fastest growing region in Synthetic Lubricants Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Synthetic Lubricants Market?

In 2024, the Asia Pacific accounts for the largest market share in Synthetic Lubricants Market. Read More

What years does this Synthetic Lubricants Market cover, and what was the market size in 2023?

In 2023, the Synthetic Lubricants Market size was estimated at 4.16 billion liters. The report covers the Synthetic Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Synthetic Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Synthetic Lubricants Market Size

Market Size of Synthetic Lubricants Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR (2024 - 2029)	10.00 %
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order

Synthetic Lubricants Market Analysis

The Synthetic Lubricants Market size is estimated at 4.62 Billion liters in 2024, and is expected to reach 7.54 Billion liters by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the market. COVID-19-related restrictions led to declined maintenance requirements from several industries, such as oil and gas, automotive, metallurgy, etc. The major impact was observed in the automotive industry. Currently, the market recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.

The major factor driving the market studied is the increasing demand for high-performance synthetic lubricants owing to their better and improved properties. It includes reduced flammability, reduced gear wear, and increased service life.
However, the increasing adoption of electric vehicles limits the market growth and is anticipated to hinder the growth of the studied market.
Moreover, growing advancement in industrial manufacturing is likely to provide opportunities for the market over the coming years.
The European region dominated the market around the world, with countries like Germany, France, and the United Kingdom being the biggest consumers.

Synthetic Lubricants Industry Segmentation

Synthetic lubricants are chemically engineered lubricants derived from pure chemicals, unlike conventional lubricants refined from crude oil. These lubricants do not contain nitrogen, sulfur, or any other harmful elements that lead to sludge formation and, thereby, damage the engine or machine.

The synthetic lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oils, transmission and gear oils, hydraulic fluids, metalworking fluids, greases, and other product types (general industrial oils, etc.). By end-user industry, the market is segmented into power generation, automotive, heavy equipment, metallurgy and metalworking, and other end-user industries (oil and gas, etc.). The report offers market size and forecasts for 26 countries across major regions. For each segment, market sizing and forecasts are done on the basis of volume (liters) for all the above segments.

By Product Type
		Engine Oils
		Transmission and Gear Oils
		Hydraulic Fluids
		Metalworking Fluids
		Greases
		Other Product Types (General Industrial Oils, Etc.)

By End User
		Power Generation
		Automotive
		Heavy Equipment
		Metallurgy and Metalworking
		Other End-user Industries (Oil and Gas, Etc.)

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Malaysia
	Indonesia
	Thailand
	Vietnam
	Rest of Asia-Pacific

North America
	United States
	Mexico
	Canada

Europe
	Germany
	United Kingdom
	Italy
	France
	Russia
	NORDIC Countries
	Turkey
	Rest of Europe

South America
	Brazil
	Argentina
	Colombia
	Rest of South America

Middle East and Africa
	Saudi Arabia
	South Africa
	Nigeria
	Qatar
	Egypt
	UAE
	Rest of Middle East and Africa

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Synthetic Lubricants Market Size Summary

The synthetic lubricants market is poised for significant growth, driven by the increasing demand for high-performance lubricants with superior properties such as reduced flammability and extended service life. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue its upward trajectory. The automotive industry, a major consumer of synthetic lubricants, is a key driver of this growth, fueled by stringent environmental regulations that necessitate the use of fuel-efficient and eco-friendly lubricants. However, the rise of electric vehicles presents a challenge to market expansion. Despite this, advancements in industrial manufacturing are anticipated to create new opportunities for market players.

Europe stands out as the dominant region in the synthetic lubricants market, with countries like Germany, France, and the United Kingdom leading in consumption. The region's robust automotive and power generation industries, along with its significant role in the aircraft manufacturing sector, contribute to the high demand for synthetic lubricants. Germany, in particular, plays a pivotal role in the European power market, further boosting the demand for these lubricants. The market is characterized by a partial consolidation, with major players such as Exxon Mobil Corporation, Chevron Corporation, Shell plc, TotalEnergies, and BP p.l.c. actively shaping the competitive landscape through strategic acquisitions and expansions.

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Synthetic Lubricants Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Increasing Usage of High-performance Synthetic Lubricants
  2. 1.1.2 Increasing Demand from Automotive Sector Owing to Rising Environmental Concerns
  3. 1.1.3 Other Drivers
2. 1.2 Restraints
  1. 1.2.1 Increasing Adoption of Electric Vehicles Limits the Market Growth
  2. 1.2.2 Other Restraints
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Buyers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 By Product Type
  1. 2.1.1 Engine Oils
  2. 2.1.2 Transmission and Gear Oils
  3. 2.1.3 Hydraulic Fluids
  4. 2.1.4 Metalworking Fluids
  5. 2.1.5 Greases
  6. 2.1.6 Other Product Types (General Industrial Oils, Etc.)
2. 2.2 By End User
  1. 2.2.1 Power Generation
  2. 2.2.2 Automotive
  3. 2.2.3 Heavy Equipment
  4. 2.2.4 Metallurgy and Metalworking
  5. 2.2.5 Other End-user Industries (Oil and Gas, Etc.)
3. 2.3 Geography
  1. 2.3.1 Asia-Pacific
    1. 2.3.1.1 China
    2. 2.3.1.2 India
    3. 2.3.1.3 Japan
    4. 2.3.1.4 South Korea
    5. 2.3.1.5 Malaysia
    6. 2.3.1.6 Indonesia
    7. 2.3.1.7 Thailand
    8. 2.3.1.8 Vietnam
    9. 2.3.1.9 Rest of Asia-Pacific
  2. 2.3.2 North America
    1. 2.3.2.1 United States
    2. 2.3.2.2 Mexico
    3. 2.3.2.3 Canada
  3. 2.3.3 Europe
    1. 2.3.3.1 Germany
    2. 2.3.3.2 United Kingdom
    3. 2.3.3.3 Italy
    4. 2.3.3.4 France
    5. 2.3.3.5 Russia
    6. 2.3.3.6 NORDIC Countries
    7. 2.3.3.7 Turkey
    8. 2.3.3.8 Rest of Europe
  4. 2.3.4 South America
    1. 2.3.4.1 Brazil
    2. 2.3.4.2 Argentina
    3. 2.3.4.3 Colombia
    4. 2.3.4.4 Rest of South America
  5. 2.3.5 Middle East and Africa
    1. 2.3.5.1 Saudi Arabia
    2. 2.3.5.2 South Africa
    3. 2.3.5.3 Nigeria
    4. 2.3.5.4 Qatar
    5. 2.3.5.5 Egypt
    6. 2.3.5.6 UAE
    7. 2.3.5.7 Rest of Middle East and Africa

Synthetic Lubricants Market Size FAQs

How big is the Synthetic Lubricants Market?

The Synthetic Lubricants Market size is expected to reach 4.62 billion liters in 2024 and grow at a CAGR of greater than 10% to reach 7.54 billion liters by 2029.